Hascol fully cooperating with FIA

January 25, 2022 (MLN): The board and management of Hascol Petroleum Limited (Hascol) have been fully cooperating with the FIA’s investigations into its past activities, and working tirelessly to ensure complete transparency. Much of the information being assessed by the FIA is based on facts that the company had already chosen to disclose to the PSX, an official said in a statement given Mettis Global on Tuesday. 

Hascol submits that the current board and management should not be included in any of the allegations and that any relevant information that has been found has always been voluntarily disclosed as soon as possible, he added.

To recall, the Federal Investigation Agency (FIA) arrested Mumtaz Hasan, founder of the Hascol Petroleum Limited (HPL), in Rs54 billion scam recently. 

According to the FIA’s document available with MG, a total of 30 suspects including present and former top officials of the National Bank of Pakistan (NBP), HPL and other organizations have been involved in a scam and efforts are being made to arrest them.

Later, the Securities & Exchange Commission of Pakistan (SECP) has appointed Parker Russel AJS, Chartered Accountants as investigators for carrying out serious fraud investigation / forensic audit of the company.

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