The Federal Investigation Agency (FIA) has registered over a dozen cases against Sprint Energy, a company owned by JS Group of Jahangir Siddiqui.
According to FIA Director Zafar Iqbal, Sprint Energy had submitted fake no-objections certificates (NOCs) in November 2009 to acquire approval from the Oil and Gas Regulatory Authority for relocating its CNG filling stations.
In this regard, the name of former premier Yousaf Raza Gilani has also been mentioned and he could be questioned for his role in granting approval for the relocation of the CNG stations. The Supreme Court had ordered the relocation of CNG stations from densely populated areas.
The FIA Special Investigation Unit (Gujranwala Circle) on the directives of competent authority has registered four cases against Sprint Energy and other government officials for submitting fake NOCs of the Sui Northern Gas Pipelines Limited (SNGPL) in November 2009 so as to acquire approval to relocate its four CNG stations from Wazirabad and Arifwala to Hasilpur, Bahawalpur and Alipur.
The company has been booked for committing acts of fraud, misappropriation and misrepresentation.
There are also 12 other cases registered against the group by FIA in Lahore, Faisalabad and Gujranwala.
JS Group, the real owner of Sprint Energy
According to the mandatory returns filed with the registrar of the companies, the shareholding of Sprint Energy stayed with the stakeholders of JS Group.
According to the official files of the Securities and Exchange Commission of Pakistan (SECP), Sprint Energy is still a part of JS Group. This is corroborated by the fact that one of the directors of the JS Group with 30% shares, Muhammad Ali Charania, was the chief accountant and company secretary of the Sprint Energy in 2010. At that time, Jahangir Siddiqui and Sons (Pvt.) Limited held 60% shares of Sprint Energy. Two other 10% shareholders of the company, Suleman Lalani and Ayesha Qadri, were also associated with the Jahangir Siddiqui & Sons.
Published in The Express Tribune, September 28th, 2013.