Oct 15, 2021: After a report by BaaghiTV, Sindh High Court issues order to confiscate assets of Hascol Petroleum.

The order was issued by the British court in the case of execution of the decree issued in favor of Mena Energy Dubai against Hascol. The court also restrained Hascol from transferring its shares to Hascombe Lubricants, Vass LNG and Hescole Terminal Limited.

Sindh High Court issues order to confiscate assets of Hascol Petroleum after an order was issued by British court against Hascol in case of execution of decree issued in favor of Mena Energy Dubai.

Mena Energy Dubai had approached the Sindh High Court to enforce the degree. Sindh High Court rejects objection of Hascol lawyer against execution of decree.

It is to be noted that Baaghi TV had earlier been the first to report news regarding the corruption of Hascol, Pakistan’s biggest financial scandal.

Now the top management of the company as well as some government officials are trying to escape. The company has taken money and deposited loans on the basis of fake accounts and fake purchase orders.

The investigation leads to a bigger issue and questions remain as to why when the company was accumulating losses, how and why did the banks facilitate Hascol without any precaution and face so much risk? Why was the board reconstituted and why did the directors resign? Why did the Chief Executive Officer (CEO) resign?

The biggest question is why did world-renowned audit firms like Grant Thornton International and Ernst & Young Global Limited resign from the account? Were they asked to cover up crimes that had already taken place? What role did former CEOs, especially Saleem Butt, play? Why was a British politician and former minister made chairman of the board? Whose crimes was Alan Duncan trying to cover up?

The financial scandal has come up for discussion at a meeting of the Senate Standing Committee on Finance and it was revealed the company did not submit June 2021 financial statements. Hascol’s losses in 2018-19 increased from Rs 24 billion to Rs 44 billion. Hascol’s cash flow has been negative. New projects were starting with loans. The company showed losses of Rs 11 billion in June. A show cause notice has been issued to the company.

The SECP will launch an investigation against the company. The transaction was disclosed without any details. Saleem Mandviwala said that this is a case of organized fraud. The company committed fraud through planning. The share fell from Rs. 300 to Rs. 7. The committee directed the SBP to provide the documents required for the loan from the banks to be kept as collateral to ascertain whether the loan was given on merit or not.

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