01

BUSINESS

BSaturday, 25 May, 2013

ISLAMABAD

StAff REPoRt

The Securities and exchange Commissionof Pakistan (SeCP) has refuted the allega-tion made by Transparency InternationalPakistan (TIP) regarding the issue of in-sider trading in Azgard 9.

These allegations appear to be moti-vated by mala fide intentions or a result oflack of knowledge of the intricacies in-volved in the issue at hand, says an SeCPstatement.

The TIP gives the false impression thatthe SeCP has been lax in prosecuting theguilty individuals and institutions. The TIPhas not acknowledged the fact that theSeCP had already explained its position tothe TIP through a letter. It is important tomention here that in this regard the Sindhhigh Court has already passed a restrainingorder against the TIP.

The TIP’s allegations are based onhearsay information and this militatesagainst its own objectives. The truth is thatthe SeCP discharges its functions and re-sponsibilities in accordance with the law,rules and regulation. When it comes to pre-venting, detecting, deterring and punishingfinancial malfeasance, the SeCP has de-vised the procedures, internal mechanismand the power to file criminal complaints.

The SeCP, nonetheless, has to ensure thatall technical and legal aspects are taken intothe consideration in terms of substantiatingthe case in the courts, as the onus of prooflies on the prosecution.

The TIP has acknowledges the fact theSeCP had initiated action by filing a crim-inal complaint against 23 companies andindividuals. The letter complains that theSeCP had not moved against 15 compa-nies. The SeCP would like to clarify thatbefore filing any criminal cases, it has tomake sure that the evidence is strongenough to secure a conviction. The docu-ments pertaining to the investigation report

were reviewed by an external counsel. Theobjective was to prepare a substantiatedcomplaint, backed up by sufficient evi-dence, because anything merely based onan opinion or presumption would not se-cure a conviction.

Being a responsible organization, theSeCP has to ensure that it has satisfied allthe legal requirements before taking anystern action. The SeCP’s internal team andexternal counsel undertook an extensive re-view of the evidence. A list of persons to beproceeded against criminally, based on thegist of available evidence against them, wasrecommended to the SeCP. The SeCP

granted approval to the companies/individ-uals to be prosecuted in the matter.

Now the matter is sub judice. It is alsopertinent to mention here that JS Invest-ment has filed a constitutional petition No.D 1985 of 2013 in the Sindh high Court,which has since suspended the proceedingsin the trial court. The SeCP is contestingthe matter.

With specific reference to chargesmade against Zafar Abdullah, an SeCPcommissioner, the SeCP would like to clar-ify that Zafar Abdullah was never the CeOof Crosby Dragon Fund (CDF) or its AssetManagement Company (AMC). As matter

of fact, Abdullah was the CeO of CrosbySecurities Pakistan (Private) Limited(CSPL), a licensed corporate brokeragehouse, which was completely independentand separate from CDF and Crosby AMCin terms of the board of directors and themanagement. Moreover, in terms of the rel-evant statute and the regulatory frameworkthereof, a corporate brokerage house and anasset management company and its fundsshould have separate and independent re-spective management and boards of direc-tors and Crosby Brokerage house andCrosby AMC were compliant with thesestatutory conditions.

It may further be noted that Zafar Ab-dullah joined the CSPL on February 15,2008, and it started commercial operationson May 29, 2008, whereas in ANL manip-ulation case, the second review period wasalso over in early April 2008. Thus, CSPL,the brokerage house, headed by Zafar Ab-dullah, had neither indulged in any director indirect trading of ANL shares nor it hadany connection with Crosby AMC orCrosby Dragon Fund.

Furthermore, it is relevant to state thefactual position that the name of the CrosbyDragon Fund was excluded from the list ofthe accused by the SeCP on October 20,2011, whereas Zafar Abdullah joined theSeCP on August 17, 2012.

SECP rejects TIP allegations

ISLAMABAD

APP

The Senate Standing Committee onWater and Power on Friday directed theNational electric Power RegulatoryAuthority (NePRA) to stop taking fueladjustment charges as it was mandatedto secure the interests of consumers.

