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SECP fines UBL Rs 2 million

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) fined United Bank Limited (UBL) with Rs 2 million for failing to comply with the provision of KSE Listing Regulations and misrepresenting facts to the SECP.

According to notice sent to Karachi Stock Exchange on Wednesday, apex regulator gave the detailed account of the facts that led to fine UBL.

According to SECP document, Board of Directors of UBL was held on March 12, 2009 in Abu Dhabi, UAE to consider the financial results for the period ended December 31, 2008. While the board meeting was still in progress, the KSE received verbal representations from its members regarding placement of financial results on the UBL’s website and their subsequent removal.

An explanation was sought by the SECP from UBL to which UBL admitted that the financial results were inadvertently posted on its website just for 10 minutes while the board meeting was in progress. However regretfully, it was found that later that the financial results of UBL were remained posted on its website for 251 minutes before they were communicated to the KSE.

The Commission noted that the representations made by the bank on two occasions regarding the time of placement and removal of price sensitive information on the website before its dissemination to KSE were incongruent. staff report

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