The accountability watchdog has also sought an explanation from the SECP for omitting JS Bank in its writ petition.
The National Accountability Bureau (NAB) has asked the State Bank of Pakistan (SBP) to clarify the position of insider trading offence allegedly committed by JS Bank.
According to the inquiry report received by NAB from Security and Exchange Commission of Pakistan (SECP), the bank has been implicated. The accountability watchdog has also sought an explanation from the SECP for omitting JS Bank in its writ petition filed in the court of Session Judge Karachi South. SECP has also been asked to explain why it misguided the State Bank by making a false statement that JS Bank was not involved in insider trading.
Under the awareness and prevention regime of NAO, the Bureau has issued a letter to both the Governor of State Bank of Pakistan and Chairman SECP. Since SECP report to NAB contradicts the letter SECP sent to the State Bank of Pakistan; wherein, in the former letter clearly indicates involvement of JS Bank in inside trading and in the latter, exonerates JS Bank, one of the two letters obviously makes a false assertion.
Published in The Express Tribune, June 11th, 2013.
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