Sitara Chemical Issues Clarification Following Reports on FIA Investigation
Sitara Chemical Industries Limited (SCIL) has issued a clarification after media reports linked its Chief Executive Officer to an investigation being conducted by the Federal Investigation Agency (FIA).
In a notice submitted to the Pakistan Stock Exchange (PSX), the company stated that the allegations referenced in recent reports primarily relate to the affairs of another company and not to the operations of Sitara Chemical Industries Limited.
Company Rejects Claims Related to Its Operations
SCIL said it is incorrect to suggest that the allegations concern the company’s own business activities.
The company further stated that, to date, no competent court or relevant authority has reached any findings or issued any determination against either Sitara Chemical Industries Limited or its Chief Executive Officer.
According to the company, it intends to pursue all legal remedies available to protect its rights and interests.
Business Operations Continue Normally
Sitara Chemical assured shareholders and investors that its manufacturing operations and routine business activities remain unaffected.
The company said the ongoing matter has not disrupted its day-to-day operations.
Background of the Investigation
The clarification follows media reports regarding an FIA investigation into alleged irregularities related to electricity procurement involving Faisalabad Electric Supply Company (FESCO), Sitara Energy Limited, and several current and former officials.
According to the FIA, the investigation relates to alleged issues concerning power purchase agreements and regulatory approvals. The agency has stated that the matter remains under investigation.
Investigation Ongoing
The FIA has said its investigation is focused primarily on matters relating to Sitara Energy Limited and is examining various aspects of electricity procurement and related regulatory compliance.
The agency has also stated that investigations involving several individuals are continuing.
At this stage, the allegations remain under investigation and have not been proven in a court of law.
Company Reaffirms Commitment
Sitara Chemical reiterated its commitment to regulatory compliance and informed investors that it will continue to cooperate with relevant authorities where required while maintaining normal business operations.
The company emphasized that future developments, if any, will be communicated in accordance with applicable regulatory requirements.
