Pakistan

Curbing corruption: NAB to work on 16 cases referred by SECP

Two senior level officers from SECP, senior level officers of NAB have been identified to be part of Joint Task Force

Our Correspondent May 11, 2015

Two senior level officers from SECP, senior level officers of NAB have been identified to be part of Joint Task Force. PHOTO: NEWSPAKISTAN

ISLAMABAD:

The National Accountability Bureau (NAB) and the Securities and Exchange Commission of Pakistan (SECP) have agreed to create a joint task force that will work expeditiously on 16 cases referred by the SECP to the NAB.

Two senior level officers from the SECP – one each from the legal and operation side – and senior level officers of the NAB from Financial Crimes Investigation Wing and Operation and Prosecution Wing have been identified to be part of the Joint Task Force and have started their work.

A recent complaint referred by the SECP to the NAB is regarding alleged fraud, embezzlement and cheating public at large by the Sponsors, Directors and Management of M/s ACE Securities (Private) Limited (ASPL) Broker of Karachi Stock Exchange Limited.

The ASPL allegedly entered securities in the sub-accounts maintained under its participant ID without authority of the sub-account holders in violation of applicable laws.

On April 23, 2015, the KSE through a show cause notice conveyed to the ASPL that all trading work stations would be switched off before opening of market on Monday, April 27, 2015 if no response/action is given/taken by the ASPL.

On failure to address the investor’s claims, the KSE suspended operations of all trading terminals of the ASPL till further notice. In view of the alarming rise in number of unresolved complaints against the ASPL, the NAB chairman has ordered inquiry regarding alleged fraud, embezzlement and cheating public at large by the Sponsors, Directors and Management of the ASPL at the earliest regarding the matter.

Published in The Express Tribune, May 11^th, 2015.

COMMENTS (1)

Fauzia Gill | 9 years ago | Reply We don't see fair transparency into nab department as it's always lollypop, we want to eradicate corruption from NAB and society and wish to obey responsible Agency. Because nab own corruption shadows haunted at their department. Chairman should think about misuse of empowering, malpractices, maladministration, bullying system in NAB. Because Instead of generating slogan. Because fair transparency system will work well instead of slogan system.

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