Unity Foods says it is not named as accused in FIA case against former officers

Unity Foods Limited has responded to news of an FIA case linked to the company, clarifying that it has not itself been named as an accused and that the allegations against individuals remain unproven.

In a disclosure to the Pakistan Stock Exchange dated September 1, the company said the Securities and Exchange Commission of Pakistan had referred certain matters concerning Unity Foods and its wholly-owned subsidiary, Sunridge Foods (Pvt) Ltd, to the Federal Investigation Agency on August 25, under Section 41-B of the SECP Act, 1997.

Following that referral, the FIA's Corporate Crime Circle in Karachi registered FIR No. FIR-CCC-KHI-15/26 on August 29 under Sections 406, 420, 477-A, 109 and 34 of the Pakistan Penal Code, 1860, against certain current and former officers and directors of the company and its subsidiary, in their individual capacities.

Unity Foods said the allegations relate to matters under the SECP's ongoing regulatory referral and concern the individual conduct of the named officers. It stressed that these allegations do not constitute findings of fact or any court adjudication, and remain unproven and subject to due process.

The company said it is a body corporate separate from its officers and directors, and has not itself been named as an accused in the FIR. It added that it is cooperating fully with the relevant authorities and will continue to comply with applicable legal and regulatory requirements.

Unity Foods said the disclosure was made in the interest of transparency, and advised shareholders and investors to exercise caution while dealing in the company's shares and to seek independent advice before making investment decisions.