The committee met under theChairmanship of Senator Zahid Khanin Parliament house.

The committee issued directives tothe Water and Power Ministry toensure that except defence insti-tutions and hospitals all de-partments, includingparliament and SupremeCourt, should bear theshare of load shed-ding like commonman.

The commit-tee asked theauthorities tostop giving

extra 650 megawatts to the Karachielectric Supply Company (KeSC) andmake a monitoring system to look afterthe quota of different electricity supplycompanies and inform about the quotaof every company.

Replying to the recommendationsof the committee, an official said as faras the construction of Darawat damwas concerned, the physical progress ofthe main dam was 99 percent whereas

the overall progress of the project stoodat 74 percent.

Keeping in view the financial posi-tion of the project, an amount of Rs4,000 million in all including liabilitiesof 1,500 million was required to com-plete the project within the time.

Briefing about the present status ofGomal Gol Dam, the official told thecommittee that location of the dam wason Gomal Gol river, a major tributaryof Mastuj river and installed capacityof the dam was 106 megawatt and an-

nual energy 436 GWh.he said construction of

boundary wall has been com-pleted and roads, water

supply, sewerage, pri-mary school, mosque,

dispensary andguard room, shopsand constructionof staff colonyhas been sub-stantially com-pleted.

KARACHI

StAff REPoRt

The Federation of Pak-istan Chambers of Com-merce and Industry(FPCCI) has opposedthe restriction on fillingof CNG in above

1,000cc vehicles. In an emergent meetingof FPCCI Standing Committee on CNGheld at the Federation house to evaluate thegovernment’s directive to suspend filling ofCNG in all vehicles above 1000cc, GulzarFiroz, Vice President FPCCI, strongly con-demned the decision and termed it irra-tional, illegal, discriminatory and violationof basic rights of the consumers.

Chairman FPCCI Standing Commit-tee on CNG Suleman h. Sulemanjeebriefed the Vice President and Committeemembers that earlier the Ministry of Pe-troleum had moved a similar summaryunder the instructions of the previous gov-ernment that was rejected by the eCCafter extensive deliberations and argu-

ments, declaring the policy as unjustified. Subsequently the rejected summary by

previous eCC members was presented tothe caretaker PM, who has reportedly issuedthis illegal, unjustified directives withoutconsultation with the stakeholders nor theproper procedure of issuing policy guide-lines have been adopted. Khawaja Asif ofthe Pakistan Muslim League-Nawaz, notic-ing the extraordinary interference of the in-terim government beyond their purview andmandate, has also obtained a court stay orderrestricting the interim government from in-dulging in such activities.

It was also highlighted that a con-sumer having 1200cc old car with CNGvaluing approx Rs 0.4 million is nowforced to buy 800cc or 1000cc vehicleamounting to Rs one million in order toavail CNG. It appears that the decisionmay have been motivated in view of fac-tors having mala fide intentions and theresult would be suffering of the less priv-ileged class who are the users of the inex-pensive fuel to pass on the benefit to theprivileged class.

