NAB directs Ali Siddiqui to present record of written-off, re-structured loans


The National Accountability Bureau (NAB) has directed Pakistan’s former ambassador to US, Ali Jahangir Siddiqui to submit the record of his written-off or re-structured bank loans, a private news channel reported on Saturday.

According to the report, Siddiqui appeared before NAB investigators three days ago.

The report said that NAB officials questioned Siddiqui about his business relations with former principal secretary to prime minister Fawad Hassan Fawad and other members of the Sharif family. Ali Jahangir sought more time to submit a complete reply over the matter, it added.

According to the report, a big sum of money was transferred in the account of Fawad Hassan Fawad a few days before appointment of Ali Jahangir as Pakistan’s envoy to the United States.

The former ambassador is facing charges of involvement in billions of rupees insider trading.

Siddiqui 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 loss to the national exchequer.

NAB is 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.