Sitara Chemical Clarifies FIA FIR Reports, Says Operations Remain Unaffected

Sitara Chemical Industries Limited has clarified media reports regarding the registration of a Federal Investigation Agency (FIA) First Information Report (FIR) in which its Chief Executive Officer has been named, stating that the allegations primarily relate to another company and have no impact on its business operations.

 

In a notice submitted to the Pakistan Stock Exchange (PSX), the company said the FIR concerns the affairs and operations of a separate entity that is not an associated company, adding that any reports suggesting otherwise are factually incorrect.

 

Sitara Chemical emphasized that the FIR contains allegations only and that no findings or determination have been made by any competent court or authority. The company and its CEO have categorically denied the allegations insofar as they relate to them and said they will pursue all appropriate legal remedies to protect their rights and interests under applicable law.

 

The company further assured shareholders and investors that its manufacturing operations and business activities continue without interruption and that the matter has no adverse impact on its day-to-day operations.

 

Sitara Chemical requested the Pakistan Stock Exchange to inform market participants of its clarification in accordance with applicable regulatory requirements.