Latest news with #IHC
Express Tribune
20 hours ago
- Politics
- Express Tribune
Probe finds civilians handling revenue tasks
The Islamabad High Court (IHC) has ordered an inquiry into patwar circles in the federal capital and directed that a report be submitted. Patwari Muhammad Abbas, in charge of four patwar circles, admitted to engaging private individuals to perform official duties. According to a report presented before the court, the inquiry officer, the assistant commissioner, recommended a "major penalty" against Abbas for violating departmental procedures and rules. The officer found him guilty of breaching regulations by involving private persons in sensitive revenue tasks without official approval. Justice Mohsin Akhtar Kayani, during the hearing of a case regarding recruitment to vacant posts in patwar offices, remarked that government officers must be appointed in patwar circles to serve the public, noting that citizens were being forced to pay bribes to private individuals working in these offices. The deputy commissioner of Islamabad sought time to submit a proposed recruitment procedure, while advocate general Islamabad also requested additional time regarding appointments. The court observed that no one is indispensable for any position, pointing out that Pakistan has a population of 250 million and people retire, pass away, or are dismissed. The report revealed that Islamabad has 45 patwar circles but only nine patwaris. Abbas was responsible for four circles at once and, citing operational constraints, hired three experienced individuals, including Adnan, Taifoor, and Rizwan, to carry out official revenue work. The report stated this practice posed risks to sensitive processes and violated the principle that duties must be performed only by authorised government officers. While it may have been intended to facilitate the public, the inquiry officer warned it could be misused in the future. During the hearing, the assistant commissioner Industrial Area, appointed to investigate the matter, appeared in court. When Justice Kayani asked if he had seen the state counsel's submitted report, he replied in the negative. The judge remarked that the entire revenue department was involved and noted the absence of local government in Islamabad. Advocate General Ayaz Shoukat said two court rulings existed regarding quota-based appointments, with rules and judicial decisions differing. He added that changes to the rules or a constitutional amendment might be needed. Justice Kayani responded that the 27th Amendment could address this, but warned that unqualified individuals were currently performing official tasks. The advocate general argued that without patwaris, work would come to a standstill, but the court reiterated that no position was irreplaceable. The hearing was adjourned until September 17.
Business Recorder
4 days ago
- Politics
- Business Recorder
Auction suspension: SC turns down Bahria Town's plea
ISLAMABAD: The Supreme Court turned down M/s Bahria Town (Private) Limited's plea to halt the auction of its properties, but issued notices to the respondents. A three-judge bench headed by Justice Aminuddin Khan and comprising Justice Naeem Akhtar Afghan and Justice Miangul Hassan Aurangzeb on Friday heard an appeal of Bahria Town against the IHC's short order. A division bench of the IHC on August 5, 25, dismissed the petitions of Bahria Town, and stated: 'The injunctive orders issued by this Court vide order dated 15.04.2025 passed in W.P No.1368 of 2025 and order dated 04.06.2025 passed in W.P No.2248 of 2025 are hereby recalled.' During the proceeding, Farooq H Naek, appearing on behalf of Bahria Town, prayed that stay order be granted against the IHC's order. However, Justice Amin declined the request saying how come the stay order be issued without hearing the other side. Justice Naeem questioned what the National Accountability Ordinance says about plea bargain? He noted that if an accused challenges the plea bargain process then it becomes inoperative, adding in the instant matter the accused has challenged the plea bargain, and the applications against them are pending, but the properties are being auctioned. Justice Naeem observed that instead of main petition only the Civil Miscellaneous Applications (CMA) were fixed for hearing Friday (Aug 8), adding how come they can hear the CMAs without hearing the main petition. Naek told that he came to know about this case late at night, adding still the case is not issued on the cause list. The counsel stated thanks God that he was in Islamabad, therefore, appearing before the bench. The bench ordered Naek to file more documents pertaining to the case. Justice Naeem noted that Bahria Town's case is based on three NAB references, while they do not have copies of the references before the Court. Justice Naeem, therefore, ordered Farooq Naek to attach the documents with the application, so that may know what is the actual case? Naek said he would supply the documents tomorrow. M/s Bahria Town (Private) Limited on August 6, filed an appeal against the IHC's order under Article 185(3) of the Constitution. It asked the apex court that a regular bench hear the appeal, as no vires of any law have been challenged or interpretation of any constitutional provision is involved in the case. The petition raised questions whether, in view of the amended proviso to Section 25(b) of the National Accountability Ordinance, 1999, the plea bargain agreement automatically becomes inoperative and unenforceable upon the accused's failure to fulfill the terms and conditions stipulated therein? Whether the NAB authorities can lawfully determine or attribute any liability arising out of a plea bargain agreement in the absence of the accused and without associating the accused in such proceedings? The case is adjourned until August 13. Copyright Business Recorder, 2025
Entrepreneur
5 days ago
- Business
- Entrepreneur
US Investment Bank H.C. Wainwright Reiterates Buy Rating on IHC Portfolio Company, Phoenix Group, with AED3.00 Target
