Court approves 14-day physical remand of ex-SECP head

Karachi (HRNW): An accountability court in Islamabad gave 14-day physical remand of former executive director of Securities and Exchange Commission of Pakistan (SECP) Javed Hussain in Park Lane company case on Friday, The accountability court’s judge Muhammad Bashir held hearing the case related to the facilities which had been allegedly provided to former president Asif Ali Zardari for establishing Park Lane company. Former SECP executive director Javed Hussain was produced before the court after the completion of his physical remand. The National Accountability Bureau (NAB) prosecutor pleaded the court for extending the physical remand of Hussain for 14 more days in order to continue the investigation in the corruption case.

While approving the plea of the anti-corruption watchdog, the court handed over the accused to NAB on 14-day physical remand. Later, the hearing was adjourned. Earlier on August 26, an accountability court had granted physical remand of Securities and Exchange Companies of Pakistan (SECP) Executive Director Javed Hussain till September 11, in a probe related to Park lane properties reference. Hussain had been arrested by the National Accountability Bureau (NAB) team during a raid in Islamabad. It may be noted that former president Asif Ali Zardari is already in NAB’s custody in fake bank accounts and Park Lane Estate Company cases.

According to anti-graft watchdog body, Asif Ali Zardari was allegedly for running a fake front company by the name of Parathon as a shareholder in Park Lane properties. A loan worth Rs 1.5 billion was taken out from the bank and transferred to the company account in a private bank. It has also been revealed that he had forged documents to comply with the loan policy and coaxed the National Bank into loan approval.

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