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Tareen involved in insider trading but it hasn’t affected other investors, SC told

–Lawyer says PTI leader gave money to own employees to buy and sell company’s shares


ISLAMABAD: Chief Justice of Pakistan (CJP) Saqib Nisar on Wednesday said the judges are examining the cases of Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan and party leader Jahangir Tareen closely and the verdict in both cases will be issued together, as the latter’s lawyer told the court that his client had never inflicted any loss to other investors due to his inside trading of shares.

A three-member bench of the apex court ─ headed by Chief Justice Nisar and comprising Justice Umar Atta Bandial and Justice Faisal Arab ─ adjourned the hearing of a petition filed against Imran Khan and Tareen till October 18, after the latter’s counsel presented the details of his client’s insider trading.

The bench is hearing a petition filed by Pakistan Muslim League-Nawaz (PML-N) leader Hanif Abbasi which seeks the disqualification of Imran Khan and Tareen over the alleged non-disclosure of assets, existence of offshore companies, as well as receiving foreign funding for the party.

During the hearing, Tareen’s counsel told the court that his client did not inflict loss upon anyone through his insider trading. He said that Tareen had resigned as the chief executive officer and was discharging his responsibilities as a member of the board of governors of the company whose shares were brought.

Responding to a question by the chief justice regarding Allah Yar and Haji Khan, he said that Allah Yar has been an employee of Tareen since 1975 and currently he is the head of Lodhran farm, whereas Haji Khan has been working for Tareen since 1980 and is currently responsible for looking after the residencies of Tareen in Lahore and Islamabad.

The lawyer also admitted that Allah Yar purchased 14,178 shares worth Rs12.97 million for ASB company during January 12, 2005, to October 27, 2005. The shares were sold out against Rs46.115 million, translating into a profit of Rs33.145 million, he added.

Similarly, he said, Haji Khan purchased 200,000 shares worth Rs29 million for ASB company during May 3, 2005, to November 19, 2005. Haji Khan sold the shares against Rs66.666 million, translating into a net profit of Rs37.666 million. In total, both the employees purchased shares of Rs41.9 million and sold them against Rs112.7 million — acquiring a profit of more than Rs70 million.

The amount to purchase shares was provided to both of them by Tareen, he added.

Though the case is not regarding taxation, the question is that whether the insider trading done by Tareen was conducted in a fair manner or not, Justice Bandial highlighted.

Akram Shaikh, counsel for the petitioner, argued before the court that Imran Khan had filed an application in the case to change his stance.

Khan was seeking moon to play with, Shaikh said, adding that he will file his reply to the application.

Speaking to reporters while the hearing was under way, PTI Spokesperson Fawad Chaudhry, who is also a lawyer, said the case is in its last phase, and it should be hoped that the case will conclude before October 26.

At the last hearing of Tareen’s case on Tuesday, the chief justice had said that some of the details in the documents provided by his counsel are contradictory. “It seems as if the documents are fake.”

He said that the “lease agreement does not show entire facts. You are using the land for farming. Do you want it to be investigated through the appropriate forum?”

In reply, Tareen’s legal counsel Sikandar Bashir Mohmand pleaded: “Please don’t say that they are fake documents. If Tareen is disqualified under Article 62 1(f) of the Constitution then its mark will stay forever.”

Source: news

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