Islamabad March 9 2023: Senate Committee on Finance and Revenue decided to discuss the matter of HASCOL financial scam of PKR 55 billion, according to the information shared by the senate.
Company share price close 5.3 percent lower from intraday high of PKR 5.84 hit at PST 10:11.
The Senate Finance and Revenue committee on Wednesday while discussing the financial scam and involving of Bank officials of NBP, HASCOL Petroleum Limited and Byco, it was informed that a in-depth inquiry by the FIA is being conducted. Senator Saleem Mandiviwalla showed amazement of three ex presidents on a government bank in jail and an embezzlement of 55 billion rupees goes away without accountability. However, the committee deferred the matter for further deliberation.
On 6th February 2023 Trial Judge refuses confirmation of bail applications from a number of individuals, in the matter of FIA Enquiry No. 127/2021, it has led to the detention of numerous persons, including the CEO of Hascol Petroleum Limited ("HPL"), Mr. Aqeel Ahmed Khan.
Hascol Petroleum Limited was incorporated in Pakistan as a private limited company on March 28, 2001. On September 12, 2007 the Company was converted into a public unlisted company. The Company is engaged in the business of procurement, storage and marketing of petroleum, chemicals, LPG and related products. The Company obtained oil marketing license from Ministry of Petroleum and Natural Resources in the year 2005 and acquired assets of LPG licensed company in the year 2018.
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