NAB’s plea: SHC rules in favour of Aqeel Dhedhi
Counsel for Dhedhi says he has nothing to do with Ogra nor has he ever been on a decision-making post in Ogra or SSGC.
Chairman of AKD Securities Aqeel Karim Dhedhi. PHOTO: MOHAMMAD SAQIB
KARACHI:
The Sindh High Court, while accepting the stance of Aqeel Karim Dhedhi regarding the jurisdiction of court in the Oil and Gas Regulatory Authority (Ogra) corruption case, has rejected the allegations levelled by National Accountability Bureau (NAB).
A single-judge bench comprising Justice Shafi Siddiqui announced the verdict on Friday. Earlier, the court had reserved its judgment after hearing arguments from lawyers. Siddiqui said that court cannot issue a stay order to halt the proceedings of a criminal case, however, the court does have the authority to look into the matter and find out whether NAB or Securities & Exchange Commission of Pakistan (SECP) is accountable for this matter.
The counsel for Dhedhi, Barrister Murtaza Wahab, had pleaded in his application that NAB had initiated the probe into Ogra corruption scandal at the behest of Supreme Court, however, Dhedhi has nothing to do with Ogra nor has he ever been on a decision-making post in Ogra or SSGC.
The chairman of AKD Securities, Dhedhi informed that the company had purchased shares of SSGC from the open market in 2005 after fulfilling all legal requirements. The counsel said the purchase was carried out purely on merit and that it ended up in causing a loss of Rs4 billion. Later, a campaign was launched to accuse Dhedhi of negative manipulation of shares in the open market, he added.
The SECP had then discharged the allegation against Dhedhi, but now the defendant is again named in the reference due to the pressure from a media group.
The applicant has stated that the investigation officer of Ogra corruption case had completed his report in November 2013, and that NAB’s high-level board had compiled the report in this regard on November 6, 2013, in which the defendant was not named as suspect. Moreover, the SECP had also not mentioned Dhedhi as a suspect in its report.
The applicant has stated that NAB does not hold authority to decide on such matters, and that matters of stock exchange should be addressed by SECP under the SECP Act. In a separate plea, it was requested to issue stay order against the reference.
Meanwhile, the court also rejected the plea filed by NAB over the matter of the court’s jurisdiction.
Published in The Express Tribune, May 17th, 2014.
The Sindh High Court, while accepting the stance of Aqeel Karim Dhedhi regarding the jurisdiction of court in the Oil and Gas Regulatory Authority (Ogra) corruption case, has rejected the allegations levelled by National Accountability Bureau (NAB).
A single-judge bench comprising Justice Shafi Siddiqui announced the verdict on Friday. Earlier, the court had reserved its judgment after hearing arguments from lawyers. Siddiqui said that court cannot issue a stay order to halt the proceedings of a criminal case, however, the court does have the authority to look into the matter and find out whether NAB or Securities & Exchange Commission of Pakistan (SECP) is accountable for this matter.
The counsel for Dhedhi, Barrister Murtaza Wahab, had pleaded in his application that NAB had initiated the probe into Ogra corruption scandal at the behest of Supreme Court, however, Dhedhi has nothing to do with Ogra nor has he ever been on a decision-making post in Ogra or SSGC.
The chairman of AKD Securities, Dhedhi informed that the company had purchased shares of SSGC from the open market in 2005 after fulfilling all legal requirements. The counsel said the purchase was carried out purely on merit and that it ended up in causing a loss of Rs4 billion. Later, a campaign was launched to accuse Dhedhi of negative manipulation of shares in the open market, he added.
The SECP had then discharged the allegation against Dhedhi, but now the defendant is again named in the reference due to the pressure from a media group.
The applicant has stated that the investigation officer of Ogra corruption case had completed his report in November 2013, and that NAB’s high-level board had compiled the report in this regard on November 6, 2013, in which the defendant was not named as suspect. Moreover, the SECP had also not mentioned Dhedhi as a suspect in its report.
The applicant has stated that NAB does not hold authority to decide on such matters, and that matters of stock exchange should be addressed by SECP under the SECP Act. In a separate plea, it was requested to issue stay order against the reference.
Meanwhile, the court also rejected the plea filed by NAB over the matter of the court’s jurisdiction.
Published in The Express Tribune, May 17th, 2014.