EOBI case: SHC reserves verdict on AKD officials’ bail pleas

The petitioners’ lawyer argued that his clients had no role in the EOBI scam and therefore, should be granted bail


Our Correspondent February 20, 2016
Aqeel Karim Dhedhi addressing a press conference in Karachi. PHOTO: MOHAMMAD NOMAN/EXPRESS

KARACHI:


The Sindh High Court (SHC) on Friday reserved its order on bail applications filed by the CEO of AKD and two others in the Employees Old-Age Benefits Institution (EOBI) case.


The bench headed by Justice Abdul Rasool Memon reserved the verdict after hearing arguments from both sides in the case. AKD Securities CEO Farid Alam, Director and Head of Equities Tariq Adam Ghumra and Director Muhammad Iqbal filed bail applications in the SHC after being refused by the trial court.


On Friday, the petitioners’ lawyer argued that his clients had no role in the EOBI scam and therefore, should be granted bail. He said EOBI had invested Rs350 million with Foundation Securities, which caused losses to it.

Published in The Express Tribune, February 20th, 2016.

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