Another arrest made in Park Lane properties reference by NAB

ISLAMABAD: An accountability court on Monday granted physical remand of Securities and Exchange Companies of Pakistan (SECP) Executive Director Javed Hussain till September 11, in a probe related to Park lane properties reference.

Hussain was arrested by the National Accountability Bureau (NAB) team during a raid in Islamabad.

According to the accountability watchdog, the SECP official concealed the facts about ownership of the company by Pakistan People’s Party (PPP) co-Chairman Asif Ali Zardari. “He [Javed Hussain] approved Zardari’s resignation from company presidentship in back dates”, it said.

It may be noted that former president Asif Ali Zardari is already in NAB’s custody in fake bank accounts and Park Lane Estate Company cases.

According to anti-graft watchdog body, Asif Ali Zardari was allegedly for running a fake front company by the name of Parathon as a shareholder in Park Lane properties.

Read more: NAB arrests Zardari in Park Lane Properties case

A loan worth Rs 1.5 billion was taken out from the bank and transferred to the company account in a private bank.

It has also been revealed that he had forged documents to comply with the loan policy and coaxed the National Bank into loan approval.