All Posts by Ali Ahmad
Lahore High Court Gives Stay Order to ICAP
The accountancy tussle of Institute of Chartered Accountants of Pakistan (ICAP) with, Pakistan’s premier accountancy regulator, with foreign accountancy bodies ACCA and ICAEW, will now be battled in courts. According to the information EconomyAge received – ICAP went to Lahore high court to seek a stay order on Competition Commission’s...
Unilever Pakistan to face Higher Buyback Price before Delisting from Stock Exchanges
Unilever Pakistan, one of the most successful consumer goods manufacturer in Pakistan, is now facing another issue before a completing its exit from stock exchanges. The global food giant Unilever owns a majority 75% stake in Unilever Pakistan and 4 months ago in November – they announced and planned to buy back the remaining shares that are...
Dawood Capital Management Defrauded Investors: SECP
Last Friday proved to be disappointing and shameful for investment fraternity in Pakistan when Pakistan’s apex corporate regulator, Securities and Exchange Commission of Pakistan (SECP), finalized its nine months long investigation into, what could be called, as Pakistan’s first insider trading case. Tara Uzra Dawood, CEO of Dawood Capital...
ACCA Members Commend SECP on their Effort to Promote Corporatisation
ACCA has very recently launched the campaign ‘Accountants for Small Business’ which emphasises the importance of business formalisation in emerging and frontier markets as a driver of economic development. ACCA has prided itself for over a 100 years on being the professional body most closely aligned with small business and enterprise. ACCA Pakistan...
Breaking Development: SECP Made it Mandatory to File Accounts Online
The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for all listed companies to file documents, returns, accounts and applications, meant to be filed with the SECP, or the Registrar, through SECP’s eServices online filing facility. The SECP issued a notification in this regard on March 13, 2013. The requirement shall...
How Employees of an Insurance Company Cheated a Widow
The following case is just another reason why Insurance companies are not trusted by Pakistani. Many insurance companies were accused of cheating and lying to their ‘respected’ policy-holders. A few days ago, an insurance company’s directors and CEO was penalized for over a million Pakistani Rupee by SECP Insurance division for not...
PIA to Make Additional Revenues Through Maintenance Facility
I was wondering if I can head this press release as ‘LOL-Moment’. Well, I didn’t of course as you can see but now we learn two things. First – PIA never performed any serious maintenance of its aircraft before (DUH) and second – they can generate additional revenues and put the organization back into profits, if they...
National Saving Bonds Worth 345 Crore Listed on Lahore Stock Exchange
National Saving Bonds of 3 years scheme of total issue size of Rs. 345 Crore was subscribed on January 12 to 26, 2010 and was listed on Lahore Stock Exchange on March 02, 2010. The tenure of Bonds was of 3 years. According to the details revealed by relevant regulators, the bonds have been fully redeemed and duly certified by the Zonal Inspection...
Floating Power Plant Operator Sues Pakistan for $600 Million
Karadeniz Holding, the Istanbul- based operator of two ships meant to supply power to energy- starved Karachi, sued Pakistan in a World Bank tribunal, seeking $600 million for an alleged breach of contract, reported Bloomberg. The floating power stations, which are meant to help meet the Karachi city’s 600-megawatt energy shortfall, have been mostly...
Bank of Punjab to Try its Luck in Islamic Banking
Bank of Punjab, which turned itself in profits in 2011 after astronomical losses, has launched Islamic Banking to provide its customers with Shariah compliant services under licence issued by the State Bank of Pakistan. “The start of Islamic Banking at Bank of Punjab (BOP) comes in the wake of four years of committed hard work by the management...
