KARACHI: The victimisation policy of Interior Ministry against some brokerage houses in the stock market has resulted in a big loss of over Rs 70 billion to the investors and the national exchequer.
Stock market sources say that at the behest of a media house that has gained notoriety in initiating conspiracies against its rivals, Interior Ministry has hatched a conspiracy against stockbrokers, particularly AKD Securities. An influential bureaucrat who was an employee of Jahangir Siddiqui before joining government service, and FIA Director Shahid Hayat, a personal friend of Jahangir Siddiqui, are major players in the conspiracy to downgrade top brokerage house AKD Securities that recently got the best stockbroker award along with six other awards in various categories by Global Securities.
JS Group and the media house have gone far beyond the normal business rivalry in attacking their rivals. Commenting on the grim situation, AKD Group’s Chief Aqeel Karim Dhedhi said the Federal Ministry of Finance is introducing Pakistan Stock Exchange, while on the other hand Ministry of Interior is harassing, victimising and discouraging investors from investing in the county. He said intimidation and victimisation has been fully exposed the Securities and Exchange Commission of Pakistan (SECP) and Federal Ministry of Finance.
He claimed that the regulatory authority of stock exchanges, SECP, has become incapable of stopping irregularities within its own ranks. He asked how close relations are being maintained between Jahangir Siddiqui and FIA Director Shahid Hayat, as JS Group had recently held a dance party at Mohatta Palace wherein Shahid Hayat was present. The social media is also spreading the clip of that dance party.
DAILY TIMES.
YEMI.
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