Emard Group and the Shareholders Who Were Never Told
Internal correspondence shows Emard Group executives steering contracts to firms owned by their own relatives, without disclosure to the board.
Corporate Corruption
PK-REF-9699
The Emard Group Files: Entrusted Power, Private Gain
Internal correspondence shows Emard Group executives steering contracts to firms owned by their own relatives, without disclosure to the board.
Exposed Sum
PKR 136B
Regulatory filings in Nauru show a shell entity registered months before the contract was signed, later found to share a registered address with a Emard Group board member.
The company's compliance department raised the transaction internally in Q4 2017, but no corrective action appears in subsequent board records reviewed by this newsroom.
Corporate registry filings link the winning vendor to a director's spouse, a connection that was never disclosed to minority shareholders ahead of the 2022 annual general meeting.
Corporate registry filings link the winning vendor to a director's spouse, a connection that was never disclosed to minority shareholders ahead of the 2020 annual general meeting.
Board minutes obtained by Watchdog Pakistan show that Emard Group approved a related-party contract worth PKR 47 billion in 2021 without the conflict-of-interest disclosure required under the company's own governance code.
The company's compliance department raised the transaction internally in Q1 2020, but no corrective action appears in subsequent board records reviewed by this newsroom.
Evidentiary Exhibits
Bank transfer records show PKR 4,775 million moved from Emard Group to the vendor entity within 72 hours of contract signing.
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Inside Emard Group: How Boardroom Favours Became a Billion-Rupee Problem
Internal correspondence shows Emard Group executives steering contracts to firms owned by their own relatives, without disclosure to the board.