"This report validates our team's hard work to expand our core mining operations efficiently while boldly moving into the AI and HPC space." You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Phoenix Group PLC (ADX: PHX), an IHC portfolio company, has been featured in a new research report from H.C. Wainwright & Co. Independent equity analysts at H.C. Wainwright & Co. have assigned Phoenix Group a Buy rating and AED 3.00 price target, recognizing its evolution beyond mining into high-growth AI and HPC infrastructure. Based on the August 4, 2025, closing price of AED 1.48, the report states an enormous upside potential in excess of 102% for the shares. The positive assessment is underpinned by Phoenix Group's strategic expansion and its forward-looking ambitions in high-growth technology sectors. The report, titled "Re-Energized Sites and AI/HPC Feasibility Prime Upside; Reit. Buy," underscores Phoenix Group's strong position for meaningful growth in both the near and long term. The reaffirmed Buy rating is supported by a shift to higher-margin self-mining, expanding operational capacity, and significant digital asset holdings of BTC and Solana in excess of 150 million USD. The analysis highlights Phoenix's diversified strategy, which balances efficient digital asset mining with strategic investment in next-generation sectors such as Artificial Intelligence (AI) and High-Performance Computing (HPC). It also notes the company's ability to attract ongoing capital support amid broader industry trends that favour advanced connectivity and compute infrastructure. With new sites expected to come online, Phoenix is well-positioned to meet growing demand for AI workloads and unlock additional revenue streams. Central to this momentum is Phoenix's established partnership with IHC (IHC: ADX), the Abu Dhabi-based diversified investment firm. As a valued IHC portfolio company, Phoenix leverages shared expertise and resources to scale operations and execute on innovative projects, bolstering its resilience in a dynamic market. "We are delighted that H.C. Wainwright sees the significant value and enormous potential in our strategy," said Munaf Ali, co-founder and CEO, Phoenix Group. "This report validates our team's hard work to expand our core mining operations efficiently while boldly moving into the AI and HPC space. As an IHC portfolio company, we are committed to driving innovation and delivering superior returns for our shareholders, and this report confirms we are on the right path." While the report acknowledges sector-specific risks, including digital asset market volatility, it expresses confidence in Phoenix's strategic trajectory and competitive positioning. Full details of Phoenix Group's Q2 2025 results and the analyst report are available on the company's Investor Relations page.
Business Recorder
5 days ago
- Politics
- Business Recorder
IHC grants protective bail to Salman Akram
ISLAMABAD: The Islamabad High Court (IHC) granted protective bail to Pakistan Tehreek-e-Insaf (PTI)'s Secretary General and senior lawyer Salman Akram Raja. A single bench of Chief Justice Sardar Muhammad Sarfraz Dogar, on Thursday, heard the petition of Salman Akram and granted him protective bail. Besides granting protective bail, the IHC bench also issued notices to the respondents directing them to submit their reply in this matter. PTI's Secretary General and senior lawyer Salman Akram Raja approached the IHC seeking protective bail. He moved the petition through his counsels Malik Ghulam Sabir advocate and Muhammad Shakeel Mughal and adopted the stance that petitioner, an advocate and secretary general of PTI is seeking details of FIR's pending against him and protection from arrest till such information is conveyed. Raja filed the petition seeking details of the cases registered against him and cited the interior secretary, police, FIA and others as respondents. He requested that details of the cases registered with the police and FIA be provided. After issuing notices to the respondents, the IHC bench deferred hearing of the case till August 11 for further proceedings. Copyright Business Recorder, 2025
Arabian Business
5 days ago
- Business
- Arabian Business
Phoenix Group earns strong 'Buy' endorsement from H.C. Wainwright
Phoenix Group PLC (ADX: PHX), an IHC portfolio company and global leader in blockchain and digital asset infrastructure, has received a reaffirmed Buy rating from US investment bank H.C. Wainwright & Co., along with a price target of AED 3.00. This recommendation stems from the company's strategic evolution beyond its traditional mining operations into high-growth sectors such as artificial intelligence (AI) and high-performance computing (HPC). As of the August 4, 2025 closing price of AED 1.48, analysts estimate Phoenix Group shares have more than 102 per cent upside potential, reflecting the market's confidence in the company's diversified expansion. Titled 'Re‑Energised Sites and AI/HPC Feasibility Prime Upside; Reit. Buy,' the report highlights Phoenix's: Transition toward higher-margin self-mining operations, bolstered by growing digital asset holdings. Expanded global operational footprint, enhancing resilience and growth potential. Substantial digital asset treasury, including Bitcoin and Solana holdings exceeding US$150 million. The analysts note that Phoenix's ambitious foray into AI and HPC infrastructure positions it to capitalise on surging demand for advanced compute capabilities, creating fresh revenue streams as new operational sites come online. A key strength highlighted is Phoenix's integration within the IHC ecosystem. As an IHC portfolio company, Phoenix benefits from shared resources and strategic alignment, support that strengthens its ability to scale and innovate within the fast-moving tech landscape. 'We are delighted that H.C. Wainwright sees the significant value and enormous potential in our strategy,' said Munaf Ali, CEO and co-founder of Phoenix Group. 'This report validates our team's hard work to expand our core mining operations efficiently while boldly moving into the AI and HPC space. As an IHC portfolio company, we are committed to driving innovation and delivering superior returns for our shareholders, and this report confirms we are on the right path.' Although the report acknowledges inherent sector-specific risks, particularly the volatility of digital asset markets, it remains confident in Phoenix's strategic vision and competitive positioning. About Phoenix Group PLC Phoenix Group PLC, an IHC Portfolio Company, is a multi-billion-dollar global technology leader headquartered in Abu Dhabi, UAE. As one of the world's top ten Bitcoin miners, it operates over 500 megawatts across the UAE, U.S., Canada, Oman, and Ethiopia, running the biggest mining farm in MENA. Phoenix Group is the first crypto and blockchain conglomerate in the region to be listed on the Abu Dhabi Securities Exchange (ADX).
