Ali Jahangir Siddiqui appointed ambassador-at-large for investment

Author: Agencies

The Ministry of Foreign Affairs on Friday announced the appointment of Ali Jahangir Siddiqui as ambassador-at-large for investment “in an honorary capacity”.

An ambassador-at-large is given special duties and not appointed to a particular country.

Siddiqui’s appointment as Pakistan’s ambassador to the United States in the previous government had been met with severe criticism from Pakistan Tehreek-i-Insaf, which was in the opposition at the time.

The party had said that Siddiqui did not have any prior experience regarding diplomatic missions and alleged that he had accountability cases pending against him.

Last year, Siddiqui had been summoned by the National Accountability Bureau in a case allegedly pertaining to him being the director of investment firm Azgard Nine Ltd, while it “siphoned off funds amounting to 23.758 million Euros in 2008 for the purchase of an Italian company, Monte Bello SRL, using a foreign company, Fairytal SRL, Sweden, which resulted in a loss to the company and its shareholders.”

According to NAB, a foreign company, Fairtal SRL, Sweden, was used for the deal, which suffered losses along with its shareholders. There are also allegations that the shares of a company named Agritech Limited were sold to various financial and government institutions at a price higher than the market rate to settle loan defaults. This resulted in a loss of Rs40 billion to various financial and government institutions.

In 2016, a Securities and Exchange Commission of Pakistan (SECP) report said that prices of Azgard Nine group’s shares were artificially increased from Rs24 to Rs70, and payments were also made to an unidentified party.

Share
Leave a Comment

Recent Posts

  • Pakistan

Bushra Bibi resurfaces after PTI protest, says she ‘didn’t run away’

Bushra Bibi, the wife of former prime minister and PTI founder Imran Khan, clarified her…

51 mins ago
  • Pakistan

NEPRA approves winter package offering Rs. 11.42/unit relief

The National Electric Power Regulatory Authority (NEPRA) on Friday approved the Winter Package proposed by…

1 hour ago
  • Pakistan

PM vows to eliminate scourge of terrorism

Prime Minister Shehbaz Sharif on Friday stressing the strategic importance of maritime security said Pakistan…

8 hours ago
  • Pakistan

CM Maryam inaugurates Punjab’s free solar panel scheme

The Punjab government has officially launched a free solar panel scheme, aiming to provide 100,000…

8 hours ago
  • Pakistan

Sindh CM issues guidelines for ADP preparation

Sindh Chief Minister Syed Murad Ali Shah has issued detailed guidelines for the preparation of…

8 hours ago
  • Pakistan

Champions Trophy 2025 hybrid model ‘finalised’

In a major breakthrough on Champions Trophy 2025, the International Cricket Council (ICC) and the…

8 hours ago