Pakistan Affairs

Tag: HASCOL

  • Hascol board approves modified scheme of arrangement as it looks to deal with debts

    The board of directors of Hascol Petroleum Limited (HPL) has approved a scheme of arrangement that will restructure its debt once it has been approved by the company\’s secured creditors and members. The modified scheme was prepared under Sections 279 to 282 and 285 of the Companies Act, 2017, and incorporates feedback from HPL\’s creditors. The scheme of arrangement will be submitted to the High Court of Sindh at Karachi once it has been approved. HPL filed for the scheme so that it can restructure its debts through the court system. Last year, the Federal Investigation Agency arrested HPL\’s founder, Mumtaz Hasan, as part of the investigation into an alleged Rs54bn scam involving the National Bank of Pakistan and HPL. Hasan will remain in judicial custody after a Special Banking Court rejected his interim bail application in February. Dozens of officials from other petroleum companies were also placed in judicial custody for their alleged involvement in the scam.



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  • FIA’s team says it has ‘made significant progress’ in Rs54bn scam investigation

    The Federal Investigation Agency (FIA) Commercial Banking Circle Karachi has made significant progress in investigating a Rs54-billion scam. 16 people, including officials from the National Bank of Pakistan (NBP) and 18 other banks, oil marketing companies, and the founding director of Hascol Petroleum have been arrested and detained. 30 officers have been nominated in the case. This is a major step in curbing financial fraud and the FIA is determined to bring the perpetrators to justice. Follow my Facebook group for more updates on this case.



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  • FIA\’s team says it has \’made significant progress\’ in Rs54bn scam

    [

    The team of Federal Investigation Agency (FIA) Commercial Banking Circle Karachi said that it has made significant progress in the investigation of a Rs54-billion scam on Tuesday.

    Earlier, the FIA\’s team made several arrests and detained 16 accused in the financial fraud case including officials from the National Bank of Pakistan (NBP) and 18 other banks, oil marketing companies namely Hascol and Byco.

    Among the detained are eight bank officers and eight petroleum company management personnel.

    Among the 16 arrested include Saleem Butt, Tahir Ali, Khurram Shahzad Wenger, Osman Shahid, Nawabzada Akbar Hasan Khan, Reema Athar, Wajahat A. Baqai, Muhammad Saleem Saleemi, Muhammad Asmar Atiq, Muhammad Jamal Baqir, Muhammad Ali Ansari, Saeed Ahmed, Syed Hasan Irtiza Kazmi, Aqeel Ahmed Khan and Muhammad Ali Haroon.

    Hascol CFO authorised to take charge after CEO detained

    After a long and complicated investigation in FIA Commercial Banking Circle Karachi last year, the case under section 477/471/468/420/409-A/109 PPC r/w 5(2) of PCA 1947 r/w 3/4 AMLA 2010 Amended in 2020, the case charge number 01/2022 was filed in which the founding director of Hascol Petroleum, Mumtaz Hasan, was arrested and 30 official of partners companies including Vitol, Fossil Energy and National Bank were also nominated.

    Some 30 officers accused namely, Syed Ahmed Iqbal, Saeed Ahmed, Syed Jamal Baqir, Akbar Hasan Khan, Syed Hasan Irtiza Kazmi, Reema Athar, Muhammad Saleem Saleemi, Wajahat A Baqai, Osama Ghazi, Nabeel Zahoor, Hidayat Shar, Tariq Jamali, Usman Shahid, Shamim Bukhari, Asad Salim, Muhammad Asmar Atiq, Syed Muhammad Akbar Zaidi, Syed Misbah Hussain, Saleem Butt, Mumtaz Hasan Khan, Muhammad Ali Ansari, Abdul Aziz Khalid, Farid Arshad Masood, Tahir Ali, Liaquat Ali, Najam ul Saqib Hameed, Farooq Rahmatullah, Muhammad Ali Haroon, Aqeel Ahmed Khan and Khurram Shahzad.



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  • FIA\’s team says it has \’made significant progress\’ in Rs54bn scam

    [

    The team of Federal Investigation Agency (FIA) Commercial Banking Circle Karachi said that it has made significant progress in the investigation of a Rs54-billion scam on Tuesday.

    Earlier, the FIA\’s team made several arrests and detained 16 accused in the financial fraud case including officials from the National Bank of Pakistan (NBP) and 18 other banks, oil marketing companies namely Hascol and Byco.

    Among the detained are eight bank officers and eight petroleum company management personnel.

    Among the 16 arrested include Saleem Butt, Tahir Ali, Khurram Shahzad Wenger, Osman Shahid, Nawabzada Akbar Hasan Khan, Reema Athar, Wajahat A. Baqai, Muhammad Saleem Saleemi, Muhammad Asmar Atiq, Muhammad Jamal Baqir, Muhammad Ali Ansari, Saeed Ahmed, Syed Hasan Irtiza Kazmi, Aqeel Ahmed Khan and Muhammad Ali Haroon.

