The accountability court hearing multibillion rupees fake bank accounts case on Friday extended physical remand of a director of Securities and Exchange Commission of Pakistan (SECP) for seven days in Park Lane reference filed against former president Asif Ali Zardari and others.
National Accountability Bureau (NAB) officials produced SECP director Javed Hussain before the accountability court Judge Raja Jawad Abbas on expiry of his physical remand. NAB Prosecutor Usman Mirza requested the court to extend physical remand of accused for 14 days for further investigation.
The prosecutor told the court that the accused by misusing his authority had benefited former president Asif Zardari. The accused 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.
While objecting to the NAB's request, the defence counsel requested the court to reject the NAB application.
The court after hearing the arguments of both defence and prosecution sides remanded the accused into the NAB custody till Sep 13.
Te Park Lane Estate Company, a Karachi-based firm, had allegedly been acquired by Zardari in 1989. In 2009, Zardari and Pakistan People's Party (PPP) chairman 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.