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NAB resummons Ali Jahangir Siddiqui in embezzlement case
LAHORE: The National Accountability Bureau (NAB) on Monday resummoned designated Ambassador to the United States and special assistant to the Prime Minister (PM) Ali Jahangir Siddiqui for an inquiry on April 17. According to the NAB, Ali Jahangir was summoned to appear before a probing committee on March 22, but he did not present himself. Moreover, the […]
LAHORE: The National Accountability Bureau (NAB) on Monday resummoned designated Ambassador to the United States and special assistant to the Prime Minister (PM) Ali Jahangir Siddiqui for an inquiry on April 17.
According to the NAB, Ali Jahangir was summoned to appear before a probing committee on March 22, but he did not present himself. Moreover, the NAB said that Ali was handed over a 2-page questionnaire which has also not been submitted.
NAB had issued a notice to Siddiqui accusing him of embezzlement in selling of shares to government institutions above the market price, costing the investors worth Rs 40 billion losses.
Among the charges as per the notice, Siddiqui was withdrawing off funds in 2008 totaling €23.758 million for the purchase of an Italian company, resulting in a loss to the shareholders and Azgard Nine Ltd.
Securities and Exchange Commission of Pakistan (SECP) in a report revealed that in 2016, Azgard Nine Ltd artificially increased its shares’ price to Rs 70 from Rs 24 in bad faith.
