Company submitting fake bank guarantee may be proceeded against

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M Nehal Naveed

ISLAMABAD, MAR 11 (DNA) – Ministry of Petroleum continues to drag its feet over a scandal of a fake bank guarantee submitted by a company Hycarbex American Energy.Our sources have indicated that Hycarbex is trying to deflect investigation into the whole case by blaming its potential investors.The relevant officials at the ministry have recommended that the case may be handed over to Federal Investigation Agency (FIA) to unearth all the players behind the fraudulent practice, however ministry higher ups are still not processing the case.

Hycarbex had acquired D&P lease of Yasin block in Sindh province for exploration activities in the year 2001 and since that time it has got it renewed many times.

But in 2018 its lease was cancelled since the company failed to meet investment and activity targets.

After some litigation the company managed to convince the Ministry of Petroleum and Natural Resources to restore its lease. The company was asked to submit a bank guarantee to the tune of 1,275,000 USD.

A bank guarantee was presented to the Directorate of Petroleum Concession along with a covering letter of Hycarbex duly signed by its CEO.

When the bank guarantee was checked with the bank it was found fake. Hycarbex continues to take the cover that its investors committed the wrong. Although the ministry in its view is clear that the fake bank guarantee was submitted with a cover letter duly signed by the President of the company Mr.  Piers Onthank and whatever maybe their dealing with any private party the liability is squarely on Hycarbex.

Hycarbex is currently a defaulter of the Government of Pakistan to the extent of Rupees 300 million.

Ministry of Petroleum is refusing to respond to any queries from the media on the issue.  =DNA