    Hascol CFO authorised to take charge after CEO detained

    After a long and complicated investigation in FIA Commercial Banking Circle Karachi last year, the case under section 477/471/468/420/409-A/109 PPC r/w 5(2) of PCA 1947 r/w 3/4 AMLA 2010 Amended in 2020, the case charge number 01/2022 was filed in which the founding director of Hascol Petroleum, Mumtaz Hasan, was arrested and 30 official of partners companies including Vitol, Fossil Energy and National Bank were also nominated.

    Some 30 officers accused namely, Syed Ahmed Iqbal, Saeed Ahmed, Syed Jamal Baqir, Akbar Hasan Khan, Syed Hasan Irtiza Kazmi, Reema Athar, Muhammad Saleem Saleemi, Wajahat A Baqai, Osama Ghazi, Nabeel Zahoor, Hidayat Shar, Tariq Jamali, Usman Shahid, Shamim Bukhari, Asad Salim, Muhammad Asmar Atiq, Syed Muhammad Akbar Zaidi, Syed Misbah Hussain, Saleem Butt, Mumtaz Hasan Khan, Muhammad Ali Ansari, Abdul Aziz Khalid, Farid Arshad Masood, Tahir Ali, Liaquat Ali, Najam ul Saqib Hameed, Farooq Rahmatullah, Muhammad Ali Haroon, Aqeel Ahmed Khan and Khurram Shahzad.



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  • FIA\’s team says it has \’made significant progress\’ in Rs54bn scam

    [

    The team of Federal Investigation Agency (FIA) Commercial Banking Circle Karachi said that it has made significant progress in the investigation of a Rs54-billion scam on Tuesday.

    Earlier, the FIA\’s team made several arrests and detained 16 accused in the financial fraud case including officials from the National Bank of Pakistan (NBP) and 18 other banks, oil marketing companies namely Hascol and Byco.

    Among the detained are eight bank officers and eight petroleum company management personnel.

    Among the 16 arrested include Saleem Butt, Tahir Ali, Khurram Shahzad Wenger, Osman Shahid, Nawabzada Akbar Hasan Khan, Reema Athar, Wajahat A. Baqai, Muhammad Saleem Saleemi, Muhammad Asmar Atiq, Muhammad Jamal Baqir, Muhammad Ali Ansari, Saeed Ahmed, Syed Hasan Irtiza Kazmi, Aqeel Ahmed Khan and Muhammad Ali Haroon.

    Hascol CFO authorised to take charge after CEO detained

    After a long and complicated investigation in FIA Commercial Banking Circle Karachi last year, the case under section 477/471/468/420/409-A/109 PPC r/w 5(2) of PCA 1947 r/w 3/4 AMLA 2010 Amended in 2020, the case charge number 01/2022 was filed in which the founding director of Hascol Petroleum, Mumtaz Hasan, was arrested and 30 official of partners companies including Vitol, Fossil Energy and National Bank were also nominated.

    Some 30 officers accused namely, Syed Ahmed Iqbal, Saeed Ahmed, Syed Jamal Baqir, Akbar Hasan Khan, Syed Hasan Irtiza Kazmi, Reema Athar, Muhammad Saleem Saleemi, Wajahat A Baqai, Osama Ghazi, Nabeel Zahoor, Hidayat Shar, Tariq Jamali, Usman Shahid, Shamim Bukhari, Asad Salim, Muhammad Asmar Atiq, Syed Muhammad Akbar Zaidi, Syed Misbah Hussain, Saleem Butt, Mumtaz Hasan Khan, Muhammad Ali Ansari, Abdul Aziz Khalid, Farid Arshad Masood, Tahir Ali, Liaquat Ali, Najam ul Saqib Hameed, Farooq Rahmatullah, Muhammad Ali Haroon, Aqeel Ahmed Khan and Khurram Shahzad.



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  • FIA\’s team says it has \’made significant progress\’ in Rs54bn scam

    [

    The team of Federal Investigation Agency (FIA) Commercial Banking Circle Karachi said that it has made significant progress in the investigation of a Rs54-billion scam on Tuesday.

    Earlier, the FIA\’s team made several arrests and detained 16 accused in the financial fraud case including officials from the National Bank of Pakistan (NBP) and 18 other banks, oil marketing companies namely Hascol and Byco.

    Among the detained are eight bank officers and eight petroleum company management personnel.

    Among the 16 arrested include Saleem Butt, Tahir Ali, Khurram Shahzad Wenger, Osman Shahid, Nawabzada Akbar Hasan Khan, Reema Athar, Wajahat A. Baqai, Muhammad Saleem Saleemi, Muhammad Asmar Atiq, Muhammad Jamal Baqir, Muhammad Ali Ansari, Saeed Ahmed, Syed Hasan Irtiza Kazmi, Aqeel Ahmed Khan and Muhammad Ali Haroon.

