KARACHI: The decision of Accountability Court to honorably exonerate and acquit political leaders and prominent businessmen, Engro Chairman Hussain Dawood and Director Abdul Samad Dawood, in the LNG Terminal case will improve investor confidence and encourage greater private sector participation in business activities.
In its detailed verdict issued on Monday, the court said, “The NAB chairman is obliged to consult the prosecutor general for the withdrawal of the reference. If the indictment is not framed, a mere dismissal of the case is sufficient, a written decision.”
Accordingly, the NAB withdrew its reference against former prime minister Shahid Khaqan Abbasi, former finance minister Miftah Ismail, Engro Chairman Hussain Dawood, and Engro Board member Abdul Samad Dawood, along with 13 others.
A recent Gallup Pakistan Business Confidence Index Pakistan noted that the general business sentiment has improved after many quarters. Around a quarter of the surveyed businessmen viewed the government as a facilitator, while 33 percent considered it a hurdle due to lack of certainty about both politics as well as economic policies. As a result, businesses remained wary of new investments and expansion plans.
Chairman of National Business Group Pakistan, President of Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain, has also demanded a mechanism to prevent the misuse of investigating agencies for the country’s fragile investment climate and reputation. The NAB and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have also agreed to work closely for facilitation of business community and address their concerns related to harassment by various agencies.
Another business leader opined that, “It is widely believed that the LNG Terminal case was politically motivated. This fabricated case has caused serious reputational damage for Pakistan as it sent a signal to domestic and international investors that any projects can be targeted under the NAB laws. This decision can help revive confidence of businessmen as Pakistan cannot progress without attracting private sector investments.”
In 2015, Engro developed the first-ever LNG facility of Pakistan as the country grappled with over 5500 MW of energy shortages that curtailed economic growth and stagnated exports.
The LNG Terminal is one of the cheapest terminals in the world and, since inception, it has handled around 70 percent of all LNG imports into Pakistan. The Terminal has helped the country save more than $3 billion through import substitution of furnace oil.
Copyright Business Recorder, 2024