Inside Emard Group: How Boardroom Favours Became a Billion-Rupee Problem

The company's compliance department raised the transaction internally in Q2 2020, but no corrective action appears in subsequent board records reviewed by this newsroom.

A former General Practitioner at Emard Group told investigators that dissenting votes on the deal were removed from the official minutes before they were filed with the regulator.

Regulatory filings in Samoa show a shell entity registered months before the contract was signed, later found to share a registered address with a Emard Group board member.

Board minutes obtained by Watchdog Pakistan show that Emard Group approved a related-party contract worth PKR 27 billion in 2016 without the conflict-of-interest disclosure required under the company's own governance code.

Board minutes obtained by Watchdog Pakistan show that Emard Group approved a related-party contract worth PKR 39 billion in 2022 without the conflict-of-interest disclosure required under the company's own governance code.

Board minutes obtained by Watchdog Pakistan show that Emard Group approved a related-party contract worth PKR 2 billion in 2017 without the conflict-of-interest disclosure required under the company's own governance code.