The Accountability Court, Karachi, has convicted accused Abdul Qadir Tawakal for 10 years rigorous imprisonment (RI) and a fine of Rs 96.563 million.
In case of default in payment of the fine, the convict will further undergo RI for another three years. However, the case against the rest of the absconding accused personnel will be kept on the dormant file.
The spokesman for the National Accountability Bureau (NAB), Karachi, said the Bureau received a complaint against the directors of the Tawakal Ltd, alleging that in 1994, the company dishonestly presented 22 export documents aggregating to Rs 67.138 million drawn against the L/Cs of the East Mediterranean Trust and Banking Corporation, Turkey, for negotiation.
Against these export documents, the accused persons obtained funds from the ABL Pakistan, and submitted these documents to the East Mediterranean Trust and Banking Corporation, Turkey, for payment, but the bank failed to make the payment of these bills thereby, causing loss of Rs 96.563 million to ABL Pakistan.
NAB Sindh investigated the case and filed Reference No 21/2003 with the Accountability Court, Karachi, which was decided on Wednesday.
The directors of the Tawakal Ltd include Abdul Qadir Tawakal, Muhammad Yousuf Tawakal, Muhammad Rafiq Tawakal, Muhammad Sohail Tawakal, Mohammad Farooq Tawakal, Muhammad Junaid Tawakal and Ali Hussain Mooni.
The remaining six absconding accused persons will be prosecuted as and when they surrender before the court.
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