Accountability: PEW terms NAB, KSE deal a hoax

The agreement intends to bring rogue traders to justice.

ISLAMABAD: The Pakistan Economy Watch (PEW) on Tuesday expressed scepticism about the deal between National Accountability Bureau (NAB) and Karachi Stock Exchange (KSE) to bring rogue brokers to account. This is a publicity stunt, deception intended to conceal objectionable reality and gain popularity, it said.

The stock market crashes from 2000 to 2008 were engineered in which top government functionaries and influential brokers were directly involved, alleged PEW Senior Vice President Abdullah Tariq in a statement issued here.

He asked why NAB and KSE are determined to do something about the 2008 stock market collapse after four long years. People deserve to know the conclusion of investigations of all the five stock market crashes that took place in May 2000 and March 2005, he said.

He added that people and companies lost around Rs200 billion in the crash of 2008 that benefited some powerful politicians and broker mafia.

He asked the chief justice of Pakistan to take suo moto notice of the situation as the Securities and Exchange Commission of Pakistan, meant for safeguarding the rights of masses and investors and the departments entrusted for eradication of corruption has become a useless entity, wasting public money, he added.

Published in The Express Tribune, May 23^rd, 2012.