KARACHI: The Sindh High Court has restrained the National Accountability Bureau from taking any adverse action, including arrest, against Pakistan’s ambassador designate to the US Ali Jahangir Siddiqui with regard to its corruption inquiry.
The direction came on a petition filed by Ali Siddiqui against the NAB’s call-up notice issued to him with regard to a corruption inquiry against directors of investment firm Azgard Nine, Agritech.
The court, however, directed Ali Jahangir Siddiqui to appear before the NAB inquiry being conducted by the NAB Lahore in term of call-up notice. The petitioner’s counsel, Khalid Javed, submitted that NAB issued the call-up notice on March 15 to reply to the allegations being leveled against directors of investment firm M/s Azgard Nine for siphoning off Euros 23.578 million in 2008 for purchase of Italian company Monte Bello SRL using a foreign company Fairytal SRL, Sweden, which resulted in loss to the company shareholders besides, sale of shares of Agritech to different financial, government institutions by the Azgard Nine at a higher price than the market price to settle the loan defaults of the company, which resulted in approximate loss of Rs40 billion to different financial/government institutions.
He submitted that the petitioner, who was also a special assistant to the prime minister, has nothing to do with the offence and propaganda was launched by the rival business competitors soon he was designated by the government for the post of Pakistan’s ambassador to the US.
He submitted that an inquiry initiated by the NAB was barred under Section 41-B of the Security Exchange Commission of Pakistan Act besides the purchase in question was made with the approval of the State Bank of Pakistan. He submitted that transaction of Agritech shares was made in November 2012 whereas he resigned from the board of directors of the company in March 2010. He submitted that the petitioner did not commit any illegality and the transaction was protected under the SECP Act and NAB had no jurisdiction to issue such call-up notices.
