Daily Times

Pakistan Stock Exchange (PSX) on Tuesday announced its decision to remove renowned banker Hussain Lawai as its chairman. The banker is facing an inquiry in a Rs35 billion money laundering case, and was arrested by the Federal Investigation Agency (FIA) on July 6.

Earlier, the Securities and Exchange Commission of Pakistan (SECP) on Tuesday removed Lawai from his post as the PSX chairman.

Following orders of the Supreme Court, the SECP directed the PSX to remove Lawai from the chairmanship and appoint a new chairman.

In a notification signed by its commissioner Zafar Abdullah, the SECP said an FIR was registered in the matter on July 6, 2018, nominating Lawai as one of the accused. He was arrested by the FIA for further investigation.

On Sunday, Supreme Court had barred the former president Asif Zardari and his sister Faryal Talpur from travelling abroad in the wake of the recent revelations in a fake bank accounts case. The development comes a few days after the FIA detained the Central Depository Company (CDC) chairman and Summit Bank vice chairman Hussain Lawai, a close aide of the former president.

Lawai and his associates are accused of opening 29 fake accounts in the Summit Bank and United Bank of Pakistan Limited.

Published in Daily Times, July 11^th 2018.