Pakistan

NAB likely to summon Ali Jahangir Siddiqui for investigation: sources

Written by The Frontier Post

F.P. Report

ISLAMABAD: Former Pakistani ambassador to the United States Ali Jahangir Siddiqui is likely to be re-summoned by the National Accountability Bureau (NAB) for investigation.

According to sources, the NAB has changed an inquiry against Ali Jahangir Siddiqui into investigation.

A recently held meeting of the NAB board chaired by its Chairman Justice (retd) Javed Iqbal has decided to transform the inquiry against Ali Jahangir Siddiqui into an investigation, sources said.

The accountability watchdog could summon Ali Jahangir again this month, according to the sources.

Mr Siddiqi was earlier, summoned to defend the alleged role of his company M/s Azgard Nine Limited (ANL), in the manipulation of shares that caused billions of rupees losses of to the national kitty.

NAB was probing affairs of the company with regard to siphoning off funds amounting to 23.7 million euros in 2008, which were used to purchase an Italian Company, Monte Bello SRL.

The NAB said the shares of a company named Agritech Limited were sold to various financial and government institutions at an inflated rate than the market to settle loan defaults. This resulted in a loss of Rs 40bn to a number of financial and government institutions.

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