LAHORE: The National Accountability Bureau (NAB) has re-summoned designated Ambassador to the United States Ali Jahangir Siddiqui for an inquiry into an embezzlement case.
According to the NAB, Ali Jahangir has been summoned again to appear before an inquiry committee for embezzlement charges, after he failed to turn up before the committee following first summon.
He is facing charges for selling shares to government institutions above the asking price and causing investors Rs 40 billion worth of losses.
Ali Jahangir was previously summoned on March 22 where he did not turn up and has not yet answered a two-page questionnaire acquired by the committee.
As per the notice, Siddiqui is being charged for withdrawing funds in 2008 worth €23.758 million to purchase an Italian company which resulted in heavy losses to the shareholders and Azgard Nine Ltd.
Securities and Exchange Commission of Pakistan (SECP) in a report revealed that in 2016, Azgard Nine Ltd artificially increased its shares’ price to Rs 70 from Rs 24 in bad faith.
In August 2017, Siddiqui was appointed as a special assistant to the premier with the status of a state minister. He is the son of the famous banker and businessman, Jahangir Siddiqui.
Ali Jahangir has served as a director in Airblue, Lucky Cement, Azgard Nine along with several other companies. In 2014, he was honored as a Young Global Leader by the World Economic Forum.
He also holds some public sector experience after he served as a member of the Privatisation Commission, a member of the Private Sector Advisory Board of the Planning Commission, a member of the Sindh Board of Investment, and as a member of the Community Development Board of the Government of Sindh.