AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

Criminal or Civil Proceedings Against Hascol Will Be Done: SECP

admin-augaf by admin-augaf
August 25, 2021
in Business
Reading Time: 2 mins read
0
Criminal or Civil Proceedings Against Hascol Will Be Done: SECP

Criminal or Civil Proceedings Against Hascol Will Be Done: SECP

Share on FacebookShare on TwitterWhatsapp

Islamabad August 24, 2021: Senate standing committee on Finance received a comprehensive briefing from the State Bank of Pakistan (SBP) and the Security and exchange commission of Pakistan (SECP) on the Financial reporting issue of HASCOL.

The committee was informed that in 2019, the liabilities increased from PKR 24 billion to PKR Forty-four billion as compared to 2018. The company was constantly investing in its new projects. The HASCOL company went to a massive loss from profit in a few months. A company which was operating with a profit of 956 million suddenly went to an enormous loss of PKR 116 billion, an official of SECP apprised the committee.


A L S O || R E A D

Finance Minister Stressed Cement Manufacturers To Reduce Cement Prices


SECP officials told the committee that the SECP had issued its instructions to the company.Two investigations are underway against HASCOL, which will be completed in three months. Criminal or civil proceedings against the company will be done under the SECP Act. Senator Saleem Mandviwala said that it seems that the fraud had been planned for years, and a forensic audit should be conducted. Senator Kamil Ali Agha said that such fraud is not possible if the auditing companies fulfil their responsibilities in a true sense. Senator Musaddiq Masood Malik asked why the SECP did not take action as the company had taken illegal steps on such a large scale. The stock exchange should protect the capital of the shareholders. The standing committee was directed to conduct a forensic audit of the HASCOL company. Chairman Committee, Senator Muhammad Talha Mahmood, in consultation with the Senators, gave suggestions regarding forensic audit of the company, auditors, penalties, and steps to be taken to empower the company.

The Chairman Committee sought the statements of 18 banks from the SBP in three weeks. The Chairman Committee said that a list of those who have given guarantees to these banks should also be provided.

admin-augaf

admin-augaf

Related Posts

Oil Prices Fall After Iran Attack As Market Draws Down Risk Premium
Business

Oil Prices Keep Climbing as Iran-Israel Conflict Enters Sixth Day

June 18, 2025
Secret Service Confirms Cocaine Was Found Inside White House
Business

Trump to Meet With Pakistan Army Chief at White House Wednesday

June 18, 2025
Hinopak Bottomline Turns Positive On Higher Sales: PSX
Business

Toyoto and Diamler Trucks To Become Ultimate Owners of Hino Pakistan

June 18, 2025
Fair Global Consult Fair Global Consult Fair Global Consult
ADVERTISEMENT

Recent News

Oil Prices Fall After Iran Attack As Market Draws Down Risk Premium

Oil Prices Keep Climbing as Iran-Israel Conflict Enters Sixth Day

June 18, 2025
Secret Service Confirms Cocaine Was Found Inside White House

Trump to Meet With Pakistan Army Chief at White House Wednesday

June 18, 2025
Hinopak Bottomline Turns Positive On Higher Sales: PSX

Toyoto and Diamler Trucks To Become Ultimate Owners of Hino Pakistan

June 18, 2025
PSX

Pakistan Records First-Ever Conviction for Insider Trading

June 18, 2025
Possibility of Further Actions to Stop Iran’s Uranium Enrichment, US Vice President Says

Possibility of Further Actions to Stop Iran’s Uranium Enrichment, US Vice President Says

June 17, 2025

Popular News

  • NSS

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Petrol Prices in Pakistan to Return to July 2023 Levels

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Oil Prices Keep Climbing as Iran-Israel Conflict Enters Sixth Day
  • Trump to Meet With Pakistan Army Chief at White House Wednesday
  • Toyoto and Diamler Trucks To Become Ultimate Owners of Hino Pakistan

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

Oil Prices Fall After Iran Attack As Market Draws Down Risk Premium

Oil Prices Keep Climbing as Iran-Israel Conflict Enters Sixth Day

June 18, 2025
Secret Service Confirms Cocaine Was Found Inside White House

Trump to Meet With Pakistan Army Chief at White House Wednesday

June 18, 2025
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.