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<!DOCTYPE html> <html class="no-js" lang="en-US"> <head> <meta http-equiv="Content-Type" content="text/html; charset=utf-8" /> <title>SHC reserves verdict on NAB probe against Ali Jehangir Siddiqui</title> <meta name="description" content="KARACHI - A bench of Sindh High Court (SHC) Saturday reserved its verdict on a petition regarding NAB inquiry against former Pakistani ambassador in United States Ali" /> <meta name="keywords" content="shc, reserves, verdict, nab" /> <meta name="news_keywords" content="shc, reserves, verdict, nab" /> <meta property="article:tag" content="shc, reserves, verdict, nab" /> <meta property="og:type" content="article" /> <meta name="twitter:card" content="summary_large_image"> <meta property="og:site_name" content="The Nation"/> <meta property="og:title" content="SHC reserves verdict on NAB probe against Ali Jehangir Siddiqui" /> <meta name="twitter:title" content="SHC reserves verdict on NAB probe against Ali Jehangir Siddiqui"> <meta itemprop="name" content="SHC reserves verdict on NAB probe against Ali Jehangir Siddiqui"> <meta property="og:description" content="KARACHI - A bench of Sindh High Court (SHC) Saturday reserved its verdict on a petition regarding NAB inquiry against former Pakistani ambassador in United" /> <meta itemprop="description" content="KARACHI - A bench of Sindh High Court (SHC) Saturday reserved its verdict on a petition regarding NAB inquiry against former Pakistani ambassador in United"> <meta name="twitter:description" content="KARACHI - A bench of Sindh High Court (SHC) Saturday reserved its verdict on a petition regarding NAB inquiry against former Pakistani ambassador in United"> <meta property="og:url" content="https://nation.com.pk/10-Mar-2019/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui" /> <meta name="twitter:url" content="https://www.nation.com.pk/10-Mar-2019/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui"> <meta property="og:small_image" content="https://www.nation.com.pk/print_images/small/2019-03-10/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui-1552167326-7072.jpg" /> <meta property="og:image" content="https://www.nation.com.pk/print_images/large/2019-03-10/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui-1552167326-7072.jpg" /> <meta property="og:image:width" content="800"> <meta property="og:image:height" content="600"> <meta itemprop="image" content="https://www.nation.com.pk/print_images/large/2019-03-10/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui-1552167326-7072.jpg"> <meta name="twitter:image" content="https://www.nation.com.pk/print_images/large/2019-03-10/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui-1552167326-7072.jpg"> <meta property="article:publisher" content="https://www.facebook.com/The Nation" /> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <meta name="generator" content="Publishrr.com" /> <meta name="robots" content="max-image-preview:large"> <link rel="apple-touch-icon" sizes="180x180" href="https://www.nation.com.pk/assets/thenation_202006/images/favicons/apple-touch-icon.png"> <link rel="icon" type="image/png" sizes="32x32" href="https://www.nation.com.pk/assets/thenation_202006/images/favicons/favicon-32x32.png"> <link rel="icon" type="image/png" sizes="16x16" href="https://www.nation.com.pk/assets/thenation_202006/images/favicons/favicon-16x16.png"> <link rel="manifest" href="https://www.nation.com.pk/assets/thenation_202006/images/favicons/site.webmanifest"> <link rel="canonical" href="https://www.nation.com.pk/10-Mar-2019/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui" /> <meta name="msapplication-TileColor" content="#ffffff"> <meta name="msapplication-TileImage" content="https://www.nation.com.pk/assets/thenation_202006/images/favicons/mstile-144x144.png"> <meta property="og:locale" content="en_US" /> <link rel="alternate" type="application/rss+xml" title="The Nation" href="https://www.nation.com.pk/rss" /> <link rel="alternate" type="application/rss+xml" title="The Nation" href="https://www.nation.com.pk/sitemap.xml" /> <meta property="article:published_time" content="2019-03-10T02:35:30+05:00" /> <meta property="article:section" content="Regional" /> <meta property="article:section" content="Karachi" /> <meta property="fb:pages" content="100064552879672" /> <meta property="fb:app_id" content="106170627023"/><script async > var fb_code_executed = false; 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} } </style> <script type="application/ld+json"> { "@context": "http://schema.org", "@type": "NewsArticle", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.nation.com.pk/10-Mar-2019/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui" }, "headline": "SHC