Businessmen involved in manipulating the shares of the gas companies

[fareedsidra]

Sources said the report strengthens the investigations of the National Accountability Bureau (NAB) in Rs100 billion Ogra corruption case as it confirms that the stock market tycoon Aqeel Karim Dhedhi (AKD) minted billions by manipulating the shares of gas utilities companies SSGCL and SNGPL through inside help in 2010 and 2011.
According to NAB sources, Dhedhi is accused of using inside information about raise in UFG (unaccounted for gas) benchmark during the tenure of ex-Ogra Chairman Tauqir Sadiq to make billions of rupees by manipulating the shares of the gas companies. NAB has already interrogated former SECP officials for their alleged role in the Ogra scam.

 

[EagleEyes]

Why is this in media now and then? Why can't the NAB just do its work and prevent it.

 

[fareedsidra]

According to sources, the NAB has also served fresh notices to four other suspects in the mega scam, including business tycoon Aqeel Karim Dhedhi, ex-chairman SECP Mohammad Ali, former adviser petroleum Dr Asim Hussain and former Managing Director (MD) Sui Southern Gas Company Limited (SSGCL) Dr Faizullah Abbasi.

This is the second notice issued to these four persons by the NAB. “If they fail to respond to our third notice, their arrest warrant would be issued as per the NAB regulations,” said an official requesting anonymity.

He said these four persons are accused of causing a huge loss to the national exchequer and gaining personal benefits by issuing a UFC notification on 24 September 2010. The NAB investigations have revealed that Ogra had notified an increase in the Unaccounted for Natural Gas (UFG) from 5% to 7% in 2010, benefiting the Sui Southern Gas Company Limited (SSGCL). The investigators believe that business tycoon Dhedhi benefitted from this notification as a major private shareholder of the SSGCL.

 

[fareedsidra]

According to sources, the NAB has also served fresh notices to four other suspects in the mega scam, including business tycoon Aqeel Karim Dhedhi, ex-chairman SECP Mohammad Ali, former adviser petroleum Dr Asim Hussain and former Managing Director (MD) Sui Southern Gas Company Limited (SSGCL) Dr Faizullah Abbasi.

This is the second notice issued to these four persons by the NAB. “If they fail to respond to our third notice, their arrest warrant would be issued as per the NAB regulations,” said an official requesting anonymity.

He said these four persons are accused of causing a huge loss to the national exchequer and gaining personal benefits by issuing a UFC notification on 24 September 2010. The NAB investigations have revealed that Ogra had notified an increase in the Unaccounted for Natural Gas (UFG) from 5% to 7% in 2010, benefiting the Sui Southern Gas Company Limited (SSGCL). The investigators believe that business tycoon Dhedhi benefitted from this notification as a major private shareholder of the SSGCL.

 

[Bilal.]

Sources said the report strengthens the investigations of the National Accountability Bureau (NAB) in Rs100 billion Ogra corruption case as it confirms that the stock market tycoon Aqeel Karim Dhedhi (AKD) minted billions by manipulating the shares of gas utilities companies SSGCL and SNGPL through inside help in 2010 and 2011.
According to NAB sources, Dhedhi is accused of using inside information about raise in UFG (unaccounted for gas) benchmark during the tenure of ex-Ogra Chairman Tauqir Sadiq to make billions of rupees by manipulating the shares of the gas companies. NAB has already interrogated former SECP officials for their alleged role in the Ogra scam.

So why are you spamming the whole forum. Working for GEO or JS?

Why is this in media now and then? Why can't the NAB just do its work and prevent it.

Watch out, this user seems to be working for specific interests

 

[Sugarcane]

LOL!!!! Mir Jafar is really desperate

 

[fareedsidra]

Islamabad High Court (IHC) on Friday threw out appeal of Aqeel Karim Dhedhi and five other business personalities for removal of their names from Exit Control List (ECL) and permission to visit abroad.
On a request of Pakistan Telecommunication Authority (PTA), the Interior Minister put names of Aqeel Karim Dhedhi, Syed Nadir Shah, Nadeem Naqvi, Kashif Shamim, Maj (R) Muhammad Kamal and Muhammad Rafiq on the ECL.
Rs1.6 bn default accused still on ECL as IHC rejects appeal

Deputy Attorney General Tariq Mehmood Jahangiri told the court that the six defaulted on Rs1.6 billion payments. He said their names were put on the ECL on a request of the PTA but they have not made the PTA respondent. Dhedhi argued that D V Com Data (Ltd.) has a dispute over payments with the PTA but he is director of D V Com (Ltd.) which has nothing to do with this dispute. On March 1, the court threw out their appeal. They later went into an intra-court appeal against the decision of the one-judge bench but their appeal was again rejected. On March 11 Islamabad High Court conditionally allowed Aqeel Karim Dhedhi to visit abroad and applicant was ordered to return within one month.

