Headlines

FIA summons 17 Pakistan Customs officers in well-known “velocity cash” case

Published

1 month ago

November 4, 2023

ISLAMABAD: The Federal Investigation Company has summoned 17 Pakistan Customs officers in the course of the subsequent week within the well-known “velocity cash” case registered in July this 12 months.

In keeping with the main points, FIA Anti corruption circle Karachi has directed 17 officers in addition to different workers of Pakistan Customs together with then Chief Collector of Customs, Manzoor Hussain Memon, Collector Pakistan Customs Feroz Alam Junejo, Dr. Fareed lqbal Qureshi, (Extra Commissioner IR) Ejaz Ahmed, then Extra Director Pakistan Customs Intelligence in Karachi Rana Tasleem Akhtar, Superintendent Preventive Service (SPS) Pakistan Customs Iftikhar Hasan, three collectors and a number of other different officers. The officers should current themselves with earnings tax returns, wealth declarations and belongings declaration varieties between subsequent Tuesday to Thursday.

Abdul Jabbar Mendhro, Assistant Director, Federal Investigation Company, Anti-Corruption Circle Karachi, might be engaged within the investigation of the case.

The allegations in opposition to the officers are these of corruption, abuse of official energy and facilitating smugglers.

It’s pertinent to notice that FIA ACC Karachi carried out a raid at Jinnah Worldwide Airport in July this 12 months and apprehended two Customs officers, recognized as Tariq Mehmood, Superintendent (ASO), and Yawar Abbas, Superintendent Operation, whereas trying to board Flight No. PA-208 sure for Islamabad.

In the course of the search, the FIA crew recovered Rs 5,437,200, US Greenback 2,400, and UAE Dirham 6,100.

Tariq Mehmood and Yawar Abbas confessed that the recovered quantity was “velocity cash” collected from varied customs officers, together with the involved Collector, Extra Collector, Deputy Collector, Superintendent, SPS, SPO, and Pos. In addition they revealed that the month-to-month assortment from all Customs test posts, equivalent to Mochko, Mach Goth, Sohrab Goth, and Ghaggar Phatak, amounted to roughly 40 to 50 million PKR. Moreover, they disclosed that round Rs 60 million was collected in facilitation of the smuggling of betel nut.

The accused Customs officers have been subsequently taken to the FIA ACC Karachi for additional investigation into their reference to the smugglers and their involvement in facilitating the organized transportation of smuggled items. In the course of the interrogation, Tariq Mehmood and Yawar Abbas implicated different Customs officers who have been additionally receiving bribes/velocity cash for facilitating smugglers.

In keeping with the FIR, Saqif Saeed, who was appointed as Director Anti-Smuggling Group (ASO) in 2020, performed a key position in establishing the organized smuggling community. He appointed trusted people inside the anti-smuggling division to gather velocity cash from varied smugglers.

Usman Bajwa, who later changed Saqif Saeed as Director ASO, continued to facilitate the smugglers in trade for bribes/velocity cash amounting to roughly Rs 100 million per thirty days. In February 2023, Amir Thaheem assumed the place of Director Anti-Smuggling and in addition offered safety to smugglers concerned in varied unlawful actions.

The FIR additionally revealed that Tariq Mehmood disclosed the involvement of Imran Noorani, who operated a smuggling community for betel nut from the border areas of Balochistan to Karachi. Imran Noorani additionally ran a chhalia manufacturing unit below the title of M/s Sunny Merchandise within the Shershah Industrial Space of Karachi.

Following the approval of the competent authority, a case has been registered in opposition to Tariq Mehmood, Yawar Abbas, Saqif Saeed, Usman Bajwa, Amir Thaheem, Imran Noorani, and others below related sections of the regulation, together with the Pakistan Customs Act 1969 and the Prevention of Corruption Act 1947.

Headlines

Germany’s KfW improvement Financial institution to put money into Pakistan’s energy, well being sectors

Published

6 hours ago

December 4, 2023

Pakistaneo.com

ISLAMABAD: The Ministry of Financial Affairs and KfW, the German authorities’s improvement financial institution, solidified their partnership on Monday with the signing of agreements geared toward enhancing Pakistan’s energy transmission sector and supporting the well being sector, particularly in flood-affected areas.

As per particulars in a ceremony held in Islamabad on Sunday, Mr. Sebastian Jacobi, Nation Director of KfW, and Dr. Kazim Niaz, Secretary of the Ministry of Financial Affairs, inked agreements signifying Germany’s dedication to furthering Pakistan’s improvement objectives. Managing Director of NTDC, Engr. Dr. Rana Abdul Jabbar Khan, was additionally current.

Underneath the “Promotion of Renewable Energies and Power Effectivity” program, KfW, representing the German authorities, will present a further grant of Euro 2.5 million to the Nationwide Transmission and Despatch Firm (NTDC). This funding will help NTDC in guaranteeing the efficient operation and upkeep of installations, incorporating strong environmental and social administration techniques. The initiative goals to boost the combination of needs-based renewable vitality into the transmission system, contributing to sustainable financial development and local weather safety.

