Hascol’s troubles mount with CEO’s arrest

Problems of Hascol Petroleum Ltd, which has been in trouble since 2018 partly for making inaccurate entries in its financial accounts, seem to be mounting as its CEO landed behind bars on Tuesday. A statement by company chairman Sir Alan Duncan said a trial judge refused the confirmation of bail applications from a number of individuals, including CEO Aqeel Ahmed Khan, in an inquiry being held by the Federal Investigation Agency (FIA). Mr Duncan said the legal counsel representing the CEO believes the court may grant him post-arrest bail. Meanwhile, the company’s board has authorised chief financial officer Amad Uddin to exercise the authority of the CEO until the issue is resolved. The official statement carried no specific details of the case in question. However, the latest financial accounts of the oil marketing company mention that the FIA started a formal inquiry during the second half of 2021 into the “defaults incurred at banks on account of the holding company”.