{"id":719,"date":"2024-05-08T11:17:21","date_gmt":"2024-05-08T04:17:21","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=719"},"modified":"2024-05-08T11:17:21","modified_gmt":"2024-05-08T04:17:21","slug":"engro-officials-declared-innocent-in-pakistan-lng-case","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=719","title":{"rendered":"Engro Officials Declared Innocent in Pakistan LNG Case"},"content":{"rendered":"<p><span class=\"xn-location\">LAHORE, Pakistan<\/span>, <span class=\"xn-chron\">May 7, 2024<\/span> \/PRNewswire\/ &#8212; In a final verdict, made yesterday (<span class=\"xn-chron\">6 May 2024<\/span>), <span class=\"xn-location\">Pakistan&#8217;s<\/span> Accountability Court exonerated and acquitted some of the country&#8217;s highest officials and corporate leaders in a\u00a0widely-publicised lawsuit, including Engro Chairman, <span class=\"xn-person\">Hussain Dawood<\/span>; Engro Director, <span class=\"xn-person\">Abdul Samad Dawood<\/span>; and former Engro CEO, Sheikh Imran ul Haq; among others. No evidence was found to prove any illegality, irregularity, or loss to <span class=\"xn-location\">Pakistan&#8217;s<\/span> national exchequer.<\/p>\n<p>Initiated by <span class=\"xn-location\">Pakistan&#8217;s<\/span> 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&#8217;s Chairman both independently reached the conclusion that &#8220;no irregularity, illegal gain or loss to the national exchequer was caused.&#8221;<\/p>\n<p>A spokesperson for Engro Corporation said: &#8220;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.<\/p>\n<p>&#8220;Engro remains committed to the progress of <span class=\"xn-location\">Pakistan<\/span> by striving to solve some of the country&#8217;s most pressing issues. We hope that this verdict will restore much needed investor confidence in <span class=\"xn-location\">Pakistan&#8217;s<\/span> private sector and legal system.<\/p>\n<p>&#8220;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.&#8221;<\/p>\n<p>The Engro Elengy Terminal, the fastest terminal set-up in the world, has been an essential part of <span class=\"xn-location\">Pakistan&#8217;s<\/span> energy infrastructure since 2015, when the country faced severe energy shortages. It supplies 15% of <span class=\"xn-location\">Pakistan&#8217;s<\/span> total gas to the nation&#8217;s homes and businesses. Since inception, it has enabled <span class=\"xn-location\">Pakistan<\/span> to save more than <span class=\"xn-money\">USD 3 billion<\/span> through import substitution of furnace oil.<\/p>\n<p><a href=\"http:\/\/www.engro.com\/\" target=\"_blank\" rel=\"noopener\">www.engro.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>LAHORE, Pakistan, May 7, 2024 \/PRNewswire\/ &#8212; In a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-719","post","type-post","status-publish","format-standard","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=719"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/719\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}