Sindh High Court has issued notice to Deputy Attorney-General, Director-General, Federal Investigation Agency (FIA), and Director, FIA, Karachi, for September 24, 2004, on two petitions filed by United Bank Limited to declare proceedings, including investigation and enquiry being taken, done or made by FIA, as without jurisdiction and lawful authority and of no legal effect.
The notice was issued on Friday by a Division Bench of Sindh High Court comprising Chief Justice Syed Saeed Ashaad and Justice Syed Zawwar Hussain Jafferey after hearing advocate of UBL Nafees Siddiqui.
The petitions said that on completion of restructuring, bids were invited for privatisation of UBL and a UAE Group and Bestway, London, offered highest bid and acquired management and control of the Bank in October, 2002.
It was submitted that purchaser of UBL acquired ownership of Bank including all assets and liabilities.
Therefore, nexus of FIA enquiry No 15/1999 with whatever self-assumed suo motu power of investigation and enquiry was exercised by FIA in respect of acts and omissions alleged to have been committed during transition period of six years.
Therefore, the Agency was left with no power to continue inquiry, investigation in the matter, which came to an end on transfer of management to the new management.
The petitioner further questioned whether FIA can investigate or enquire into offences specified in Schedule of FIA Act, 1974, which are alleged to have been committed in respect of employees of a corporation, body or organisation not under control or administration of Federal Government,
and whether FIA can investigate or enquire into cases where no complaint has been lodged by any individual or company or fraud alleged to be committed in the bank be that a private bank or a bank set up, controlled or administered by the Federal Government.
Or, can FIA suo motu or on the basis of information or news/media report can take cognisance and start investigation or enquiry in respect of the scheduled offences pertaining to the bank?