Park Lane case: Accountability court approves Zardari's exemption application

ISLAMABAD: The Accountability Court hearing fake bank accounts case on Tuesday fixed September 9 for indictment of former president Asif Ali Zardari and others in the supplementary reference in Park Lane case filed by the anti-graft body.

The National Accountability Bureau (NAB) has filed supplementary reference against Zardari and others on August 18th. At the start of the hearing, NAB Deputy Prosecutor General Sardar Muzaffar Abbasi told the court that the NAB had filed supplementary reference and nominated three new accused in it.

The court ordered to provide copies of supplementary reference to all the accused persons. The court also ordered all the accused to ensure their presence on the next hearing to be held on September 9.

The court also approved exemption application of Zardari filed by his counsel. Those who are nominated by the NAB in the supplementary reference include Zardari, Muhammad Iqbal Memon, director Park Lane company, M/s Park Lane Estate Private Limited, Muhammad Iqbal Khan Noori, director M/s Parthenon (Pvt) Ltd, Muhammad Hanif Accountant M/s Park Lane Estate, M/s Parthenon (Private) Limited, an incorporated entity bearing certificate of incorporation under the provision of the Companies Ordinance, 1984, and Hussain Lawai.

The other accused include Abdul Ghani Majid, shareholder/director Regent Service (Pvt) Ltd multiple companies known as OMNI group, Anwar Majid, shareholder director OMNI group, Taha Raza, relationship manager Arif Habib Bank now Summit bank, Farooq Abdullah area branch manager HBL, Uzair Naeem, former AVP Summit Bank, M/s Tracom (Pvt) Ltd through GM south, an incorporated entity bearing certificate of incorporation under the provision of the companies office, Muhammad Saleem Faisal general manger (GM) M/s Tracom (Private) Limited, and Zahir Ismail.

According to the NAB, Zardari and others had allegedly embezzled funds obtained for M/S Parthenon (Private) Limited and M/S Park Lane Private Limited, which inflicted losses of Rs3.77 billion to the national exchequer.

According to the joint investigation team (JIT), Park Lane Estate Company, a Karachi-based firm, was incorporated on October 18, 1979. In 1989, Zardari acquired the company along with his "front man" Iqbal Memon.

In 2009, Zardari, chairman Pakistan People's Party (PPP), Bilawal Bhutto-Zardari, Iqbal Memon, and others became shareholders of the company. As per the JIT report, it was found out that the M/S Parthenon was merely a "front company" (straw borrower) of M/s Park Lane Private Limited. M/s Parthenon had no independent business when it entered into a joint venture (JV) with the M/S Park Lane (October 2009), it said.

Copyright Business Recorder, 2020