FPCCI rejects CNG ban on 1,000cc or more vehicles as discriminatory

Committee asks NEPRA to stoptaking fuel adjustment charges

Weekly inflation

up by 0.06 percentISLAMABAD: The Sensitive Price Indi-cator (SPI) for the week ended on May 23for the lowest income group up to Rs8,000 registered increased of 0.06 per centas compared to the previous week. TheSPI for the week under review in theabove mentioned group was recorded at186.90 points against 186.78 points regis-tered in the previous week. According theprovisional figures of Pakistan Bureau ofStatistics (PBS) weekly SPI has been com-puted with base 2007 2008=100, covering17 urban centers and 53 essential items forall income groups and combined. The SPIfor the combined group also increased by0.11 per cent as it went up from 192.01points in the previous week to 192.23points in the week under review. As com-pared to the corresponding week of lastyear, the SPI for the combined group inthe week under review witnessed increaseof 2.78 percent. As compared to the lastweek, the SPI for the income groups fromRs 8001 12,000, 12,001 18,000, 1800135,000 and above Rs 35,000 increased by0.10 percent, 0.11 percent, 0.12 and 0.13percent, respectively. During the weekunder review average prices of 8 itemsregistered decrease, while that of 17 itemsincrease with the remaining 28 items’prices unchanged. The items which regis-tered decrease in their prices during theweek under review included onion, garlic,egg hen (farm), red chillies powder, ma-soor pulse (washed), LPG cylinder (11kg)and chicken live (farm). The items whichrecorded increase in their average pricesincluded tomatoes, bananas, potatoes, tea,gur, sugar, mash pulse (washed), bathsoap, wheat flour bag, wheat, milk fresh,curd, moong pulse (washed), fire wood,shirting, vegetable ghee (loose) and mus-tard oil. The items with no change intheir average prices during the weekunder review included rice basmati (bro-ken), rice irri-6, bread plain, beef, mut-ton, milk powder, cooking oil (tin),vegetable ghee (tin), salt powder, cookeddal (plate), cooked beef (plate), tea pre-pared (cup), cigarettes, long cloth, lawn,georgette, sandal gents, chappal spang(gents), sandal ladies, electric charges,gas charges, kerosene oil, energy saver,washing soap, match box, petrol, dieseland telephone local calls. APP

Google joins race to buy WazeGoogle Inc. has entered the fray alongsideFacebook in the battle to buy Israeli navigationand traffic report app Waze Ltd.. The entry ofGoogle is likely to spark off a bidding war withsources at Facebook already suggesting thattalks for the acquisition are for $1 billion.“Bloomberg” reports that, “Waze is fielding ex-pressions of interest from multiple parties andis seeking more than $1 billion, said one of thepeople, who asked not to be identified becausethe talks are private.” “Bloomberg” also re-ported that Waze may elect to remain inde-pendent and raise another round of venturecapital financing instead. According to“Bloomberg,” Apple Inc. which was linkedwith an acquisition of Waze last year is nolonger interested in buying the Israeli company.Waze has also attracted interest from MicorsoftCorporation, which is one of its investors. BothWaze and Google declined to comment on thereport. Waze has developed one of the mostwell-known and popular navigation apps on themarket. The app can be used by smartphones,tablets, and vehicle systems, providing GPSnavigation, crowdsourced-based updates aboutcongestion, police, traffic cameras, accidents,and road hazards. The company has more than40 million subscribers, and expects to reach 70million by the end of the year. NEWS DESK

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BUSINESSSaturday, 25 May, 2013

PtCl launches newmodels of eVo and Nitro Cloud devicesISLAMABAD: Pakistan Telecommunication

