Karachi October 18 2021: Sindh High Court de-attach Hascol Petroleum assets and bank accounts from MENA case, as per information shared by the company at Pakistan Stock Exchange (PSX).
Hascol Petroleum in a recent order dated 12.10.2021 announced by Hon'ble Sindh High Court (SHC), HPL was restrained from transferring its shareholding in other companies; withdrawing or transferring the credit balances of its bank accounts and transferring or charging in any way the immovable properties.
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Sindh High Court Freezes Assets and Bank Accounts of Hascol Petroleum: PSX
Subsequent to an appeal filed by the Company before the division bench of SHC which was heard on 15.10.2021, the Hon'ble High Court of Sindh was pleased to announce the de-attachment of the assets and bank accounts of the Company.
Pursuant to this order the company's business operations to continue as usual.
As per the October 12 2021 judgement The Hascol Petroleum Limited is prohibited from transferring the shares held by it in the following companies together with any bonus and right shares (1) Hascombe Lubricants (Pvt.) Ltd, (2) VAS LNG (Pvt.) Ltd and HASCOL Terminals Ltd as per decision announced by Sindh High Court.
The Hascol Petroleum Limited is prohibited from withdrawing or transferring the credit balances of its bank accounts maintained with the banks amounting to PKR 1.68 billion and said banks are restrained accordingly.
The Sindh High Court Decision came after foreign judgment in which the Mena Energy DMCC, a company incorporated in the UAE, has been awarded USD 9,500,000/- against the Hascol Petroleum Limited, a company incorporated in Pakistan. The Execution is filed at Karachi as the Hascol Petroleum has assets at Karachi.
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