Reference filed against pharma company CEO

The Nation

ISLAMABAD – National Accountability Bureau, Rawalpindi filed corruption reference against Dr Shoukat Ali Bangash, chief executive officer of Global Health Services of Rs1.28 billion in Accountability Court, Islamabad on Monday.

The main accused, Dr Shoukat Ali Bangash, dishonestly and fraudulently solicited fake investments in the name of the Global Health Services (GHS) from overseas Pakistanis.

In this regard, former Pakistan’s Ambassador to United States of America, Jalil Abbas Jilani also wrote a letter to Chairman NAB on 11.5.2016 emphasising that such scams were not only discouraging expatriate Pakistanis from investing in Pakistan, these were also tarnishing the image of Pakistan abroad and undermining the Embassy’s efforts to engage overseas Pakistanis in national development.

It has also been transpired in investigation that accused Dr Shoukat Ali Bangash signed the contracts, giving an impression to the investors that contract is between the company and the investor while infect the accused transferred his personal shares as a result of the contract. He dishonestly used name of the company and his designation to induce general public. He misappropriated money received from the general public by increasing his personal share holding in the company. He charged exaggerated prices of shares to investors while he bought the same shares at face value of Rs10 each. Thus he caused loss of Rs1.2 billion. He fraudulently induced the investors for more investment in the garb of board seat of the QIH. There is no such provision of having a board of directors of QIH, as QIH is not registered with the SECP in any capacity, hence had no legal status.

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