LAHORE: Not satisfied with their earlier responses, the Sugar Investigation Team (SIT) of the Federal Investigation Agency (FIA) has once again summoned former PTI Secretary General Jahangir Khan Tareen, his son Ali Tareen and Faruki Pulp Mills Limited (FPML) former chief executive officer (CEO) Shahid Saleem Rana and directed them to appear before the investigators on Tuesday (today) in connection with cases registered against the Tareen family on charges of criminal breach of trust, financial fraud and money laundering.
“The FIA is conducting a criminal inquiry/investigation on the allegations of criminal breach of trust, financial fraud and money laundering by JDW and its related companies JKFSL and FPML since August 8, 2020,” reads a call-up notice issued on Tuesday.
It says that despite repeated summons and requests, the officers of JDW, JKFSL and FPML failed to produce any documents (duly attested by CEO/CFO/co secretary) pertaining to some suspicious transaction(s) which were reasonably supposed to be in their custody.
“Hence, you are hereby called upon to appear (in person) before the Sugar Investigation Team (SIT) on Tuesday (today) at the FIA Temple Road office and produce documents or documentary evidence (duly attested by CEO or CFO or Co Secretary) pertaining to the following: Complete inventory (with commercial invoices where applicable) of plant, machinery and equipments, any fixed assets, stores, spares and loose tools (and intangible assets) of JKFSL as on 20th November 2013,” the notice further reads.
The FIA also sought independent valuation report of JKFSL (determination of fair-value of JKFL assets) conducted by A.F. Ferguson & Co, Chartered Accountants as authorised in item “C” of the JDWs BoD minutes of meeting dated 20th November 2013 (11:00am).
The suspects have also been asked to bring annual audited financial statement in which a true or a clear disclosure was made by the JDW (prepared by Kamran Iqbal Yousafi FCA, KPMG-Taseer Hadi and Co Chartered Accountants) vis-a-vis choosing a pre-meditated “non-arms length purchase price”, reasons for not measuring the price at arm’s length and the financial impact thereof (as required by para-13 of 4th schedule to companies ordinance 1984).
The agency further directed the suspects to come up with engagement letter of JDW with M/S Unicorn International Surveyors for valuation of JKFSL assets (other than biological assets/ crops) and complete details of around 35,000 acres of JKFSL farms owned by or under lease of JDW clearly showing plot-size, location (khasra, mauza, tehsil etc) along with title and lease deeds as applicable.
“MCIB-JDW documents (engagement letter, correspondence and bank’s reports) pertaining to engagement of JDW with MCB Investment Bank in 2012-2013 that suggested an injection of Rs2-3 billion in FPML as disclosed by Jahangir Khan Tareen then CEO JDW in his statement given to FIA on 9th April 2021,” the notice reads and also sought details of ultimate utilization of Rs 3.14 billion JDW’s advances (converted into JDW’s equity investments) to FPML (supported with banking/money-trail).
In addition, the detail of foreign assets (including the family-owned 12-acres Hyde-House in Newbury, Hampshire RG20 4UNJ, UK mentioned by Ali Khan Tareen (then) CEO JKFSL in his statement given to the FIA on 10 and 9lh April 2021 and other assets in UK or any other country) whether these assets have been declared to the FBR or acquired by or on behalf of the then CEOs JDW and JKFSL or their family-members (2000 onwards). The details should include complete description of assets, location, mode and costs of acquisition along with money-trail.
“A non-compliance of the call-up notice and continued failure to produce the relevant record (despite repeated requests since 8th August 2020) will entail that the omission deliberate and investigation will proceed on the basis of documentary evidence available on record,” warned the FIA.
Copyright Business Recorder, 2021
Comments
Comments are closed.