In one other vital transfer, KfW will allocate a further Euro 1.5 million to the “Self-Employment of Ladies within the Non-public Well being Sector” program. This initiative goals to empower ladies economically by establishing 400 clinics in Punjab and Khyber Pakhtunkhwa, creating income-generating alternatives. The help is designed to foster inclusive and sustainable financial development whereas concurrently bettering reproductive well being companies in rural areas.

Expressing gratitude, Mr. Kazim Niaz, Secretary of the Ministry of Financial Affairs, acknowledged the German Authorities’s steadfast help and counseled KfW for its pivotal function in fostering financial development and sustainable improvement in Pakistan. In response, Mr. Sebastian Jacobi emphasised that KfW’s funding within the vitality and governance sectors is not going to solely drive sectoral enhancements but additionally contribute to the socio-economic uplift of beneficiaries by means of job creation and infrastructure improvement.

Highlighting the longstanding financial cooperation between Germany and Pakistan, courting again over 60 years, Mr. Jacobi famous that Germany has constantly supported Pakistan in infrastructure improvement and bettering social situations.

Headlines

Pak Suzuki’s main shareholder presents to purchase out 26.91% minority shares

Published

10 hours ago

December 4, 2023

Pakistaneo.com

The bulk shareholder of Pak Suzuki Motor Firm Restricted (PSMC), Suzuki Motor Company (SMC), has proposed to amass the remaining 26.91% shares of the corporate from the minority shareholders for Rs406 per share.

This provide is a part of SMC’s plan to delist PSMC from the Pakistan Inventory Alternate (PSX) and make it a wholly-owned subsidiary.

In accordance with a discover issued by PSMC to the PSX on Monday, SMC has submitted an utility to the Securities and Alternate Fee of Pakistan (SECP) for the approval of the voluntary delisting of PSMC. The discover acknowledged that SMC intends to buy the minority shares by means of a young provide below the Corporations Act 2017 and the PSX Rules.

“Suzuki Motor Firm (SMC), the bulk shareholder proposes to buy 22,145,760 strange shares (26.91%) of the paid-up share capital of the corporate (PSMC) held by the minority shareholders of the corporate at a minimal buy value of Rs406 per share,” learn the discover.

PSMC mentioned it has appointed Arif Habib Restricted as the acquisition agent.

The discover additional acknowledged that the provide value of Rs406 per share represents a premium of 37.5% over the closing value of Rs295.36 per share on November 30, 2023, the final buying and selling day earlier than the announcement of the provide. The provide value additionally displays a premium of 38.8% over the common closing value of Rs292.54 per share for the final six months.

The discover added that the provide is topic to the approval of the SECP, the PSX, and the acceptance of no less than 90% of the minority shareholders. The discover additionally talked about that the Board of Administrators of PSMC has resolved to delist the corporate from the PSX on October 19, 2023.

Earlier on October 12, PSMC introduced that it could consider the proposal of its majority shareholder to purchase all of the remaining shares of the corporate and take it off the PSX. Every week later, on October 19, PSMC’s BoD agreed to just accept the provide and permitted the delisting of the corporate from the PSX.

Pak Suzuki Motor Firm is the one among three huge car producers in Pakistan, with a market share of 42.6% as of September 2023. The corporate produces and sells varied fashions of Suzuki automobiles, bikes, and industrial automobiles.

SMC is a Japanese multinational company that owns 73.09% of PSMC’s shares. SMC has cited varied causes for its choice to delist PSMC, such because the difficult enterprise atmosphere, the regulatory uncertainty, the low liquidity, and the excessive value of itemizing.

Minority shareholders of the PSMC have suffered losses and missed dividends for a number of years and the corporate incurred losses in 2019, 2020, and 2022, with ongoing losses recorded as much as the third quarter of the present monetary yr (2023).

Headlines

Matco Meals launches new corn sugar plant in Karachi

Published

11 hours ago

December 4, 2023

Pakistaneo.com

The corporate processes and exports rice, rice protein, rice glucose, pink salt, condiments and spices, dessert mixes and so forth and its new plant has a capability to supply 4,000 metric tons corn sugar per 12 months.

Matco Meals Restricted, one of many largest rice exporters in Pakistan, has introduced the beginning of economic operations of its new plant that produces dextrose monohydrate, a type of corn sugar used within the meals and beverage business.

The plant is situated on company-owned land at Tremendous Freeway Industrial Space, Karachi, and has a capability of 4,000 metric tons per 12 months.

The corporate mentioned in a submitting to the Pakistan Inventory Change (PSX) on Monday that the plant was accomplished in 14 months and underwent intensive testing and inspection earlier than commissioning. The undertaking has created new jobs and financial alternatives for the nation, and also will earn very important overseas change by way of exports, the corporate mentioned.

Dextrose monohydrate is a pure monosaccharide and carbohydrate that acts as a sweetener, thickener, and bulking agent in varied merchandise. Matco Meals is principally engaged within the processing and export of rice, rice protein, rice glucose, pink salt, condiments and spices, dessert mixes and so forth. It has 5 processing crops and exports its merchandise to over 65 nations underneath the model title “Falak”.

The corporate mentioned it’s dedicated to diversifying the commercial base and offering worth addition for its stakeholders and Pakistan’s financial system. It’s among the many high 100 exporters from the nation and a devoted accomplice of Pakistan’s industrial imaginative and prescient.