Thursday , August 16 2018
Breaking News
Home / Business


Stay updated with Business News, Pakistan Taxation news, Current world customs news and latest FBR news with Customs Today

FIA arrests Anwar Majeed, son in fake accounts case


ISLAMABAD: The Federal Investigation Agency (FIA) on Wednesday arrested Anwar Majeed and his son from the Supreme Court’s premises after the two attended the hearing in the fake accounts case. Prior to their arrest, the court had stated during the hearing – conducted by a three-member bench headed by Chief Justice Mian Saqib Nisar – that the court was neither ... Read More »

26pts action plan: Pakistan not ready to convince FATF team


ISLAMABAD: As a team of the Financial Action Task Force (FATF) has arrived here to evaluate the implementation on the 26-point Action Plan, Pakistan is reportedly facing difficulties in convincing the team over the plan. According to reliable sources, the Ministry of Finance, Federal Investigation Agency (FIA), National Counter Terrorism Authority (NACTA) and State Bank of Pakistan (SBP) do not ... Read More »

IHC rejects NAB’s plea to adjourn Nawaz’ petition


ISLAMABAD: The Islamabad High Court (IHC) dismissed the National Accountability Bureau’s (NAB) plea on Wednesday to adjourn the hearing of former prime minister Nawaz Sharif’s petition against his conviction, for two days. A two-member bench of the IHC, comprising Justice Athar Minallah and Justice Miangul Hassan Aurangzeb, resumed hearing Nawaz’s petition for the suspension of the accountability court’s verdict against ... Read More »

NAB summons Ali Jahangir Siddique

Ali Jahangir Siddiqui

LAHORE: National Accountability Bureau Lahore summons Pakistan’s ambassador-designate to the United States, Ali Jahangir Siddiqui, on August 27 in Azgard company case. Ali Jahangir Siddiqui was previously summoned by NAB on 22nd March. Read More »

NAB recovers Rs8.14m from ex-PARC employee

NAB chairman Justice (retd) Javed Iqbal

ISLAMABAD: The National Accountability Bureau (NAB), Rawalpindi has recovered Rs 8,143,900 from former Pakistan Agriculture Research Council (PARC) employee Muzaffar Nishat on the account of corrupt practices. PARC Chairman Dr Yusuf Zafar, received a cheque of Rs. 8,143,900/- in favor of PARC from Rawalpindi NAB Director General (DG) Irfan Naeem Mangi. Former PARC scientific officer/assistant director Muzaffar Nishat – son ... Read More »

NAB employees reluctant to take proficiency test

NAB chairman Justice Javed Iqbal 1

PESHAWAR: The employees of the National Accountability Bureau (NAB) have refused to take proficiency test, terming it illegal and against the law. The NAB employees, who have been serving as steno-typists (BPS-14), assistant private secretaries (BPS-16) and private secretaries (BPS-17) for 15 years, have refused to take the proficiency test, claiming that they were being victimised. “We are being harassed ... Read More »

SBP amends instructions on advance payment against imports


KARACHI: The State Bank of Pakistan (SBP) revised the instructions relating to advance payment facility allowed to importers through authorized dealers and had also restricted the import on open account basis to manufacturing and industrial users for import of spare parts/raw materials only. A notification issued by the SBP stated that “in view of representations made by a number of ... Read More »

Another 15 fake accounts found in Rs35b money-laundering case, FIA tells SC


ISLAMABAD: Federal Investigation Agency (FIA) Director General Bashir Memon informed the country’s top court on Monday that the FIA had discovered another 15 accounts with transactions worth Rs6 billion. During the hearing of the suo motu case pertaining to alleged money laundering of Rs35 billion through fake accounts, a three-member bench headed by Chief Justice Mian Saqib Nisar and comprising ... Read More »

IHC rejects NAB request to adjourn Sharifs’ appeals

NAB, Nawaz Sharif

ISLAMABAD: A division bench of the Islamabad High Court (IHC) on Monday turned down a request of the National Accountability Bureau (NAB) to take up appeals filed by the imprisoned members of the Sharif family seeking suspension of their sentences after summer vacation. The two-judge bench, comprising Justice Athar Minallah and Justice Miangul Hassan Aurangzeb, was hearing the appeals filed ... Read More »

NAB chairman says pursuing ‘case not face’ policy

QUETTA: Jun09 – Justice (Retd) Javed Iqbal speaks during a press conference in Quetta.
ONLINE PHOTO by Ahmad Kakar

