Monday, June 17, 2024

Hascol’s CEO Arrested in Rs.54 Billion Scam

As the trial judge denied the approval of CEO Aqeel Ahmed Khan and others’ bail requests, Hascol Petroleum announced on Tuesday that its board had authorised Chief Financial Officer Amad Uddin to exercise authority as CEO.


The CEO of Hascol Petroleum Limited (HPL), Aqeel Ahmed Khan, has been detained as a result of today’s Trial Judge’s decision to deny confirmation of bail applications from a number of individuals in the case of FIA Enquiry No. 127/2021, according to a statement from Sir Alan Duncan, Chairman of Hascol Petroleum Limited. 


“While we are advised by the legal counsel representing the CEO that post-arrest bail should be granted, in the meantime, in order to operate the affairs of HASCOL, the board has authorised the CFO, Amad Uddin, to exercise the authority of the CEO until this issue is resolved or there is a further decision taken by the board,” the notice sent to the Pakistan Stock Exchange (PSX) added.  

As part of its investigation into the alleged Rs 54 billion scam, the Federal Investigation Agency detained Mumtaz Hasan, founder of Hascol Petroleum Company, in January of last year.

Then, an FIA statement stated that after pieces of evidence came to light in an inquiry into bank default, financial fraud, and money laundering of more than Rs54 billion by the Hascol Petroleum Company, the FIA Commercial Banking Circle had registered a case against 30 suspects, including former and current officers of the National Bank of Pakistan and Hascol, and one suspect had been arrested.

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