Over 60 days have passed since Iqbal Z. Ahmed, chairman of Associated Group (AG) remains in NAB prison from September 4, 2019, despite no formal charges framed against him to date.
After 47 days in NAB custody, Mr Ahmed was transferred to judicial custody on October 21, 2019. The Sindh High Court, through its Order of Oct 15, 2019, directed NAB to provide a questionnaire to him, which till the filing of this report has not been furnished to the accused.
During the court proceedings on November 2, the NAB Investigation Officer in the case submitted a progress report which "contains several false statements," according to Ahmed's legal counsel. The counsel also claimed that "in the fifth NAB progress report, the Investigation Officer has not been able to link Mr Ahmed to any specific Money Laundering charge," which was the purported grounds for arrest.
Ahmed is known for having demonstrated a risk-taking appetite for large-scale energy infrastructure projects in Pakistan with pioneering initiatives in LPG and LNG sectors. JJVL, Jamshoro Joint Venture Limited, which commenced operations in 2005, has saved "an estimated US$ 727 million in foreign currency by replacement of LPG imports by local product," according to a company handout. Operated and maintained by Exterran, a NYSE-listed company, JJVL Plant at present has a replacement value estimated at US $200 million.
Under a Supreme Court order in December 2018, SSGC and JJVL work together to maximise value for SSGC pipelines by extracting the liquids so that pipelines are not choked and the extracted condensates form part of the value-chain in the country gas infrastructure. "Having set-up a world-class LPG production company in one of the country's remotest parts, Deh Shah Bokhari, Sindh, has won JJVL international recognition including by Platts Businessweek Awards for operational and industrial excellence in the energy sector," as communicated in AG statement.
In a marked departure from the standard operating procedure of NAB wherein a questionnaire is issued, an inquiry is held, summons are sent and so on, in Ahmed's case, none of the steps was taken, which is in contravention of NAB standard operating terms.
That a private businessman, who has been one of the country's highest taxpayers and undertaken large domestic investments, including a recently-signed EPC contract with a Chinese state-company, Xinjian Petroleum and Engineering Company (XPE) of around US$ 100 million for setting up of a LNG Terminal, be meted such treatment is a setback to the business sentiment in the country and particularly affects the already beleaguered LNG sector, which was till a year ago one of the most promising new sectors in Pakistan for foreign investors.
It is worth noting that without involving any government guarantees for off-take or purchase of LNG, Mr Ahmed signed with a Chinese government-owned company a contract which allows credit to Pakistan without any financial instrument from either the government or any banks.
When contacted, NAB spokesman Nawazish refused to comment on the issue, saying that the matter is sub judice. To a question pertaining to the para 2 & 3 of this press statement issued by Associated Group, he replied that if they have any issue regarding the compliance of court's directives then they should lodge complaint in the court instead of approaching media.-PR
Copyright Business Recorder, 2019
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