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Engro Officials Declared Innocent in Pakistan LNG Case
LAHORE, Pakistan, May 7, 2024 /PRNewswire/ — In a final verdict, made yesterday (6 May 2024), Pakistan’s Accountability Court exonerated and acquitted some of the country’s highest officials and corporate leaders in a widely-publicised lawsuit, including Engro Chairman, Hussain Dawood; Engro Director, Abdul Samad Dawood; and former Engro CEO, Sheikh Imran ul Haq; among others. No evidence was found to prove any illegality, irregularity, or loss to Pakistan’s national exchequer.
Initiated by Pakistan’s NAB (National Accountability Bureau), the case pertained to the LNG Terminal contract award to Engro, an industrial conglomerate, in 2014. It was alleged by NAB that a non-transparent process had been followed in the award of the contract; however, in a case lasting six years, no evidence of corruption was found, and the case was ultimately dropped, exonerating all those implicated. In the final verdict, the NAB and the organisation’s Chairman both independently reached the conclusion that “no irregularity, illegal gain or loss to the national exchequer was caused.”
A spokesperson for Engro Corporation said: “Engro Corporation welcomes this much awaited decision of the Accountability Court. Engro has always strived to act in a fair and transparent manner in all its business and commercial commitments. Over the last six decades, the company has built its reputation through a strong focus on effective corporate governance, ethics and integrity, and compliance with the laws of the land in every country in which we operate.
“Engro remains committed to the progress of Pakistan by striving to solve some of the country’s most pressing issues. We hope that this verdict will restore much needed investor confidence in Pakistan’s private sector and legal system.
“During these testing times, the Company is grateful for the support it has received from our employees, shareholders, and partners who have believed in and worked with us.”
The Engro Elengy Terminal, the fastest terminal set-up in the world, has been an essential part of Pakistan’s energy infrastructure since 2015, when the country faced severe energy shortages. It supplies 15% of Pakistan’s total gas to the nation’s homes and businesses. Since inception, it has enabled Pakistan to save more than USD 3 billion through import substitution of furnace oil.
View original content:https://www.prnewswire.co.uk/news-releases/engro-officials-declared-innocent-in-pakistan-lng-case-302138702.html
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eWTP Arabia Capital’s Technology Fund I Recognized as Top Performing VC Fund in the Preqin League Tables
RIYADH, Saudi Arabia, May 19, 2024 /PRNewswire/ — eWTP Arabia Capital Technology Fund I (“Techology Fund I”), managed by eWTP Arabia Capital (“eWTPA”), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the US$250 Million to US$499 Million category by net Internal Rate of Return (IRR) for vintages between 2015-2020.
“We’re delighted by the recognition of our Technology Fund I as a top-performing VC fund in our sector,” expressed Jessica Wong, Founder and Managing Partner of eWTPA. “This milestone underscores the commitment of our team and the robustness of our investment strategy. It also underscores the significant growth potential of the Middle East and North Africa market, particularly in Saudi Arabia, warranting attention. As a pivotal driver of technological advancement in the region, we’re steadfast in our mission to empower entrepreneurs and deliver value to our investors.”
“Being recognized by Preqin validates our hard work and dedication to supporting and actively contributing towards building the Saudi digital ecosystem,” said Jerry Li, Founder and Managing Partner of eWTPA. “As eWTPA continues to grow and expand its investment portfolio, it remains committed to fostering innovation and driving positive change in Saudi, the GCC and the global emerging markets ecosystem.”
eWTPA has demonstrated exceptional performance, solidifying its position among industry leaders. This recognition underscores eWTPA’s commitment to identifying high-potential market opportunities and generating returns for its investors.
The Preqin League Tables are regarded as a comprehensive and authoritative ranking system for private equity and venture capital performance. Preqin, a leading data provider in the alternative assets industry, compiles these league tables based on various performance metrics, including net Internal Rate of Return (IRR) and other key indicators.
eWTPA’s success reflects its strategic approach to investing high-growth sectors in the MENA region. The firm’s portfolio includes a diverse range of companies poised to make a significant impact on their respective industries.
Acting as a bridge between Asia and the Middle East, eWTPA’s Technology Fund I has achieved significant success since its inception in 2019. The Fund has invested in over 18 companies, several of which have successfully established themselves in KSA, like J&T Express, Raha, Sahm and COFE.
About eWTPA:
Founded in 2019, eWTP Arabia Capital is an investment firm based in Saudi Arabia and China. Backed by marquee regional and international Sovereign Wealth Funds, Institutional investors, and family offices, eWTPA helps create robust local digital ecosystems in the MENA region by partnering with market-leading international businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in over 18 companies, 13 of which have already established themselves successfully in KSA.
Media contact:
Haile Liao
+966 0530868568
[email protected]
Photo – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ewtp-arabia-capitals-technology-fund-i-recognized-as-top-performing-vc-fund-in-the-preqin-league-tables-302149554.html
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