Home / Dada Pota Show / Hussain Lawai PSX National Savings ECP Local Bodies Officials Political Economy Dada Pota Show 11-07-2018

Hussain Lawai PSX National Savings ECP Local Bodies Officials Political Economy Dada Pota Show 11-07-2018

Dada Pota Show of 11-07-2018. The only program of business and economy in Pakistan.

Hussain Lawai PSX National Savings ECP Local Bodies Officials Political Economy Dada Pota Show 11-07-2018

Dada Pota Show 11-07-2018 based on Hussain Lawai, PSX, National Savings, ECP, Local Bodies Officials & Political Economy.

Today, Dada G shared his opinion on important news that Hussain Lawai removed as PSX chairman & ECP suspends all local bodies’ officials till July 25.

Securities and Exchange Commission of Pakistan (SECP) on Tuesday removed Hussain Lawai from his post as Pakistan Stock Exchange (PSX) chairman.

Following the orders of the Supreme Court (SC), the SECP has directed the Pakistan Stock Exchange to remove Hussain Lawai from the chairmanship of the Exchange and appoint a new chairman of the Board.

SECP Commissioner Zafar Abdullah wrote a letter to Richard Moren asking him to remove Lawai from his post in keeping in view the public interest.

SECP, the regulator of the capital market in a notification signed by the Commissioner Zafar Abdullah said it has come to the knowledge of the SECP that a First Information Report (FIR) date July 6, 2018 has been registered by the Federal Investigation Agency under Pakistan Penal Code read with Prevention of Corrpution Act, 1947 and the Anti-Money Laundering Act 2010.

The FIR among other individuals also nominates Lawai as one of the accused and Lawai has been arrested by FIA for further investigation.

The Commission after considering the circumstances as stated above with respect to Lawai, in the interest of general public and the capital markets, in exercise of its power conferred under Section 12 read with Section 170 of the Securities Act, 2015, hereby directs PSX, through its Chief Executive Officer, to immediately remove Lawai as Chairman of the board of directors of PSX under intimation to the Commission and appoint a new Chairman of the Board, while ensuring compliance with the regulatory requirements.

On Sunday, Supreme Court had barred the former president and his sister from travelling abroad in the wake of the recent revelations in a fake bank accounts case.

The development comes few days after the Federal Investigation Agency (FIA) detained Central Depository Company (CDC) chairman and Summit Bank vice chairman Hussain Lawai, a close aide of the former president.

Lawai and his associates are accused of opening 29 fake accounts in the Summit Bank and United Bank of Pakistan Limited.

According to the FIA, 29 accounts were opened in the name of seven people, including a woman. The agency said that 18 to 19 of the ‘fake’ accounts were opened in the Summit Bank alone.

FIA sources said that these accounts were used for money laundering with the accounts mainly being operated by a businessman, Anwar Majeed who is said to be very close to Zardari and his business partner.

On Saturday, the FIA had obtained the remand of the Central Depository Company (CDC) chairman, after registering a case against him and others for using a fake account to launder Rs35 billion ($288 million).

According to a case registered by FIA’s Banking Circle Karachi, the former president and leader of the Pakistan People’s Party, Asif Ali Zardari, and his sister, Faryal Talpur, are among 13 people who benefited from the arrangement.

The police first investigation report (FIR) says that M/S Zardari Group (Asif Ali Zardari, Faryal Talpur, etc) got Rs15,000,000 and were among the beneficiaries of the transaction trail of fake bank accounts maintained by Omni Group, owned by Anwar Majeed, another close aide of the former president.

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