NAB files Rs1.28bn reference against GHS CEO

ISLAMABAD: The Nationwide Accountability Bureau (NAB) Monday filed a reference of Rs 1.28 billion within the Accountability Court docket of Islamabad in opposition to Chief Govt Officer (CEO) of International Well being Providers (GHS) Dr Shoukat Ali Bangash.

Accused Dr Shoukat Bangash is alleged of inducing individuals, together with abroad Pakistanis, of protected and profitable funding in his firm. On this regard, Pakistan’s former ambassador to United States Jalil Abbas Jilani had additionally written a letter to the NAB chairman on Might 11, 2016, emphasising that “such scams are usually not solely discouraging expatriate Pakistanis from investing in Pakistan, in addition they tarnishing picture of Pakistan overseas and undermine Embassy’s efforts to interact abroad Pakistanis in nationwide improvement.”

It had additionally been transpired in investigation that Dr Shoukat Bangash signed contracts, giving an impression to buyers that the identical have been between the corporate and buyers however later he transferred the shares in his personal identify paying them much less quantity.

He ‘dishonestly’ used the corporate’s identify and his designation to induce basic public. He misappropriated cash acquired from most of the people by rising his private share-holding within the firm. He ‘charged exaggerated costs’ of shares to the buyers and later purchased the identical shares himself at face worth of Rs 10 every. Thus, he induced a lack of Rs 1.2 billion to the buyers, in line with the investigation.

He ‘fraudulently’ induced buyers for extra funding within the garb of board seat of Quaid-e-Azam Worldwide Hospital (QIH). There isn’t any such provision of getting a board of administrators of QIH, as it isn’t registered with the Securities and Trade Fee of Pakistan (SECP) in any capability, therefore, had no authorized standing/authority and non-existent legally.

Director Basic NAB Rawalpindi, Irfan Naeem Mangi, in an announcement, stated the Bureau was dedicated to arresting corrupt parts and bringing them to justice as per regulation.

Leave a Reply

Back to top button