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Freezing the assets of Al Arabia Sugar mills challenged in LHC

Lahore:     The step of freezing the assets of Al Arabia Sugar Mills owned by Hamza Shahbaz and his brother Suleman Shahbaz has been challenged in the Lahore High Court (LHC).

Chairman National Accountability Bureau (NAB), DG NAB, investigation officer and others have been made respondents in the petition.

Petitioner took the plea that chairman Accountability Watchdog has been given the semi judicial powers and whoever are vested with these powers he cannot transfer it to someone else. .

It has been informed the court that in the respective case, DG NAB used the powers of Chairman NAB that is not allowed by law.
NAB Lahore while taking illegal action had frozen the assets of Al Azizia Steel Mills.

It has been said that respective company has separate legal status besides share holder.
Share holder and directors have no concern with the assets of company and also suspects have no relevance with the assets and the company enjoys a separate legal status on this count. .

Company is neither accused nor relative of anyone.
According to section 41 B of the Act a reference cannot be filed unless Securities and Exchange Commission of Pakistan (SECP) conducts inquiry.
Monitoring officer that was appointed by NAB in the company of petitioner is illegal.

Petitioner took the plea that an inquiry is pending against Shehbaz Sharif, Salman Shehbaz and others while earlier no inquiry or reference is pending.
Petitioner prayed court that it should stop Chairman NAB and others from interference in the matters of company besides setting aside Nov 25, 2019 NAB decision. .

It is vital to mention here that Director NAB Lahore has issued orders to freeze the assets of 10 industries of Sharif Family in reference pertaining to assets beyond known sources of income.
Chiniot energy limited, Ramzan Energy, Sharif Dairy, Crystal Plastic Industry, Al Arabia Sugar Mill, Sharif Milk products, Sharif feed Mills, Ramzan Sugar Mills, and Sharif Poultry are among these industries.

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