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The board of directors of Hascol Petroleum Limited on Monday approved an amended draft Scheme of Arrangement, the company shared in a notification to the Pakistan Stock Exchange (PSX).
“We are pleased to inform that the board of directors at the meeting held on 13th March 2023 approved the amended/updated draft scheme of arrangement prepared under sections 279 to 282 and 285 of the Companies Act, 2017 (“amended scheme”) in which includes certain changes/proposals proposed by the Company’s secured creditors”, the notification states.
OMS shared that the amended scheme will be presented to its secured creditors for the necessary approval, followed by the company’s members, “after which the same will be submitted / submitted to the Sindh High Court at Karachi for necessary steps (or as otherwise advised by the legal counsel of Society)”.
Hascoll has filed a scheme of arrangement under which its debts can be formally restructured in the court system.
Last year in January, the Federal Investigation Agency arrested Mumtaz Hasan, founder of Hascol Petroleum Limited, as part of its probe into an alleged Rs 54 billion fraud.
“FIA Commercial Banking has registered a case against 30 suspects – including former and current officials of National Bank of Pakistan and Hascol – and one suspect has been arrested after evidence came to light in the bank’s default investigation, financial fraud. and money laundering of more than Rs 54 billion by Hascol Petroleum Company,” the FIA said in a statement at the time.
Last month, as many as 16 officials of the National Bank of Pakistan (NBP) and oil companies, etc., were remanded in judicial custody for their alleged involvement in the Rs 54 billion “biggest financial scam” after the Special Banking Court rejected their interim bail on February 20, 2023.
Earlier, Hascol’s board authorized Chief Financial Officer Amad Uddin to act as Chief Executive Officer (CEO) after the trial judge refused to confirm the bail pleas of CEO Aqeel Ahmed Khan along with others.
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