Transparency International Pakistan has asked Prime Minister Shehbaz Sharif to intervene over alleged regulatory violations linked to Jura Energy Corporation’s controlling stake transfer.
In a letter to the prime minister’s adviser, the organization alleged that 73.3% of Jura Energy’s controlling shareholding moved to IDL Investments Limited without prior government approval.
The organization cited a July 18, 2025, show-cause notice from the Directorate General Petroleum Concessions. It said the notice concerned alleged violations of the Pakistan Petroleum (Exploration and Production) Rules.
Transparency International Raises Legal Questions
According to the organization, the government is considering two options involving Jura subsidiaries Frontier Holdings Limited and Spud Energy Pty Limited. These include revoking their petroleum rights or issuing a warning followed by retrospective approval of the share transfer.
Transparency International questioned the legal basis for retrospective regularization. It also sought an independent inquiry into who proposed the option and whether officials accurately presented the relevant legal opinion to the Economic Coordination Committee.
The organization further called for scrutiny of tax, capital gains and other fiscal clearances connected to the transaction. It said the deal involved approximately C$1.266 million, equivalent to around Rs316 million.
Jura Energy Rejects Regulatory Concerns
Transparency International also referred to Rules 68(d) and 69(d), which cover changes in effective control and the disposal of share capital without prior government consent.
Meanwhile, a July 2025 show-cause notice sought information about the companies’ shareholding structures before and after the March 6, 2025, transfer. It also requested details about management changes, regulatory disclosures, tax treatment and IDL Investments’ exercise of shareholder or voting rights.
Jura Energy said in a September 18, 2026, statement that the transaction did not require prior government approval. The company said an independent Pakistani legal opinion supported its position and maintained that it complied with applicable laws and contractual obligations.
Jura also said reports about possible revocation of its petroleum rights did not represent a confirmed government decision. Transparency International has urged authorities to follow the law and establish responsibility if statutory requirements were bypassed.
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