Court seeks detailed reports
Action was taken against the Omni Group sugar mills, banks filed over 12 complaints
KARACHI:
A banking court has ordered Omni Group and private banks to present comprehensive reports pertaining to missing sugar from the Omni Group's sugar mills.
Seeking reasons for the failed settlements between Omni Group and the private banks, the court remarked that the conditions for reaching a settlement should be shared with it.
The court stated that action would be taken on the applications moved for the banks' complaints after these reasons were reviewed. It ordered Summit Bank, Sindh Bank and National Bank of Pakistan to submit comprehensive reports by the next hearing.
The banks have filed over 12 complaints against the Omni Group, naming Anwar Majeed, Abdul Ghani Majeed, Ali Kamal Majeed, Mustufa Zulqarnain Majeed, Saima Majeed, Minhal Majeed, Namr Majeed and others as suspects.
Action was taken against the Omni Group sugar mills on the directives of former Chief Justice Saqib Nisar. The banks maintained that the sugar kept as surety had gone missing, stating that action should be taken against the chief executive officers and directors of the mills. They claimed that the disappearance of the sugar without informing the banks is a criminal offence.
Published in The Express Tribune, December 31st, 2019.
A banking court has ordered Omni Group and private banks to present comprehensive reports pertaining to missing sugar from the Omni Group's sugar mills.
Seeking reasons for the failed settlements between Omni Group and the private banks, the court remarked that the conditions for reaching a settlement should be shared with it.
The court stated that action would be taken on the applications moved for the banks' complaints after these reasons were reviewed. It ordered Summit Bank, Sindh Bank and National Bank of Pakistan to submit comprehensive reports by the next hearing.
The banks have filed over 12 complaints against the Omni Group, naming Anwar Majeed, Abdul Ghani Majeed, Ali Kamal Majeed, Mustufa Zulqarnain Majeed, Saima Majeed, Minhal Majeed, Namr Majeed and others as suspects.
Action was taken against the Omni Group sugar mills on the directives of former Chief Justice Saqib Nisar. The banks maintained that the sugar kept as surety had gone missing, stating that action should be taken against the chief executive officers and directors of the mills. They claimed that the disappearance of the sugar without informing the banks is a criminal offence.
Published in The Express Tribune, December 31st, 2019.