reserves verdict on NAB probe against Ali Jehangir Siddiqui", "image": [ "https://www.nation.com.pk/print_images/extra-large/2019-03-10/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui-1552167326-7072.jpg" ], "datePublished": "2019-03-10T02:35:30+05:00", "dateModified": "2019-03-10T02:35:30+05:00", "author": { "@type": "Person", "name": "NNI" }, "publisher": { "@type": "Organization", "name": "The Nation", "logo": { "@type": "ImageObject", "url": "https://www.nation.com.pk/uploads/theme/logo-1550475639.png" } }, "description": "KARACHI - A bench of Sindh High Court (SHC) Saturday reserved its verdict on a petition regarding NAB inquiry against former Pakistani ambassador in United States Ali Jehangir Siddiqui. Siddiqui&rsquo;s counsel Khalid Javed Khan in his arguments before the court said that the National Accountability Bureau (NAB) have no jurisdiction to investigate any issue related to stocks. The NAB counsel contended that the accused inflicted a loss of Rs40 billion to government entities by selling shares on inflated rates. He sold shares through Azgard Nine company,&rdquo; NAB lawyer further argued. PMDC Slaps Rs20 Million Fine on Fatima Jinnah Medical University Over Student’s Death The court reserved its verdict on the matter after the lawyers concluded their arguments before the bench. According to reports a recently held meeting of the NAB board chaired by its Chairman Justice (r) Javed Iqbal decided to covert the inquiry against Ali Jahangir Siddiqui into an investigation. Mr Siddiqi was earlier, summoned by the accountability watchdog to defend the alleged role of his company M/s Azgard Nine Limited (ANL). &nbsp;in the manipulation of shares that caused billions of rupees losses of to the national exchequer. Saudi Ambassador calls on DPM Dar, Pakistan reaffirms strategic partnership with Kingdom NAB was probing affairs of the company with regard to siphoning off funds amounting to 23.7 million euros in 2008, which were used to purchase an Italian Company, Monte Bello SRL. The NAB said the shares of a company named Agritech Limited were sold to various financial and government institutions at an inflated rate than the market to settle loan defaults. This resulted in a loss of Rs40 billion to a number of financial and government institutions. &nbsp; &nbsp; Noted economist Shabbar Zaidi calls for independent commission on K-Electric amid DISCO privatisation push " } </script> <script type="text/javascript"> var base_url = "https://www.nation.com.pk/"; var asset_dir = "https://www.nation.com.pk/assets/thenation_202006/"; var local_dev = 0; var commenting_system_type = 'disqus'; var fb_app_id = 106170627023; </script> <style id="jeg_dynamic_css" type="text/css" data-type="jeg_custom-css"> body { --j-body-color: #323232; --j-accent-color: #c91212; --j-alt-color: #1476b7; --j-heading-color: #111111; } body, .newsfeed_carousel.owl-carousel .owl-nav div, .jeg_filter_button, .owl-carousel .owl-nav div, .jeg_readmore, .jeg_hero_style_7 .jeg_post_meta a, .widget_calendar thead th, .widget_calendar tfoot a, .jeg_socialcounter a, .entry-header .jeg_meta_like a, .entry-header .jeg_meta_comment a, .entry-content tbody tr:hover, .entry-content 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vc_col-sm-9-dp-width jeg_sticky_sidebar jeg_main_content no-padding"> <div class="jeg_inner_content"> <div class="entry-header"> <h1 class="jeg_post_title"> SHC reserves verdict on NAB probe against Ali Jehangir Siddiqui </h1> <h2 class="jeg_post_subtitle"> Mr Siddiqui accused of manipulating shares that caused loss of Rs40b </h2> </div> <div class="detail-page-gallery-wrapper"> <div class="detail-page-main-image"> <img class="background-block img-responsive top-center" alt="SHC reserves verdict on NAB probe against Ali Jehangir Siddiqui" src="https://www.nation.com.pk/print_images/large/2019-03-10/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui-1552167326-7072.jpg"> <div class="media_attachments_container"></div> <script> document.addEventListener("DOMContentLoaded", function(event) { var swiper = new Swiper(".publishrr-slider-thumbs", { loop: false, spaceBetween: 10, slidesPerView: 4, freeMode: true, watchSlidesProgress: true, }); var swiper2 = new 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href="whatsapp://send?text=https://www.nation.com.pk/10-Mar-2019/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui" class="jeg_btn-whatsapp whatsapp_mobile" aria-label="whatsapp"> <i class="fa-brands fa-whatsapp"></i> </a> <a href="mailto:?subject=SHC reserves verdict on NAB probe against Ali Jehangir Siddiqui&body=https://www.nation.com.pk/10-Mar-2019/shc-reserves-verdict-on-nab-probe-against-ali-jehangir-siddiqui" class="jeg_btn-email" aria-label="mail"> <i class="fa-solid fa-envelope"></i> </a> </div> </div> </div> <div class="content-inner news-detail-content-class"> <p style="text-align: justify;">KARACHI - A bench of Sindh High Court (SHC) Saturday reserved its verdict on a petition regarding NAB inquiry against former Pakistani ambassador in United States Ali Jehangir Siddiqui.