LAHORE, Pakistan, May 7, 2024 /PRNewswire/ -- In a final verdict,
made yesterday (6 May 2024),
Pakistan's Accountability Court
exonerated and acquitted some of the country's highest officials
and corporate leaders in a widely-publicised lawsuit,
including Engro Chairman, Hussain
Dawood; Engro Director, Abdul Samad
Dawood; and former Engro CEO, Sheikh Imran ul Haq; among
others. No evidence was found to prove any illegality,
irregularity, or loss to Pakistan's national exchequer.
Initiated by Pakistan's NAB
(National Accountability Bureau), the case pertained to the LNG
Terminal contract award to Engro, an industrial conglomerate, in
2014. It was alleged by NAB that a non-transparent process had been
followed in the award of the contract; however, in a case lasting
six years, no evidence of corruption was found, and the case was
ultimately dropped, exonerating all those implicated. In the final
verdict, the NAB and the organisation's Chairman both independently
reached the conclusion that "no irregularity, illegal gain or loss
to the national exchequer was caused."
A spokesperson for Engro Corporation said: "Engro Corporation
welcomes this much awaited decision of the Accountability Court.
Engro has always strived to act in a fair and transparent manner in
all its business and commercial commitments. Over the last six
decades, the company has built its reputation through a strong
focus on effective corporate governance, ethics and integrity, and
compliance with the laws of the land in every country in which we
operate.
"Engro remains committed to the progress of Pakistan by striving to solve some of the
country's most pressing issues. We hope that this verdict will
restore much needed investor confidence in Pakistan's private sector and legal
system.
"During these testing times, the Company is grateful for the
support it has received from our employees, shareholders, and
partners who have believed in and worked with us."
The Engro Elengy Terminal, the fastest terminal set-up in the
world, has been an essential part of Pakistan's energy infrastructure since 2015,
when the country faced severe energy shortages. It supplies 15% of
Pakistan's total gas to the
nation's homes and businesses. Since inception, it has enabled
Pakistan to save more than
USD 3 billion through import
substitution of furnace oil.
www.engro.com
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