Court denies bail to four current, former officials

September 10, 2026 (MLN): Court has denied bail to four current and former officials of Unity Foods in a case involving alleged financial discrepancies running into Rs44.7 billion, with the hearing of their bail applications adjourned until September 12.

The Federal Investigation Agency (FIA) had registered the case against the company’s former management following a reference from the Securities and Exchange Commission of Pakistan (SECP).

The investigation centers on an alleged discrepancy between Unity Foods’ published financial statements and its internal SAP records, raising questions over the company’s reported financial position and transactions.

Authorities are also investigating the alleged misuse of Rs2.87 billion raised through a rights issue, along with an alleged Rs5.2 billion shortfall in inventory.

The probe further covers approximately Rs5 billion in receipts for which evidence of corresponding goods deliveries was allegedly unavailable.

Investigators are also examining alleged payments amounting to Rs5.31 billion linked to the mother of the company’s former chief executive.

The case names the former chief executive and other individuals, while four current and former officials are presently in custody.

Separately, an investigation into alleged insider trading in Unity Foods shares is also underway.

Unity Foods is listed on the Pakistan Stock Exchange, with approximately 34% of its shares held by the public, while Singapore-based Wilmar International holds around 42% of the company.

Wilmar International has recognized a provision of approximately $150 million in connection with its investment.

Meanwhile, proceedings related to the proposed takeover of Unity Foods by Al Shaheer Corporation are also pending before the court.

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