ISLAMABAD: The Supreme Court has held that the Companies Act 2017 and Securities and Exchange Commission of Pakistan (SECP) Act 1997 do not take precedence over the National Accountability Ordinance (NAO), unless the offences of cheating or dishonestly inducing public at large are also punishable under these acts.
The observation came while the court was deciding a bail plea of Saifur Rehman Khan, chief executive officer (CEO) of the B4U Investment Company that, according to NAB findings, had deprived private individuals of around Rs10.86 billion.
A three-judge Supreme Court bench headed by Chief Justice Umar Ata Bandial and consisting of Justice Syed Mansoor Ali Shah and Justice Muhammad Ali Mazhar withdrew the interim bail earlier granted to the petitioner on Aug 30, 2021.
The very next day, National Accountability Bureau (NAB) authorities had, in dramatic fashion, whisked away the accused from the parking lot of the apex court in the bureau’s vehicles.
SC rules SECP law, Companies Act can’t take precedence over NAB ordinance
Saifur Rehman Khan is facing allegations of using the business name of B4U Global, which was later changed to SR Group during the course of the inquiry being conducted by NAB. He allegedly induced and lured the general public and investors — through advertising and social media platforms — to invest money in B4U Global by promising them unrealistic profits of seven to 20 per cent per month (equivalent to 84 to 240pc per year).
NAB…
