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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Lately JS Bank and JS Group as a whole has been in the press for a lot of negative publicity. Seems like all the government and non-goverment bodies are after them. I believe a few weeks back there was some letter from Transparency international Pakistan about some Insider Trading by JS Bank. By the way, what does this "NAO" stands for?
Prevoiusly it was aired on Pakistan Media that during annual general meeting a scuffle arose within sharehders and about js banks special payment to heads son in east Asia on account of consultancy, the biggest one from corporate sector! Now inside trading issue , this all shows a clear negligence by watchdogs and even something more! The matter be taken seriously as it is not the matter of a bank but of thousands of consumers! Hope that proper enquiry will be completed and make public as well!