Subject: LAW
Engro Officials Declared Innocent in Pakistan LNG Case
LAHORE, Pakistan, May 7, 2024 /CNW/ -- 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.
SOURCE Engro Corporation
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