NAB arrests two more directors of QFI - The Internatioanl News - Karachi 20 May 2008

The staff of the National Accountability Bureau (NAB) Sindh arrested two directors of Quice Food Industries (QFI) for their involvement in a case of default on bank loan. According to NAB, earlier on May 14 the NAB from Karachi arrested a director of the same company, Mohammed Afaq Shamsi, under the same charges. Two more directors, Mohammed Ahmed and Mohammed Farooq Shamsi, were arrested Monday because they were among the nine people who only paid back Rs27 million out of a total of Rs80 million loaned from the Allied Bank Limited (ABL). The nine people associated with the QFI had wilfully defaulted on the loan.Earlier, the State Bank of Pakistan (SBP) governor, Dr Shamshad Akhtar, had written a letter to NAB Sindh to take action against the accused under Section 9/10 of the NAB Ordinance of 1999. The three brothers associated with the QFI will be produced before an Administrative Judge of Accountability on Tuesday (today) for securing their remand.