Staley spells out strategy at maiden investor meet
Jes Staley, the chief executive of JP Morgan’s investment bank met investors for the first time since taking on the job five months ago and outlined a three-pronged strategy for the division - including a determined push to double its market share in Asia.LINK
Back to the future
China is all set to launch stock index futures in March after the country’s securities regulator gave its final approval to regulations on February 20. The long-awaited introduction of index futures is expected to further development and inject much-needed sophistication into China’s stock markets. Fiona Lau and Helen Bartholomew reportLINK
BoP case a precedent for loan recovery
ISLAMABAD: The National Accountability Bureau (NAB) submitted a comprehensive report before the Supreme Court on Friday, claiming recovery of Rs5.612 billion out of the Rs9 billion involved in the Bank of Punjab (BoP) loan scam and outlining a course of action for early extradition of the bank’s former chief Hamesh Khan from the US.
“This case should be taken as a model and considered a precedent for recovery in another case of Rs256 billion loans written off since 1947,” Chief Justice Iftikhar Mohammad Chaudhry observed.
He said it was the court’s duty to bring back looted money to the country.
The report prepared by NAB, the Federal Investigation Agency (FIA) and the foreign ministry said the amount had been recovered in the shape of movable and immovable property through a voluntary return and plea bargain.
The three-judge bench adjourned the matter to April 7 with a directive to complete the entire process.
The report revealed that 17 accused in the scam had entered voluntary return/plea bargain, 11 had been released on an interim basis, six were yet to be arrested and four had completed the documentation required for transfer of their assets to the bank.
At a meeting convened on orders of the apex court, NAB, FIA, the Foreign Office and BoP agreed to coordinate all actions for expeditious completion of the investigation of the case both abroad and within Pakistan.
The report said some officers would be sent to the United States for quick extradition of Hamesh Khan if the accused contested the proceedings. A team comprising the investigation officer, a NAB official and a representative of the bank will visit the United Arab Emirates and Malaysia after consulting the Foreign Office and Pakistan’s consulates in the countries to secure and transfer traced property.
Seth Nisar, brother to Sheikh Afzal, chief executive of Haris Steel Mills, was found liable to pay Rs530 million to the bank in addition to the Rs400 million he had already deposited. However, he has been absconding.
The authorities decided to complete the exercise of his arrest and freezing of assets within three weeks.
A loan of Rs9 billion was sanctioned by the BoP to Sheikh Afzal of Haris Steel, Ali Ejaz of Haider Steel Industries and Waris Malik of Prime Steel Industries, and 22 other steel concerns some of which, according to the authorities, existed only on paper, against a declared collateral of Rs11 billion whose actual value was Rs40 million.
Mr Afzal was arrested in Malaysia through Interpol and brought to Pakistan in November, while Hamesh Khan has fled to the US. LINK