ISLAMABAD – The Federal Investigation Agency (FIA) has stopped noted business tycoon Shahid Abdullah from traveling abroad as probe into money laundering case advanced.
Shahid, the CEO of Sapphire Electric Company Limited, was reportedly stopped from flying out to Dubai at the immigration desk after his name appeared on the Exit Control List (ECL).
The action comes amid the alleged involvement of a businessman in money laundering. Sources claimed Abdullah was not detained by authorities but refused to leave the airport.
This development comes after the Independent Power Producers (IPPs) owner called out government to push to renegotiate power contracts, which he claimed was the fourth such attempt. He also challenged the government’s claims of mutual consent in the discussions, highlighting proposed changes including the termination of sovereign contracts and removal of capacity payments.
The government has been in talks with IPPs as part of efforts to address financial issues within Pakistan’s power sector and streamline operations. Abdullah’s detention comes amid heightened tensions between IPPs and the government over these negotiations.
Five IPPs sign documents to terminate power purchase agreements
