Treasure Magazine

Treasure Magazine

NAB turns inquiry against Ali Jahangir Siddiqui into investigation in corruption case

1 min read

ISLAMABAD: National Accountability Bureau (NAB) Saturday turned the inquiry against former Pakistani ambassador to the United States Ali Jahangir Siddiqui into investigation and he may be re-summoned for further investigation in corruption cases against him.

According to sources, a recently held meeting of the NAB board chaired by its Chairman Justice (retd) Javed Iqbal has decided to transform the inquiry against Ali Jahangir Siddiqui into an investigation.

The official said that the accountability watchdog could summon Ali Jahangir again this month.

Mr Siddiqi was earlier, summoned to defend the alleged role of his company M/s Azgard Nine Limited (ANL), in the manipulation of shares that caused billions of rupees losses to the national kitty.

NAB was probing affairs of the company with regard to siphoning off funds amounting to 23.7 million euros in 2008, which were used to purchase an Italian Company, Monte Bello SRL.

The NAB said the shares of a company named Agritech Limited were sold to various financial and government institutions at an inflated rate than the market to settle loan defaults. This resulted in a loss of Rs 40bn to a number of financial and government institutions.

 

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