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2 clusters · 6 sources · 15 days · First seen 17 days ago · Last updated 2 days ago

Unity Foods financial investigation

Overview

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. This action follows a probe by the Securities and Exchange Commission of Pakistan (SECP) which identified significant financial discrepancies.

Key findings from the investigation include a reported Rs44.7 billion difference between published accounts and internal records. Specifically, approximately Rs2.87 billion of a 2019 rights issue intended for expansion was allegedly diverted. Other identified irregularities involve the alleged payment of Rs5.318 billion to the former CEO’s mother, a Rs2.6 billion advance to undisclosed parties, and a Rs5.2 billion discrepancy regarding physical inventory.

Entities

Federal Investigation Agency · Pakistan · Pakistan Stock Exchange · Islamabad · Securities and Exchange Commission of Pakistan

Timeline

2 days ago

[CRIME] 2 sources
FIA investigates alleged Rs172 billion call centre fraud in Islamabad
The FIA has formed a nine-member team to investigate an alleged Rs172 billion digital fraud and money-laundering scheme involving call centres in Islamabad, potentially involving government officials.
17 days ago

[BUSINESS] 4 sources
Unity Foods faces FIA investigation over alleged Rs44.7bn financial irregularities
The FIA has filed a criminal case against former Unity Foods management following SECP findings of Rs44.7 billion in financial irregularities, including diverted shareholder funds and undisclosed loans.

Sources

arynews.tv · bolnews.com · en.dailypakistan.com.pk · pakbanker.com · techjuice.pk · theneutral.pk