ISLAMABAD: The National Accountability Bureau (NAB) Chairman Justice (R) Javed Iqbal has said that the Bureau has adopted ‘seeing case not face’ policy to nab the corrupt. “The NAB is committed to nab corrupt, proclaimed offenders and absconders by utilising all resources and it is absolutely committed to eradication of corruption from Pakistan,” Justice Javed Iqbal said while addressing the ... Read More »

Accountability court sends accused on judicial remand in Saaf Pani case


LAHORE: An accountability court on Monday sent the accused, in Saaf Pani Company scam, to the prison on a judicial remand. The corruption case hearing of Saaf Pani Company was held at an accountability court of Lahore, where the National Accountability Bureau (NAB) maintained that the accused Qamarul Islam is charged for illegally awarding the contract of 84 water treatment ... Read More »

FIA arrests 64 human traffickers in Gujranwala


SIALKOT: The Federal Investigation Agency (FIA) has tightened its noose around the human traffickers as it arrested 32 notorious human traffickers in Gujranwala Division. According to the Mufakhar Adeel, FIA Divisional Deputy Director, the accused would send people abroad illegally after getting big chunks from them by showing them the golden dreams of their lucid future in abroad. He added ... Read More »

NAB summons Mian Mansha in a $95m money-laundering case


LAHORE: The National Accountability Bureau (NAB) has ordered billionaire businessman Mian Muhammad Mansha to appear before it on August 17 in a $95 million money laundering case. Pakistan Workers Party Chairperson Farooq Salaria has filed a petition against him. The bureau has already recorded Salaria’s statement. Mansha will be interrogated in the case. He is accused of transferring $95 million ... Read More »

Rs35b money laundering: FIA to submit report in SC on Monday

Zardari, Talpur

ISLAMABAD: The Federal Investigation Agency (FIA) will submit its final report on the Rs35 billion money laundering scam in the Supreme Court on Monday. According to the FIA’s report, more than 10 political personalities are allegedly involved in fictitious transactions worth Rs 35 billion. According to the report, four more fake accounts have been traced through which more than Rs ... Read More »

Nandipur project delay caused Rs27b loss, NAB informs SC


ISLAMABAD: An interim investigation report submitted by the National Accountability Bureau (NAB) in the Supreme Court on Saturday stated that the country suffered losses of Rs27 billion in the Nandipur project due to the delay caused by the federal law ministry in 2009. The law minister at the time was Babar Awan in the PPP-led government and the petition against ... Read More »

Prominent figures appear before Lahore NAB


LAHORE: A large number of prominent figures appeared before investigations teams of the National Accountability Bureau (NAB) Lahore office as in different cases. Besides Aleem Khan, Nahra brothers, Azhar Qayyum Nahra and Mazhar Qayyum Nahra also appeared in similar cases. They spent more than an hour each with investigation teams, filled in a questionnaire and answered the queries of the ... Read More »

SC restrains from arresting Ayaz Niazi in NICL scam

NAB chairman Justice Javed Iqbal

ISLAMABAD: The Supreme Court on Friday restrained the National Accountability Bureau (NAB) from arresting Ayaz Khan Niazi, the main accused in mega corruption case of NICL. A three-member bench of the apex court, headed by Chief Justice Mian Saqib Nisar, resumed hearing in the Rs420 million corruption case in the National Insurance Company Limited (NICL). Counsel for Ayaz Khan Niazi ... Read More »

NAB holds public hearing, orders action to resolve complaints


KARACHI: The National Accountability Bureau Sindh has conducted a Khuli Katchehry (public hearing). DG NAB Karachi Mohammad Altaf Bawany along with his team heard members of the public and received their complaints at the Circuit House Hyderabad. The spokesman for the NAB Karachi said that complainants from Hyderabad, Jamshoro and the adjoining districts gathered at the Circuit House Hyderabad and ... Read More »

Car sales rise 9% despite curbs on non-filer

automotive sector

KARACHI: Pakistan Automotive Manufacturers Association (Pama) has released sales data of locally assembled vehicles for July 2018, which showed that car and light commercial vehicle (LCV) sales rose 9% year-on-year to 21,344 units. Industry sales, which fell in recent months, also recovered month-on-month with an increase of 15%. Indus Motor Company (IMC), which sells Toyota cars in Pakistan, sold 850 ... Read More »

NAB starts probing irregularities in PIA CEO appointment


ISLAMABAD: While the National Accountability Bureau (NAB) is probing the appointment of Pakistan International Airline (PIA) Chief Executive Officer (CEO) Musharraf Rasool Cyan, the Aviation Division has informed the cabinet that the appointment was made as per all applicable laws. In a summary sent to the Cabinet Division, the department defended Dr Cyan’s appointment claiming that the US educated economist ... Read More »