National Accountability Bureau (NAB) has arrested a director of Securities and Exchange Commission of Pakistan (SECP) in connection with the Park Lane reference filed against former president Asif Ali Zardari and others. The officials of NAB produced Director SECP Javed Hussain before Duty Judge Accountability Court Shahrukh Arjumand for obtaining his physical remand. Prosecutor NAB Usman Masood informed the court that the suspect had facilitated the resignation of Zardari from two companies in back dates in 2009.
He further argued before the court that the accused was working as registrar ROC Islamabad in 2009 and received the record of Park Lane Company. It was in the knowledge of suspect that Zardari owns Park Lane Company, he said, adding that the suspect had allegedly hidden information from his subordinates.
The prosecutor requested the court to grant physical remand of 14 days of the accused for recovery of more documents from his possession.
While objecting to the NAB's request, the defence counsel said that the NAB has obtained complete record of the Park Lane case. There is a single allegation of sending an email against his client, he said. He requested the court to reject NAB's application.
The court after hearing the arguments of both defence and prosecution sides remanded the accused into the NAB custody till September 6.
Te Park Lane Estate Company, a Karachi-based firm, was allegedly acquired by Zardari in 1989. In 2009, Zardari and Chairman Pakistan Peoples Party Bilawal Bhutto Zardari became shareholders of the company, said the NAB officials.
There are allegations against Zardari for purchasing huge prime land in Islamabad through Park Lane Estate Company, they said, adding that billions of rupees were purportedly transferred to the company's accounts through fake bank accounts and the company acquired loans worth billions of rupees from banks.