    Hascol CFO authorised to take charge after CEO detained

    After a long and complicated investigation in FIA Commercial Banking Circle Karachi last year, the case under section 477/471/468/420/409-A/109 PPC r/w 5(2) of PCA 1947 r/w 3/4 AMLA 2010 Amended in 2020, the case charge number 01/2022 was filed in which the founding director of Hascol Petroleum, Mumtaz Hasan, was arrested and 30 official of partners companies including Vitol, Fossil Energy and National Bank were also nominated.

    Some 30 officers accused namely, Syed Ahmed Iqbal, Saeed Ahmed, Syed Jamal Baqir, Akbar Hasan Khan, Syed Hasan Irtiza Kazmi, Reema Athar, Muhammad Saleem Saleemi, Wajahat A Baqai, Osama Ghazi, Nabeel Zahoor, Hidayat Shar, Tariq Jamali, Usman Shahid, Shamim Bukhari, Asad Salim, Muhammad Asmar Atiq, Syed Muhammad Akbar Zaidi, Syed Misbah Hussain, Saleem Butt, Mumtaz Hasan Khan, Muhammad Ali Ansari, Abdul Aziz Khalid, Farid Arshad Masood, Tahir Ali, Liaquat Ali, Najam ul Saqib Hameed, Farooq Rahmatullah, Muhammad Ali Haroon, Aqeel Ahmed Khan and Khurram Shahzad.



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  • Hascol: CFO authorised to take charge after CEO detained

    ہاسکول پٹرولیم نے منگل کو مطلع کیا کہ اس کے بورڈ نے چیف فنانشل آفیسر عماد الدین کو بطور چیف ایگزیکٹو آفیسر (سی ای او) اختیار استعمال کرنے کا اختیار دیا ہے جب ٹرائل جج نے عقیل احمد خان سمیت دیگر کی درخواست ضمانت کی توثیق سے انکار کر دیا تھا۔

    ایف آئی اے انکوائری نمبر 127/2021 کے معاملے میں متعدد افراد کی جانب سے ضمانت کی درخواستوں کی تصدیق سے انکار کرنے کے ٹرائل جج کے آج کے فیصلے کے بعد، اس کے نتیجے میں ہیسکول پیٹرولیم لمیٹڈ کے سی ای او سمیت متعدد افراد کو حراست میں لیا گیا ہے۔ ایچ پی ایل)، عقیل احمد خان،\” ہاسکول پیٹرولیم لمیٹڈ کے چیئرمین، سر ایلن ڈنکن نے ایک بیان میں کہا۔

    \”جبکہ سی ای او کی نمائندگی کرنے والے قانونی مشیر نے ہمیں مشورہ دیا ہے کہ بعد از گرفتاری ضمانت دی جانی چاہیے، اس دوران، HASCOL کے معاملات کو چلانے کے لیے، بورڈ نے CFO، عماد الدین کو اختیار دیا ہے کہ وہ سی ای او کے اختیارات کا استعمال کریں۔ پاکستان اسٹاک ایکسچینج (PSX) کو بھیجے گئے نوٹس میں مزید کہا گیا ہے کہ جب تک یہ مسئلہ حل نہیں ہو جاتا یا بورڈ کی جانب سے مزید کوئی فیصلہ نہیں کیا جاتا، سی ای او۔

    ہاسکول کے بورڈ نے \’بحالی کے منصوبے\’ کی منظوری دے دی

    گزشتہ سال جنوری میں وفاقی تحقیقاتی ایجنسی نے 54 ارب روپے کے مبینہ گھپلے کی تحقیقات کے دوران ہاسکول پیٹرولیم لمیٹڈ کے بانی ممتاز حسن کو گرفتار کیا تھا۔

    \”ایف آئی اے کمرشل بینکنگ سرکل نے 30 مشتبہ افراد کے خلاف مقدمہ درج کیا ہے – جس میں نیشنل بینک آف پاکستان اور ہسکول کے سابق اور موجودہ افسران بھی شامل ہیں – اور ایک مشتبہ شخص کو بینک ڈیفالٹ، مالیاتی فراڈ کی انکوائری میں شواہد کے سامنے آنے کے بعد گرفتار کیا گیا ہے۔ اور ہاسکول پیٹرولیم کمپنی کی جانب سے 54 ارب روپے سے زائد کی منی لانڈرنگ کی گئی۔

    ایس ای سی پی نے پارکر رسل اے جے ایس کو ہاسکول کے \’فراڈ انویسٹی گیشن/ فرانزک آڈٹ\’ کے لیے مقرر کیا

    دریں اثنا، OMC نے انتظامات کی ایک اسکیم دائر کی ہے جس کے تحت اس کے قرضوں کو عدالتی نظام کے اندر باضابطہ طور پر از سر نو تشکیل دیا جا سکتا ہے۔



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