SHC announces de-attachment of HASCOL's properties

October 18, 2021 (MLN): The Hon'ble Sindh High Court (SHC) has announced the de-attachment of the assets and bank accounts of Hascol Petroleum Limited (HASCOL).

Pursuant to this order, the company can carry on its day-to-day business activities.

The company filed an appeal before the division bench of SHC against an order dated 12.10.2021 whereby HASCOL was restrained from transferring its shareholding to other companies; withdrawing or transferring the credit balances of its bank accounts and transferring or charging in any way the immovable properties. This order came when Mena Energy DMCC, a UAE-based energy firm, filed a foreign execution application for enforcement of a foreign court judgment passed by the High Court of Justice, business and property courts of England and Wales commercial court.

“While issuing Notice to the respondent, we would direct the appellant to furnish title documents of the aforesaid property before the Nazir of this Court as security, and subject to furnishing such documents, operation of the impugned order to the extent of attachment of bank accounts of the appellant, shall remain suspended,” the SHC Judge said in its latest order.

However, such bank accounts shall only be utilized for the purposes carrying on day-to-day business affairs of the company, including disbursement of the salaries to its employees and to meet statutory legal obligations, till further orders in the instant appeal, it added.

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