ISLAMABAD, Oct 15: An accountability court issued warrants for the arrest of four accused, including three former federal secretaries, nominated in the ARY Gold reference.

Judge Mansur Ali Khan of the accountability court No II after issuing warrants on Monday, adjourned the case for October 23. Warrants were issued against former commerce secretaries Salman Farooqui and Brig (Rtd) Aslam Hayat Qureshi, former finance secretary Javed Talat and, the ARY Gold Traders, director John Maolan.

Babar Awan advocate represented Asif Ali Zardari, while Mohammad Ashraf and Malik Pervaiz advocates represented the ARY Gold executive director Haji Abdul Razzaq, directors Jan Muhammad and Abdul Rafiq in the court.

According to the reference, prepared by the PML-N government, the respondents allegedly awarded monopolistic contract to ARY Gold Traders for the import of gold and silver.

Under the reference the Customs department claimed that due to the monopolistic contract and exemption of duties a total loss of Rs1.82 billion was caused to the national exchequer during the period March 1995 to September 1997.

Out of this amount a loss of Rs1.5 billion was caused by the import of gold alone through duty exemptions while Rs58 million by the import of silver in the country.

An Ehtesab bench on August 12, 1998 had indicted Mr Zardari for receiving $10 million as gratification for the grant of gold import licence and exempting it from regulatory duty and other taxes.