ISLAMABAD: The Federal Board of Revenue’s (FBR) anti-benami zone has filed a benami reference against the chairman of Bank Islami. According to information available with this scribe, FBR’s ABI Zone-III, Karachi, has filed a reference before the adjudicating authority under Section 22 of the Benami Transactions (Prohibition) Act, 2017 against Bank Islami Chairman Ali Hussain. Officials said that it is the first case of its nature in which an incidence of benami transactions was identified in the purchase of 40 million shares worth Rs380 million of an Islamic commercial bank from the private sector. Article continues after this advertisementThe same shares were transferred to the beneficial owner without an arms’ length transaction in 2020, officials claimed. The shares have been attached as per law and a reference has been submitted before the adjudicating authority who shall adjudicate to confirm, or otherwise, the attachment of the shares shall be confiscated by the federal government.

Source: Pakistan Today August 10, 2021 09:33 UTC