The Accountability Court has honourably exonerated and acquitted Engro Corp (PSX: ENGRO) Chairman Hussain Dawood, Director Abdul Samad Dawood, and former CEO Sheikh Imran ul Haq, in the award of the LNG contract to Engro Elengy Terminal Limited, as no evidence was found to prove any illegality, irregularity, or loss to the national exchequer.
“Engro Corporation welcomes this much-awaited decision of the Accountability Court. Engro has always strived to act fairly and transparently in all its business and commercial commitments. Over the last six decades, the Company has built its reputation through a strong focus on effective corporate governance, ethics and integrity, and compliance with the laws of the land,” the company said in a statement.
Engro said the LNG Terminal in question is an essential part of Pakistan’s energy infrastructure; it supplies 15 percent of Pakistan’s total gas requirement, which is a critical industrial and domestic input, to a growing country.
The principal activity of the Company is to manage investments in subsidiary companies, associated companies and joint venture, engaged in fertilizers, power generation, telecommunications infrastructure, petrochemicals, mining, food, LNG and chemical storage.
