NAB arrests business tycoon Iqbal Z Ahmed in LNG case


KARACHI: The National Accountability Bureau (NAB) on Wednesday arrested business tycoon Iqbal Zafaruddin Ahmed, Chief Executive Officer (CEO) of Associated Group (AG), in connection with the ongoing probe into the liquefied natural gas (LNG) case.

Ahmed owns the 750mmscfd (million standard cubic feet per day) LNG import terminal at Port Qasim in Karachi, through a subsidiary company of AG.

According to NAB, Ahmed was arrested for his purported involvement in the mega scam, adding that he would be shifted to Lahore from Karachi where the investigation would be conducted.

Former premier Abbasi and former finance minister Miftah Ismail are also nominated in the case pertaining to the awarding of a multi-billion rupee liquefied natural gas (LNG) import contract. Both of them are currently in NAB custody.

In June 2014, the Oil and Gas Regulatory Authority (OGRA), a government agency which comes under the jurisdiction of Petroleum Division of which Abbasi was minister back then, had issued a license to Elengy Terminal Pakistan Limited (ETPL) – a subsidiary of Engro Corp – to construct a terminal at Port Qasim for landing and re-gasification of LNG.