Indus Dyeing & Manufacturing Company Ltd has alleged that two former employees siphoned off company funds, prompting a criminal investigation, arrests and a sweeping freeze of assets. In a statutory notice to the Pakistan Stock Exchange (PSX), the textile spinner said an internal inquiry had uncovered “suspicious financial activities” linked to two individuals – Nadeem ul Haq and Bakhtiar Masood – who have since been terminated and taken into custody after the matter was referred to law‑enforcement agencies.
According to the disclosure, authorities have identified and frozen assets and properties in the names of the ex‑employees and their alleged benamidars worth about Rs522 million, while the current estimate of the negative financial impact on the company is around Rs439 million, for which provisioning is being proposed. The filing, signed by Company Secretary Ahmed Faheem Niazi, adds that Indus Dyeing has strengthened internal controls and risk management and will report further updates as facts become fully ascertainable. The disclosure was made under Sections 96 and 131 of the Securities Act, 2015. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
