FIA opens case against Unity Foods over alleged funds misuse
The Federal Investigation Agency (FIA) has registered a criminal case against the former management of Unity Foods Limited, a company listed on the Pakistan Stock Exchange (PSX), over alleged financial irregularities, including discrepancies of about Rs44.7 billion between published accounts and internal records, following an investigation by the Securities and Exchange Commission of Pakistan (SECP). The SECP referred the matter to the FIA under Section 41-B after its investigation identified possible criminal offences involving the use of company funds, financial reporting and inventory records, according to the FIR. As per a statement released by the SECP on Monday, Unity Foods had raised Rs3.75 billion from shareholders through a right issue, of which about Rs2.87 billion was allegedly used for purposes other than those stated in the issue documents. The FIR also alleged that Rs5.318 billion was paid from company funds to the mother of the former chief executive officer as a loan. In another transaction under investigation, a Unity Foods subsidiary allegedly advanced Rs2.6 billion to two unidentified parties, according to the FIR. The SECP investigation also found an alleged dis
The Federal Investigation Agency (FIA) has registered a criminal case against the former management of Unity Foods Limited, a company listed on the Pakistan Stock Exchange (PSX), over alleged financial irregularities, including discrepancies of about Rs44.7 billion between published accounts and internal records, following an investigation by the Securities and Exchange Commission of Pakistan (SECP). The SECP referred the matter to the FIA under Section 41-B after its investigation identified possible criminal offences involving the use of company funds, financial reporting and inventory records, according to the FIR. As per a statement released by the SECP on Monday, Unity Foods had raised Rs3.75 billion from shareholders through a right issue, of which about Rs2.87 billion was allegedly used for purposes other than those stated in the issue documents. The FIR also alleged that Rs5.318 billion was paid from company funds to the mother of the former chief executive officer as a loan. In another transaction under investigation, a Unity Foods subsidiary allegedly advanced Rs2.6 billion to two unidentified parties, according to the FIR. The SECP investigation also found an alleged dis
