IHC grants interim bail to Talpur in joint venture case till April 29
ISLAMABAD (92 News) – The Islamabad High Court (IHC) has granted bail to Faryal Talpur, sister of former president Asif Zardari, in the joint venture case till April 29.
The court ordered her to furnish surety bonds and join the investigations.
According to the NAB, M/S Park Lane Estates fraudulently obtained a loan of Rs.1.5 billion through a front company M/s Parthenon from the National Bank of Pakistan and Summit Bank and collectively restructured it to the tune of Rs.2.5 billion.
The NAB notice stated that Zardari being the director of M/s Park Lane Estates used the accounts for the misappropriation of the said loan amount through joint venture of both companies.
The JIT had mentioned in its report a transfer of Rs357 million from 12 fake accounts to the accounts of M/s Parthenon. It transpired that M/s Parthenon was a front company of M/s Park Lane as it had no independent business of its own when it entered into a joint venture with Park Lane.