Opinion

New National assembly takes notice of stock exchange scame of former PM

By Azhar Masood
ISLAMABAD: Taking strong notice of Stock Exchange scam by former prime minister Shaukat Aziz and some of his frontmen Speaker National Assembly Dr. Fahmida Mirza Friday referred the 2005 Karachi Stock Exchange (KSE) scam, in which small investors lost Rs 700 billion, to house standing committee on finance. The decision of the speaker was received by the members by thumping of desks.

Finance Minister Ishaq Dar responding to a point of order by Ayaz Sadiq said, it was very unfortunate that small investors were deprived of their earnings in a scam which the previous government tried to cover up. He said 11.6 billion dollars were lost which come to Rs 700 billion, when the stock exchange crashed in 2005. “The scam involved many big names,” he added.

Quoting the report of a US forensic team hired by the former government to investigate the scam, Dar said it found wrong doings (in the stock exchange) by a significant number of brokers. “The authorities at the time in order to save themselves hired the American firm,” he said, adding that Pakistani task force formed to investigate also pointed out the culprits.

However, Dar said, the government took the plea that they did not have the back-up data of the stock exchange. He said since it is not a small scam and the investigation reports are also available, therefore it should be referred to the finance committee.
Courtesy Arab News

About the author

Azhar Masood

Azhar Masood is Controller of News in PTV, and Chief Instructor of PTV Academy, working for Arab News. He has Covered Iraq War from Baghdad for CNN, BBC, FOX News, and Al-Jazeera and other regional channels. He covered conflict in Bosnia Herzegovina. He interviewed Yasir Arafat of Palestine, Paul Wolfoweit, Prime Minister Jean Ghteyan of Canada, Dr. Amar Musa of Egypt, Mr. Haris Slajic, Prime Minister of Bosnia Dr. Akbar Ali Vallayati, former Foreign Minister of Iran, President Kumaratunge of Sri Lanka, Mr. Kumar Su Bramanyem, Director of National Defence Institute of India, Mr. Hamid Karzai President of Afghanistan, Dr. Ahmad Chalabi of Iraq National Congress, Mr. Hoshyar Zubari, Vice President Kurdish Democratic Party of Iraq

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