FIA registers case against former Unity Foods management over alleged Rs44.7bn financial discrepancies

Profit reported that the Federal Investigation Agency has lodged a criminal complaint against the previous leadership of PSX-listed Unity Foods Limited over suspected financial wrongdoing. The case was filed in Karachi on August 29 by the FIA's Corporate Crime Circle after an SECP referral under Section 41-B. The SECP probe had flagged possible offences tied to company money, reporting practices and stock ledgers.

Per the FIR and a separate SECP statement, the company collected Rs3.75 billion via a rights offering, yet roughly Rs2.87 billion was allegedly channelled elsewhere, not toward the purposes described in the offer papers. Investigators also allege that Rs5.318 billion of company funds was lent to the mother of the former chief executive. A subsidiary reportedly advanced Rs2.6 billion to two parties who have not been identified.

The regulator's probe also flagged an alleged gap of roughly Rs44.7 billion between published accounts and internal SAP records, plus a Rs5.2 billion mismatch between booked inventory and physical stock. Investigators also said there was no proof of goods being supplied against roughly Rs5 billion in older liabilities. SECP Chairman Kabir Ahmed Sidhu said the regulator will keep safeguarding investor money and encouraging clear reporting, stressing that raised funds must go only to disclosed uses.