SC rejects private co owner's bail request

ISLAMABAD Supreme Court Thursday rejected bail request of the owner of a foreign exchange company, Lakht-e-Hussain, in connection with money-laundering case involving billions of rupees.
A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry dismissed the accuseds plea seeking interim bail, as he requested the apex court that he was ready to pay back money to all the affected people.
During the course of proceedings, the petitioners counsel SM Zafar could not reply to the apex courts queries or justify why Zarco Exchange Companys owner should be set free. Meanwhile, FIA Attorney also requested Chief Justice to amend the Foreign Exchange Regulation Act (FERA) 1947 so that a comprehensive law could decide about the fate of various accused, who transferred billions of rupees to other countries for years. This illegal business damaged the future of thousands of families, he submitted. Various boards have been established under the FERA to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency amounting to billions but all efforts to punish the accused seemed futile, the attorney argued.
FIA Attorney said Rs67b had been sent abroad illegally by Zarco. He further said there was a need to amend FERA to stop illegal trade of currency. Recommendation should also be sent to the Parliament in this regard, the lawyer added.
Earlier, SM Zafar completed his arguments that his client should be awarded interim bail.
My client did not commit a crime which was not bailable. The company started its business in 2003 as a full fledged foreign exchange company and paid up around Rs50 million to State Bank as reserves while starting business with a capital of around Rs200m, he argued.
We were already being accused of interference in every matter and issue of the country, Justice Anwar Zaheer remarked in response to presented arguments.