Park Lane case: AC extends physical remand of Zardari till July 29

An Accountability Court on Monday extended the physical remand of former President Asif Ali Zardari till July 29 in the Park Lane case. The officials of National Accountability Bureau (NAB) produced Zardari before Accountability Court-I Judge Muhammad Bashir on expiry of his remand term amid tight security arrangements.
The case was earlier heard by Accountability Court-II Judge Muhammad Arshad Malik, who was relieved by the government from his duties on a request of Islamabad High Court (IHC) following his alleged involvement in a video scandal.
NAB Prosecutor Usman Mirza requested the court to extend physical remand of Zardari for another 14 days. The court approved NAB's request and extended Zardari's physical remand till July 29. Zardari was arrested by NAB in the Park Lane case on July 1.
The court also approved an application submitted by defence counsel, seeking to allow Zardari's children Bilawal Bhutto Zardari, Aseefa Bhutto Zardari and Bakhtawar Bhutto Zardari to meet their father twice a week.
After the hearing, when a media person asked Zardari if he had also obtained services of Nasir Butt, he replied, "We do not perform such kind of activity."
The anti-graft body on July 4 filed a corruption reference against Zardari and others in the Park Lane case. According to 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 Rs 3.77 billion to 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 along with his 'front man' Iqbal Memon acquired the company. In 2009, Zardari, Chairman Pakistan Peoples 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.