LAHORE: An Accountability Court has extended judicial remand of Hammad Arshad, the owner of Globaco (Private) Limited and Brigadier (r) Khalid Nazir Butt, former project director, DHA City, till June 13, in Rs 16 billion scam.
Accountability Court Judge Khaqan Babar conducted the case proceedings. National Accountability Bureau (NAB) officials told the court that a report had been sent to the chairman for filing a reference against the accused.
At this, the court extended judicial remand of both the accused till June 13 and ordered the filing of the reference at the earliest.
According to the NAB, Hammad Arshad, CEO of Globaco, had signed a contract with DHA-EME in 2009 to acquire 25,000 kanals of land for setting up the DHA City.
However, the company collected Rs 15.47 billion from the public but failed to acquire the land and issue allotment letters. The accused reportedly transferred the amount to his personal accounts and used it for other businesses.
Brig (r.) Khalid Nazir Butt, former project director of DHA City, was accused of signing a vague contract with Globaco. NAB said Butt had allowed the company to launch the project without acquisition of the land and that the master plan was not approved by the executive board of the DHA.
