Z2C, a private firm, on Wednesday distanced itself from the Federal Investigation Agency (FIA) investigation into its employee, stating that the individual under scrutiny acted in a personal capacity.
The clarification came after reports emerged that the FIA Commercial Banking Circle arrested the firm’s employee, identified as Faisal, on allegations of transferring millions abroad via hawala-hundi.
The FIA officials said Faisal was arrested based on information provided by a detained private bank manager.
Reacting to the reports, officials of the company clarified that the firm was not under investigation and that the individual acted in a personal capacity.
“The actions under review were not undertaken on behalf of Z2C and do not relate to the company’s operations, finances, clients, or business activities,” the company said.
No company systems, accounts, or funds were involved in the actions under review, it added.
The company said that it had suspended the individual, effective immediately, from all duties pending the outcome of the legal process and further internal review.
The company maintained that it operates as a fully compliant and regulated organisation, with all of its financial transactions conducted through formal banking channels in accordance with applicable regulatory requirements.
If further resolved to cooperate with the relevant authorities if required during the investigation.
