IHC directs FIA to decide action on Saudi investors’ complaint in two weeks

ISLAMABAD/LONDON: The Islamabad High Court (IHC) has directed the Federal Investigation Agency (FIA) to take decision on complaints filed before it by a subsidiary of Aljomaih Group in accordance with law in two weeks.

The order issued by IHC Justice Babar Sattar said, “The respondent (FIA) will treat the complaint in accordance with law and decide what action is to be taken through a speaking order, which is to be passed within a period of two weeks.” A “speaking order” is supposed to outline in detail the specific actions the FIA intends to take in response to the complaint. The IHC issued the order after Saudi-based group’s subsidiary, White Crystals Limited, approached the court, seeking a judicial order to compel the FIA to initiate a thorough investigation into the potential fraud. The Saudi-based Aljomaih Group had filed complaint with the FIA, alleging that Rs10.5 billion were mishandled in a sale transaction a which took place in 2021 and involved the sale of a significant portion of Cynergico PK Limited’s interest by Infrastructure and Growth Capital Fund LP (IGCF), Cayman Island based fund, to Busicentco Incorporated. The complainant informed the IHC that they were dissatisfied with the pace of the FIA’s investigation into their complaint despite sending two reminders after the filing of the complaint.