An Accountability Court (AC) reserved orders on acquittal applications filed by private company directors in National Accountability Bureau (NAB) references.

Fauzia Yousuf Gilani, the wife of Prime Minister Yousuf Raza Gilani, Khalid Hussain, Ziaur Rehman, Nasreen Munawar Chaudhry, and Samina Abrar were named as co-defendants in NAB references pertaining to bank loan defaults.

NAB alleged that the applicants, being directors of Pakistan Green Fertilizer Ltd., obtained Rs71.480 million as finance facility from the Agricultural Development Bank of Pakistan (ADBP) on November 19, 1987, but failed to repay the outstanding amount.

In another reference, the applicants, being directors of S Multan Edible Oil Extraction Ltd., obtained a loan from the ADBP in the sum of Rs100.2 million on July 1, 1989, which they failed to repay. The main defendant, Chaudhry Munawar, was convicted in both references while the other applicants were convicted in absentia.

The applicants’ counsel submitted that the superior courts had held that conviction in absentia was ultra vires to the Constitution. Besides, the outstanding amounts of the loans had almost been settled. He sought the acquittal of the applicants in both references. The Special Public Prosecutor did not oppose the applications.

The AC, headed by the judge in-charge, Mohammad Riaz Rajput, after hearing the final arguments, reserved the order for July 10.