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NAB summons Jahangir Ali Siddiqui in embezzlement case

LAHORE: National Accountability Bureau (NAB) on Friday summoned the newly designated Ambassador to the United States and special assistant to the Prime Minister (PM) Ali Jahangir Siddiqui for an inquiry on March 22.

NAB issued a notice to Siddiqui accusing him of embezzlement in selling of shares to government institutions above the market price, costing the investors worth Rs 40 billion losses.

Among the charges as per the notice, Siddiqui was withdrawing off funds in 2008 totaling €23.758 million for the purchase of an Italian company, resulting in a loss 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.

The PM’s special assistant and a renowned expert of investment banking is due to take charge of his responsibilities as ambassador to the US after his appointment on March 8.

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