ISLAMABAD: The Pakistan LNG Limited (PLL) managing director has said that his employment contract with PLL as well as the Pakistani law does not restrict him to be an honorary board member in a non–competing foreign company.
Responding to a letter of the Ministry of Energy regarding his dual office in Pakistan and US, PLL MD Adnan Gilani said that he has been made an honorary board member of a US-based fintech company, which is a non-executive position with no financial remuneration.
“There exists no conflict of interest and PLL and the US company (BitLeague) have not engaged in any transaction previously, nor are expected to in the future,” he added.
The PLL MD said that he has not been drawing any remuneration or any other benefit, financial or otherwise, as he is neither employed by nor does he hold an executive position with the said fintech company.
“I have not contravened any law to the best of my knowledge. There is no conflict of interest as BitLeague neither operates in the energy business nor within Pakistan,” said MD PLL. “There is no overlap in the slightest of business interests with PLL. I have not contravened any law to the best of my knowledge,” he maintained.
According to Section 191 of the Companies Act, 2017, a chief executive of a public company shall not directly or indirectly engage in any business which is of the same nature as and directly competes with the business carried on by the company of which he is the chief executive.
It is relevant to mention that Bit League is a US-based fintech company having strict regulatory compliance with the local laws and registered with the Financial Crimes Enforcement Network (FinCEN), US Department of the Treasury.
The PLL MD, in his letter to the energy ministry, also provided a legal opinion in this regard from a leading law firm, Orr, Dignam and Co. Advocates.
