ISLAMABAD: The Islamabad High Court sought on Monday replies from the National Accountability Bureau, Federal Investigation Agency, Federal Board of Revenue, State Bank and the family of business tycoon Mian Mansha in a matter relating to purchase of internationally acclaimed Saint James’s Hotel in London.
A division bench comprising Justice Shaukat Aziz Siddiqui and Justice Mohsin Akhtar Kayani issued notices to the respondents on a petition challenging the deal.
Mr Mansha had purchased the hotel for $60 million in 2010.
Barrister Shoaib Razzaq, the counsel of the petitioner, argued that the Mansha family had in a statement issued on behalf of the Nishat group said the money was lawfully generated in Pakistan and after deduction of due taxes it was transferred abroad for the purchase of St James Hotel.
According to the petition, the Senate Committee on Finance, Revenue and Economic Affairs raised the issue of foreign remittance made for the purchase of the hotel on July 28 last year and asked the State Bank about the prevailing regulations and limitations of foreign remittance for investment outside the country.
The petition claimed that under the law any investment abroad of $5 million or above required approval of the Economic Coordination Committee of the cabinet but it had not been done in this case.
Published in Dawn, February 16th, 2016
Dear visitor, the comments section is undergoing an overhaul and will return soon.