Envoy-designate Jahangir records statement with NAB in embezzlement case | Pakistan Today

Envoy-designate Jahangir records statement with NAB in embezzlement case

LAHORE: Ali Jahangir Siddiqui, Pakistan’s ambassador-designate to the United States (US) and a business tycoon, on Thursday appeared before the Lahore National Accountability Bureau (NAB) to record his statement in an inquiry pertaining to embezzlement.

Siddiqui is allegedly named in 19 inquiries pertaining to corruption, money laundering and violation of State Bank of Pakistan’s rules.

Siddiqui, son of prominent businessman Jahangir Siddiqui, is accused of embezzling at least Rs 55 billion and a probe regarding this alleged corruption is in progress with the National Accountability Bureau (NAB), Federal Investigation Agency (FIA), and Securities and Exchange Commission of Pakistan (SECP).

According to details, Siddiqui allegedly caused over Rs55 billion loss to the national exchequer.

Siddiqui will also be asked about selling shares of Agritech Ltd to different financial and government institutions by Azgard Nine at a higher price than the market price to settle the loan defaults of the company, which resulted in an approximate loss of Rs40 billion to the institutions. In 2016, a SECP report said that prices of Azgard Nine group’s shares were artificially increased from Rs24 to Rs70, and payments were also made to an unidentified party.

Siddiqui is scheduled to assume his new responsibilities as Pakistan’s ambassador in Washington next month as incumbent Aizaz Ahmad Chaudhry reached retirement age a few days ago. Siddiqui is currently a special adviser to Prime Minister Shahid Khaqan Abbasi.

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