Company Limited (PTCL) has introduced new

models of its EVO and Nitro Cloud devices, which

offer enhanced and upgraded features for a rich

on-the-go broadband experience. The pocket-

sized EVO and EVO Nitro Cloud devices are

easy-to-manage portable Wi-Fi routers that

create a powerful Wi-Fi hotspot, enabling users

to share hyper fast broadband speeds of up to

9.3Mbps in over 200 cities and 3.1Mbps in more

than 250 cities nationwide. “PTCL is continuously

introducing connectivity solutions in order to

facilitate our customers in their daily lives and

also help them to remain efficient by offering

tailor-made products to fit their needs,” said

Omar Khalid, PTCL Executive Vice President

(EVP) Wireless Services. “Our EVO product

portfolio is opening up a new world of

opportunities for on-the-go broadband internet

connectivity while removing barriers for

improved growth and development of wireless

broadband internet in the country,” he added

further. Offering an intelligent Li-Polymer battery

with auto cut-off function to avoid over-

charging, and options of various packages, the

devices offer great value for money, and enable

customers to get the most out of their

multimedia content whilst on the go. Both the

device models come with slightly varying

features, and can connect up to 5 and 8 Wi-Fi

enabled gadgets like tablets, notebooks and

smart phones, through a simple touch all at the

same time. With the largest data network in

addition to widest coverage, PTCL broadband is

empowering people to reach out to the world,

enabling convenient access to knowledge and

information nationwide. PR

IbA Karachi inauguratesAbdul razzak tabbaAcademic block

KARACHI: The Inauguration Ceremony of IBA’s

Abdul Razzak Tabba Academic Building was held

at the Institute of Business Administration Karachi

on Friday been constructed in collaboration with

Lucky Cement Limited and named after Abdul

Razzak Tabba, late Chairman of Yunus Brothers

Group of Companies. While providing state of the

art facilities and a highly stimulating educational

environment to the students of IBA, the Academic

Building is to house IBA’s diverse course offerings.

After the welcome address, the chief guest

Muhammad Ali Tabba, Chairman of Yunus Brothers

Group of Companies, graced the stage. He said he

felt honored to have been able to contribute to

such an “iconic, beautiful academic structure” at

in institute that is “setting new standards an

education”. He also said that as a philanthropist,

his late father, Abdul Razzak Tabba, would have

been proud to be a part of a prestigious

educational institute such as IBA Karachi. Later,

Dr. Ishrat Husain, Dean & Director IBA Karachi

expressed his deepest gratitude towards the

guests. He appreciated everyone from Najmi

Bilgrami Pvt. Ltd and IBA’s project department

who managed to complete the project in two

years, tallying a cost of over Rs. 220 million

generously endowed by the Aziz Tabba

Foundation. PR

Ceo PAdIl demands allocation of funds for persons with lds in budgetKARACHI: Chief Executive Officer (CEO)

Pakistan Association for Difficulties in Learning

(PADIL) Ashba Kamran has demanded allocation

of funds for the persons with Learning

Disabilities (LDs) in the budget for the fiscal

year 2013-14. She said it is an irony that the

persons with LDs are clubbed with physically

disabled persons. Not only this, she added, the

federal government has never carried out a

separate census for the persons with LDs. She

said the blithe of ignorance being faced by the

slow learners or the persons with LDs is ending

up on high turnout of school dropouts.

Resultantly, the literacy rate in Pakistan is

abysmally low and discouraging. Ashba said the

PADIL management firmly believes that it is

right time to exert pressure on the upcoming

government to treat the persons with LDs as a

separate entity in the budget documents and

allocate sufficient funds to rehabilitate and

educate them. PR

CORPORATE CORNER

02

B

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERNestle Pak. 6500.00 6600.00 6600.00 6600.00 100.00 20Shezan Inter. 571.00 589.99 577.80 589.65 18.65 400Gillette Pak 355.00 372.75 372.00 372.75 17.75 1,000Pak Services 307.00 322.35 322.00 322.35 15.35 300Island Textile 729.99 764.99 700.00 740.00 10.01 700

Major LosersColgate Palmolive 1870.35 1801.00 1801.00 1801.00 -69.35 50Murree Brewery 346.00 350.00 328.70 332.84 -13.16 178,200Dreamworld 312.00 300.00 300.00 300.00 -12.00 100Indus Motor Co XD 321.00 315.00 315.00 315.00 -6.00 200Attock Petroleum Ltd 516.94 517.00 511.02 511.91 -5.03 7,100

Volume Leaders

B.O.Punjab(R) 1.31 2.31 1.25 2.29 0.98 62,961,500Pace (Pak) Ltd. 4.10 4.93 4.20 4.49 0.39 42,057,000Dewan Cement 7.86 8.10 7.45 7.63 -0.23 18,867,000P.T.C.L.A 20.97 21.63 20.75 21.31 0.34 16,075,000Engro Corporation 148.55 151.95 147.11 148.80 0.25 15,260,200

Interbank RatesUSD PKR 98.3318GBP PKR 148.5105JPY PKR 0.9674EURO PKR 127.4872

ForexBUY SELL

US Dollar 99.80 100.05 Euro 127.55 127.79 Great Britain Pound 149.44 149.71 Japanese Yen 0.9744 0.9816 Canadian Dollar 95.29 96.69 Hong Kong Dollar 12.59 12.79 UAE Dirham 26.98 27.15 Saudi Riyal 26.48 26.70

