Farooqui was accused of corruption, causing a loss of Rs17 million to the national exchequer during purchase of a ferrous manganese contract while misusing his office as PSM chairman in Dec 1995.
The petitioner's counsel earlier contended that all other co-defendants in the case had been acquitted by the Accountability Court due to lack of evidence and the petitioner was in jail at the time the case was registered against him but he was not produced before the trial court to defend charges against him.
The applicant moved an application in court seeking Farooqui's acquittal saying that the baseless case has been registered against him.
The court judge Riaz Rajput in his verdict today announced acquittal of Usman Farooqui.
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