 

[Sugarcane]

Dude - How much Mir Jafar is paying you guys for spamming? Have some shame, money is not everything in life.

 

[Bilal.]

It's either Mir shakeel aka Mir jafar or Jahangir Siddique's payroll that this user is on

 

[airmarshal]

Great country isn't it! Mir Shakil and his friend Jehangir Siddiqui can go everywhere. Despite being defaulters and using their resources to promote foreign agenda, they are free citizen.

 

[fareedsidra]

C
ountry’s chaotic financial heart – Karachi – is home to 18 million people, Taliban bombers, contract killers and one of the world’s most successful stock markets.
With 49 percent returns in 2012, the Karachi Stock Exchange (KSE) was one of the five best performing markets in the world. Now it is seeking a foreign partner to buy a stake and take over management of a market that has risen three-fold over the past four years.
At least some of that performance came on the back of a government amnesty that allowed people holding undeclared assets or “black money” to invest it freely in the market. And the relatively illiquid market has also been vulnerable to manipulation.
Nicknamed “Big Dhedhi” for his ability to move markets, Aqeel Karim Dhedhi heads one of Pakistan’s largest domestic conglomerates, the AKD Group (AKDC.KA).
Lately, the well-known philanthropist and leading member of Pakistan’s business establishment has been trying to fend off arrest over allegations of insider trading.
An SECP investigator accused traders, including Dhedhi’s brokerage, of buying shares in a state-run Sui Southern Gas Co (SUIS.KA) before an official announcement allowing the company to raise its prices. In the weeks before Sui Southern’s announcement, the stock price jumped from 13.5 rupees to 20 rupees, its biggest hike in five years. Dhedhi remains under investigation. But even if regulators were to find him guilty of insider trading, past practice shows he would likely get a slap on the wrist. The SECP’s fines are almost always a fraction above the amount of money made in the stock manipulation, and sometimes even less.

 

[fareedsidra]

According to sources, the report, to be submitted to the Supreme Court of Pakistan, implicates former SECP Chairman Mohammad Ali, Commissioner SECP Imtiaz Haider and some stock market tycoons in insider trading.
The report, a copy of which is available with The News, was approved on October 24 in a special meeting of SECP policy board chaired by Federal Secretary Finance Dr Waqar Masood.
Sources said the report strengthens the investigations of the National Accountability Bureau (NAB) in Rs100 billion Ogra corruption case as it confirms that the stock market tycoon Aqeel Karim Dhedhi (AKD) minted billions by manipulating the shares of gas utilities companies SSGCL and SNGPL through inside help in 2010 and 2011.
According to NAB sources, Dhedhi is accused of using inside information about raise in UFG (unaccounted for gas) benchmark during the tenure of ex-Ogra Chairman Tauqir Sadiq to make billions of rupees by manipulating the shares of the gas companies. NAB has already interrogated former SECP officials for their alleged role in the Ogra scam.
The bureau is expected to file the final reference in Ogra scam in the first week of November and the fresh report is likely to be made part of the evidence.
The initial inquiry by the SECP policy board was conducted on the orders of the Supreme Court which had directed the board on April 12, 2013 to probe the role of commission in preventing stock market manipulations and insider trading.
The first inquiry report was submitted to the apex court on July 10 but the apex court directed the board to review the report after objections raised by accused persons.
The board constituted an independent committee on July 22 to look into reservations expressed by the accused persons and companies. The committee drafted a detailed report which included para-wise reply to the objections raised by Dhedhi and others.
In its revised report, the committee endorsed the findings of the initial report which held SECP’s former administration responsible for ignoring suspicious trading in the market.
AKD had raised 16 objections to the first report of the policy board. He objected to the appointment of Bushra Aslam as member of the Policy Board’s inquiry committee saying that Bushra was herself accused in the petition filed with the Supreme Court and there was a case of conflict of interest.