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KARACHI, May 29: The Jehangir Siddiqui Group on Wednesday denied that the JS Bank Limited (JSBL) was under any investigation by the SECP in relation to shares of Azgard Nine Limited (ANL).

This was in reference to the story published on May 28, 2013, which cited letters written by the National Accountability Bureau (NAB), chairman Securities and Exchange Commission (SECP), National Bank of Pakistan (NBP) and others.

Giving its side of the story the JS Group said in a statement: “On the contrary SECP has confirmed in writing that there is absolutely nothing against JSBL in respect of trading in the shares of ANL”.

The JS Group argued against the contents of the article saying: “JSBL has never been named as an accused party in the complaint in court. We also confirm that JSBL, its parent company or its subsidiaries had never sold any shares of Agritech Ltd to NBP”.

In reference to Adil Gilani, adviser to Transparency International Pakistan (TIP) letter to Chief Justice of Pakistan regarding insider trading in shares of ANL, the JS group said that the Sindh High Court had restrained TIP and its officers from contributing or circulating any “libelous or false material” against JSBL. The court was said to have issued the order on a damages suit of Rs5 billion, filed by the JS Bank against TIP.

JS Group claimed that it was one of the largest conglomerates in the country with impeccable record of good governance for over 40 years.