ISLAMABAD: The National Accountability Bureau (NAB) has filed a reference of Rs 1.28 billion in the Accountability Court of Islamabad against Chief Executive Officer (CEO) of Global Health Services (GHS) Dr Shoukat Ali Bangash.
Accused Dr Shoukat Bangash is alleged of inducing people, including overseas Pakistanis, of safe and lucrative investment in his company. In this regard, Pakistan’s former ambassador to United States Jalil Abbas Jilani had also written a letter to the NAB chairman on May 11, 2016, emphasising that “such scams are not only discouraging expatriate Pakistanis from investing in Pakistan, they also tarnishing image of Pakistan abroad and undermine Embassy’s efforts to engage overseas Pakistanis in national development.”
It had also been transpired in investigation that Dr Shoukat Bangash signed contracts, giving an impression to investors that the same were between the company and investors but later he transferred the shares in his own name paying them less amount.
He ‘dishonestly’ used the company’s name and his designation to induce general public. He misappropriated money received from the general public by increasing his personal share-holding in the company. He ‘charged exaggerated prices’ of shares to the investors and later bought the same shares himself at face value of Rs 10 each. Thus, he caused a loss of Rs 1.2 billion to the investors, according to the investigation.
He ‘fraudulently’ induced investors for more investment in the garb of board seat of Quaid-e-Azam International Hospital (QIH). There is no such provision of having a board of directors of QIH, as it is not registered with the Securities and Exchange Commission of Pakistan (SECP) in any capacity, hence, had no legal status/authority and non-existent legally.