</p> <div id='div-gpt-ad-1681982472501-0' style='min-width: 300px; min-height: 90px;'> <script> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1681982472501-0'); }); </script> </div> <p style="text-align: justify;">Siddiqui&rsquo;s counsel Khalid Javed Khan in his arguments before the court said that the National Accountability Bureau (NAB) have no jurisdiction to investigate any issue related to stocks.</p> <p style="text-align: justify;">The NAB counsel contended that the accused inflicted a loss of Rs40 billion to government entities by selling shares on inflated rates. He sold shares through Azgard Nine company,&rdquo; NAB lawyer further argued.</p> <p><div class="oembed_ltr"> <div class="oembed_image" style=""> <div class="top-center" title="https://www.nation.com.pk/16-Oct-2026/pmdc-slaps-rs20-million-fine-fatima-jinnah-medical-university-student-s-death" style="height:55px;background-image:url(https://www.nation.com.pk/digital_images/medium/2026-10-16/pmdc-slaps-rs20-million-fine-fatima-jinnah-medical-university-student-s-death-1792168070-6601.jpg);" ></div> </div> <div class="oembed_title"> <a href="https://www.nation.com.pk/16-Oct-2026/pmdc-slaps-rs20-million-fine-fatima-jinnah-medical-university-student-s-death" >PMDC Slaps Rs20 Million Fine on Fatima Jinnah Medical University Over Student’s Death</a> </div> </div> <div class="clearfix"></div></p> <p style="text-align: justify;">The court reserved its verdict on the matter after the lawyers concluded their arguments before the bench.</p> <p style="text-align: justify;">According to reports a recently held meeting of the NAB board chaired by its Chairman Justice (r) Javed Iqbal decided to covert the inquiry against Ali Jahangir Siddiqui into an investigation.</p> <p style="text-align: justify;">Mr Siddiqi was earlier, summoned by the accountability watchdog to defend the alleged role of his company M/s Azgard Nine Limited (ANL).</p> <p style="text-align: justify;">&nbsp;in the manipulation of shares that caused billions of rupees losses of to the national exchequer.</p> <p><div class="oembed_ltr"> <div class="oembed_image" style=""> <div class="top-center" title="https://www.nation.com.pk/16-Oct-2026/saudi-ambassador-calls-dpm-dar-pakistan-reaffirms-strategic-partnership-kingdom" style="height:55px;background-image:url(https://www.nation.com.pk/digital_images/medium/2026-10-16/saudi-ambassador-calls-dpm-dar-pakistan-reaffirms-strategic-partnership-kingdom-1792166094-7293.jpg);" ></div> </div> <div class="oembed_title"> <a href="https://www.nation.com.pk/16-Oct-2026/saudi-ambassador-calls-dpm-dar-pakistan-reaffirms-strategic-partnership-kingdom" >Saudi Ambassador calls on DPM Dar, Pakistan reaffirms strategic partnership with Kingdom</a> </div> </div> <div class="clearfix"></div></p> <p style="text-align: justify;">NAB was probing affairs of the company with regard to siphoning off funds amounting to 23.7 million euros in 2008, which were used to purchase an Italian Company, Monte Bello SRL.</p> <p style="text-align: justify;">The NAB said the shares of a company named Agritech Limited were sold to various financial and government institutions at an inflated rate than the market to settle loan defaults. This resulted in a loss of Rs40 billion to a number of financial and government institutions.</p> <p style="text-align: justify;">&nbsp;</p> <p style="text-align: justify;">&nbsp;</p> <p><div class="oembed_ltr"> <div class="oembed_image" style=""> <div class="top-center" title="https://www.nation.com.pk/16-Oct-2026/noted-economist-shabbar-zaidi-calls-independent-commission-k-electric-amid-disco-privatisation-push" style="height:55px;background-image:url(https://www.nation.com.pk/assets/thenation_202006/images/no-image-medium.jpg);" ></div> </div> <div class="oembed_title"> <a href="https://www.nation.com.pk/16-Oct-2026/noted-economist-shabbar-zaidi-calls-independent-commission-k-electric-amid-disco-privatisation-push" >Noted economist Shabbar Zaidi calls for independent commission on K-Electric amid DISCO privatisation push</a> </div> </div> <div class="clearfix"></div></p> <div class="jeg_post_tags"> <span>Tags:</span> <div> <a href="https://www.nation.com.pk/tag/shc" 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