NAB launches inquiries against Ali Jehangir companies

ISLAMABAD: National Accountability Bureau (NAB), Lahore has opened different inquiries against directors and owners of M/S Azgard Nine Limited, Agritech Limited and others under provision of National Accountability Ordinance 1999. All these inquiries were opened at a time when Ali Jehangir Siddiqi was nominated as Pakistan’s Ambassador to USA. According to letters issued by NAB office, Lahore, the directors and owners were asked to appear before the Combined Investigation Team (CIT) at NAB Complex on different dates of March mostly next week. The NAB letter states that they were summoned under allegations of siphoning off funds amounting to euro 23.758 million in 2008 for the purchase of an Italian company, Monte Bello SRL” using a foreign company “Fairytal SRL” Sweden which resulted in loss of the company shareholders and selling shares of Agritech Limited to different financial/government institutions by Azgard Nine Limited at higher price than market price to settle the loan defaults of the company which resulted in approximately loss of Rs40 billion to different financial institution/government institutions.

The NAB also sought what action SECP has taken as Agritech LtD was listed on 12-4-2010 in Stock Exchange without disclosing any overdue/defaults made by the company. Subsequent to listing, the company in its account dated 30-6-2010 reported overdue amounting to Rs2.753 billion and that company has negotiated deferral of debt finances.

In another inquiry, during inquiry it has been revealed that they were underwriter of the Agritech Ltd (formerly Pak American Fertlizer Company Ltd and issued under writing report as part of listing of Agritech Ltd.