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Park Lane reference: SECP executive director handed over to NAB for 11-days remand

Park Lane reference: SECP executive director handed over to NAB for 11-days remand
August 26, 2019
ISLAMABAD (92 News) – The Accountability Court (AC) has approved the Securities and Exchange Commission of Pakistan (SECP) Executive Director Javed Hussain’s 11-day physical remand and handed him over to the National Accountability Bureau (NAB) in Park Lane reference. The court directed the NAB to produce the accused before it of September 6 after interrogation. Earlier today, the NAB arrested Javed Hussain in the Park Lane reference. The NAB Rawalpindi arrested Javed Hussain after conducting raid in Islamabad. The anti-graft watchdog alleged the accused that he concealed Pakistan Peoples’ Party (PPP) co-chairman Asif Ali Zardari’s ownership of the company while holding the president’s office at the time. The NAB maintained that Javed Hussain accepted Zardari’s resignation in previous date. Earlier July 19, another trouble for former president Asif Ali Zardari as the corruption watchdog body has filed Park Lane reference against him. According to the reports, Asif Ali Zardarim Abdul Ghani Majeed, Hussain Lawai including 17 accused were nominated in the reference. The reference alleged that the accused took out Rs1.5 billion loan from the bank through illegal way and transferred to the company account in a private bank. It also alleged that he had forged documents to comply with the loan policy and coaxed the National Bank into loan approval. The accountability court registrar started to audit the submitted reference by the NAB. It is noteworthy that the PPP leader is already in the custody of the NAB in the Park Lane case. During the executive board meeting of the bureau, the NAB chief had consented to file the reference, against the Pakistan People’s Party co-chairman, which incurred the loss of Rs 3.77 billion to the national exchequer. On the occasion, the NAB’s chairman said its’ the NAB’s foremost priority to take the mega cases to logical conclusion. An amount of Rs326 billion recovered as looted money of nation had been deposited in the national kitty, Javed Iqbal said.