LAHORE: Famous industrialist and politician Jahangir Khan Tareen (JKT) Thursday claimed that he had support of 40 members of the parliament (MPs).
After hearing of a corporate fraud and money-laundering case against him here, he shared with the media a recent development, saying that a day earlier some people from Islamabad contacted him and assured that his group would meet Prime Minister Imran Khan in a few days. He said his entire group would meet Imran Khan only.
About any political committee being formed to initiate talks with him, JKT said that he had heard about such a committee on television and not any member of such committee contacted them. It is good omen if any pleasant wind blows from Islamabad, JKT added. He showed his further satisfaction by saying that “our entire group will soon go to Islamabad to meet the prime minister”.
About his relationship with Prime Minister Khan, Tareen said he had a 10-year long relationship with Imran Khan, which was not weak. About the cases against him, Jahangir Tareen said that there were fake FIRs, and nothing belonged to the FIA. He said that shareholders were not plaintiffs in the cases against him. “Everyone is happy with me and my cases are not of criminal nature,” JKT claimed. He said that those cases fell in the domain of the SECP and the FBR. “My business was also investigated during the PML-N tenure and I was sent notices,” JKT added. However, “now civil cases have been turned into criminal cases, which was not done even by the PML-N”, Tareen recorded his grievance. “I am not at fault and the said cases do not belong to the FIA,” JKT reiterated.
Earlier, an additional district and sessions court Thursday extended pre-arrest bail of Jahangir Tareen and his son Ali Khan Tareen till May 3, in alleged corporate fraud and money-laundering case, filed by the Federal Investigation Agency (FIA).
Additional District and Sessions Judge Hamid Hussain conducted the hearing. Tareens’ counsel informed the court that his clients were cooperating with the agency and yet the agency had not completed the investigation against his clients.
The FIA Investigation Officer also informed the court the probe against both the accused was under way. To which, the judge asked about the inquiry report against Tareens. The IO replied that investigation was confidential for the time being and sought time till completion of the report.
The court extended the interim bail of Tareens by May 3 and directed the FIA to present details of the accounts of JKT on the next hearing. According to the FIR against the Tareen family, the FIA stated that during the course of inquiry, a fraudulent and premeditated scheme of misappropriation of public shareholders’ money by Jahangir Khan Tareen surfaced, whereby the JDW (a public limited listed company-CEO Jahangir Tareen) fraudulently transferred Rs3.14 billion to an associated private company, Farooqi Pulp Mills Ltd Gujrat (FPML), owned by his son and close relatives.
“The material disclosed that the FMPL was declared ‘not a going-concern’ (especially since FY- 2011/12) and that its operations had been practically shut down with multiple failed trial-runs. It was intentionally withheld/concealed from public shareholders of JDW, which amounted to criminal breach of trust (406 PPC) of public-shareholders’ money over which Jahangir Khan Tareen had fiduciary control as CEO,” the FIR stated.
“A corporate fraud of Rs3.6 billion was committed by the JDW through over-valued purchase of associated company JK Farming Systems Ltd and booking losses through it, a corporate fraud of Rs3.1 billion was committed by the JDW through investment in Farooqi Pulp Ltd and booking impairment losses through it, inexplicable transfer of Rs2.5 billion by JDW through non-arm’s cash transfers to various sister entities via Amir Warsi cash boy, inexplicable transfer of Rs7 billion was committed by the JDW to Dherki Sugar Mills (non-arm’s cash transfers) without true and full disclosure in the financial statement,” the FIA claimed.
