KARACHI, July 13: Sadaruddin Ghanchi, a business tycoon, was granted bail in a record sum of over Rs1.612 billion by a special court for banking offences. Judge Hasan Feroze granted him bail on the medical grounds as the elderly accused was certified to be sick.

The business tycoon, represented by M. Ilyas Khan, was arrested on Sept 17 last by the FIA. He was charged with criminal misappropriation and theft of palm oil from the West Pakistan Tank Terminal from 1995 to 1996.

According to prosecution, the palm-oil was pledged with the Allied Bank Limited and the accused "unauthorizedly" removed it from the tanks. The defence counsel argued that the FIR of the case was lodged on Oct 9, 2003, for the offence committed in 1995.

He said the registration of FIR against his client was mala fide as on the same facts and circumstances, another FIR (2/97) was lodged against the accused and the case was still pending trial in the anti-corruption court, Karachi.

He also contended that a civil suit, filed by the ABL in respect of the same loan facility, was decreed against the accused. "Therefore, belated FIR is mala fide and requires further inquiry into case against the accused,", he argued. Hashim Ghanchi, son of the interned businessman, is also an absconding accused in the case.