Former Chairman SECP Muhammad Ali to leave for Canada next week ISLAMABAD - Former Chairman Securities and Exchange Commission of Pakistan (SECP) Mr. Muhammad Ali will leave for Canada for family matters during the next week. Mr. Muhammad Ali will come back after remaining abroad for about two weeks, sources said. Ali was granted permission to travel abroad by the Sindh High Court on August 20, 2013 in a case he filed against placement of his name on the Exit Control List (ECL). To date, the respondents have been seeking time for submission of reasons for placement of his name on the ECL while NAB officials have stated that the preventive letter by them to the Ministry of Interior cannot be construed as a request for placement on the ECL. Meanwhile, Mr. Ali has also denied allegations of any stock manipulation. He further clarified that Inbox Business Technologies Pvt. Limited is an IT company and not a stock company as reported by the newspapers. Similarly R.I. Enterprises is also not a stock company as reported in the media and is a partnership concern engaged in real estate business in which Ali had sold his stake in 2006, which has been confirmed by FBR in its detailed order dated June 29, 2013. He said that the news report was regrettable, especially since a detailed investigation report by SECP, completed on May 29, 2013 into the trading in the shares of SSGC and SNGPL has not found any instance of market manipulation. Further, the former chairman of the SECP has denied that he is under any investigation by NAB in OGRA or any other matter. He says that he has assisted NAB in the OGRA matter by meeting NAB officers on May 28, 2013. The denial came soon after press reports about his planned trip to Canada for family matters.
Posted on: Sat, 31 Aug 2013 16:52:12 +0000
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