KARACHI: The Sindh High Court’s constitutional bench has reserved its verdict after hearing arguments from lawyers in a case concerning the transfer of foreign exchange proceeds from the sale of black scorpions to a German company, ARY News reported.
The petitions were filed by Jumma Khan, Muhammad Siddique, Allah Razi, Riaz Ahmed and others, who claimed that Pakistani sellers had sold scorpions worth Rs23 billion to a German company.
During the hearing, the petitioners’ lawyer told the court that the German company had transferred Rs24 billion from Barclays Bank to Pakistani banks under an agreement signed in 2014.
However, the lawyer said that the Pakistani banks had not released the amount so far.
The petitioners’ counsel argued that the foreign exchange had been transferred to the national treasury through legal channels.
The petitioners have sought action against private banks over the non-release of the funds.
The State Bank of Pakistan, Ministry of Finance and four private banks have been made respondents in the case.
The petition also seeks an inquiry through a senior State Bank official into the matter.