ISLAMABAD: A classy musical evening was organised by the Islamabad Marriott Hotel in

collaboration with Mausikaar. A joint percussion performance was given by Muhammad Ajmal

on Tabla, Malik Sikander on Matka and Jeevey Lal on Dholak. PR

LAHORE

NNI

Chairman All Pakistan Cottage Industry & SmallTraders Ghulam Sarwar Malik has said thatgrowth of manufacturing sector and economic sta-bility is not possible without strengthening the cot-tage industry and the PML-N government wouldhave to evolve a comprehensive strategy and an-nounce a special package for early revival of cot-tage industry. “Nawaz Sharif should form acommittee on cottage industry and give due rep-resentation to the people attached with this impor-tant sector,” he said.

Malik was talking to a delegation of 60 asso-ciations of cottage industry on Friday. The dele-gation members informed him that cottageindustry was on the verge of collapse and need anurgent rescue plan. Malik said that conundrum ofelections in Pakistan was done and people have

witnessed a congenial change. They have highhopes with the PML-N leaders Nawaz Sharif andShahbaz Sharif. he said that due to baseless poli-cies and corruption of the previous regime, cottageindustry had destroyed while the energy crisis hadalready rendered thousands of people attachedwith this sector jobless.

he appealed Nawaz Sharif to work on warfooting to overcome the energy crisis, adding thatthe looted money should be recovered to getclosed power plants operational.

While eulogizing the former Punjab chiefminister, he said that Shahbaz Sharif was keen toturn the province into hub of investment. he saidthat establishment of cottage city would attractforeign investment besides playing an importantrole in stabilizing the economy of Punjab. he saidthat cottage industry having 20-workers in its fold,should be exempted from social security, old agebenefit and labour laws to get some breath.

Economic stability not possible withoutstrengthening cottage industry: Malik

textile exporters urge PMl-N govt to forge export oriented policiesFAISALABAD: Textile exporters havestressed the new Pakistan Muslim League-Nawaz (PML-N) government to forge exportoriented policies to ensure surge in the econ-omy. In a press statement, PTeA office bear-ers urged the upcoming government to givetop priority to economy as Pakistan could notmake sound progress without turning aroundits sagging economy. energy crisis coupledwith high interest rate, excessive burden oftaxes and stuck up amounts in refund regimeshas not only jeopardised growth of the textileindustry and exports but put the survival ofexisting industries at stake. They said that tex-tile sector has much hopes on the new gov-ernment which is going to be formed with anindustry-related background. It should be thetop priority of the new government to restorethe confidence of industrialists and overcomethe energy crises, they said. INP

PSQCA FINdS 31 bottled WAter brANdS uNSAFe ISLAMABAD: The Pakistan Standard Quality Control Authority(PSQCA) has revealed that 31 brands of bottled drinking water arefound unsafe for human use due to chemical or microbiological contami-nation. According to the monitoring report for the quarter (January-March 2013), 87 samples of mineral/bottled water brands were collectedfrom Islamabad, Rawalpindi, Lahore, Faisalabad, Sargodha, Sialkot,Multan, DG Khan, Tando Jam, Karachi, Quetta, Peshawar and Gilgit.The brands found unsafe included Nectar, Splash dew, Italian Crystal,Atlantis Premium Water, hydr8, Fresco healthy Water, Unique Water,Pan Pura, Oriel, Kalash Pure Water, Premier Pure Water, Nation, AquaCool, Kallan Water,A Cool, Aqua National, Al-Shifa Water, Active,Sparkling, Danni pure Water, healthy Water, Vey, Standard, Vina, eCOWater, Rhine Blue, Orion, Sunlay, Blue Danube, Prime Pani and Jel. APP

HYDERABAD: Women look at

clothes during a summer

dress exhibition on Friday. INP

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