Category: Industry

The Federal Investigation Agency's (FIA) sources have revealed that the agency has taken action against a group involving private property dealers and officials from the Capital Development Authority (CDA). The action was taken following a detailed investigation into a complaint lodged by a private citizen. During the investigation, FIA officials discovered the involvement of CDA officials in a multi-million rupee business conducted based on fake documents. A case of organized fraud has surfaced, implicating top officials of the CDA, who allegedly deceived a complainant by fraudulently selling a property and pocketing a substantial amount of money. Asmat Ullah Khan, the complainant, approached the FIA's anti-corruption division, unearthing an intricate web of deceit allegedly orchestrated by Kaswer Abbas Shah, Dealing Assistant at CDA, Muhammad Ashraf Chandio, Sub Assistant also from CDA, and Muhammad Idrees Mughal, a private individual and other property dealing people. The investigation revealed that the trio, allegedly working in collusion, deceived Asmat Ullah Khan into transferring funds for the purchase of a property in F-7/3 Islamabad, covering an area of 1244 square yards. According to sources familiar with the investigation, the fraudulent transaction was executed with the aid of a forged Non-Development Certificate (NDC). Muhammad Ashraf Chandio allegedly impersonated a Deputy Director at the CDA. The accused, namely Kaswer Abbas Shah, Muhammad Ashraf Chandio, and Muhammad Idrees Mughal are charged with multiple offenses under the Pakistan Penal Code, including sections 109, 419, 420, 468, and 471, as well as relevant sections of the Prevention of Corruption Act. Source: Pro Pakistani

Federal Minister of Industries and Production and National Food Security Rana Tanveer Hussain has said the government is committed to increasing the export of livestock from Pakistan since this sector contributes around 62 percent of the agricultural GDP of the country. Addressing a briefing on the livestock sector, Federal Minister Rana Tanveer Hussain said the livestock sector is very important in the agriculture economy of Pakistan as around 8 million families are connected to this sector. He said there is a lot of potential to earn foreign exchange from the livestock sector. He said Pakistan is the fourth largest milk-producing country and all necessary steps will have to be taken to meet the requirements of meat and milk across the country. Rana Tanveer said the development of the agricultural sector is the mission of the current government which is also determined to increase the export of livestock. He said for the first time in the history of Pakistan, a bill has been drafted to regulate veterinar y sciences and animal welfare. He said the bill will soon be sent to the cabinet for approval. The federal minister said practical measures are being taken to protect livestock from diseases. 'Strengthening the surveillance system to protect animals from diseases is a need of the time,' he said. He said concrete measures are being taken to create real-time data on animal diseases in the country. He said a track and trace system for the animals is also being devised which will help control the movement of animals. Commissioner Livestock Dr Akram gave a briefing to the federal minister about the challenges faced by livestock as well as the functioning of the department. Federal Secretary Food Security Capt (r) Muhammad Asif was also present at the briefing. Source: Pro Pakistani

Experts at a high-level policy forum on Wednesday demanded of the International Monetary Fund (IMF) and other global finance lending institutions to ensure relief for growth in Pakistan keeping in view the plight of common masses and the prevailing economic conditions of the country. The forum titled: 'Prosperity for Pakistan: Reforms for National Economic Growth' was organized by Sustainable Development Policy Institute (SDPI) in collaboration with the United Nations Development Programme (UNDP) and the World Bank (WB). In his opening remarks, Dr Samuel Rizk, the Resident Representative of UNDP Pakistan, said it is an important high-level dialogue that focuses on Pakistan's economic trajectory. 'Pakistan needs to focus on marco-economic stability, debt recovery, and improved revenue generation for its prosperity,' he said, adding that the country has largely faced the impact of global macro-economic fallout, COVID-19 pandemic and Ukraine-Russia war. Dr Rizk further said that the country's economic fault lines are turning risk into threat whereas the sustainable economic policy initiatives require cooperation from stakeholders and international community to achieve economic revival and improvement. Dr Shamshad Akhtar, the former caretaker finance minister, said the country needs to undergo massive transformation for economic sustainability as it demanded inclusivity and climate resilience as the key components of prosperity agenda. She added that macro-economic stability has to be ensured through adequate process and reinforced with great commitment through significant revenue enhancement along with focus on remote earnings to be aligned with increase in its earning agenda. She underlined that the country had to abandon domestic and external debts with improved taxation footprint and productivity improvements to achieve the goal of economic growth. Dr Abid Qaiyum Suleri, the SDPI Executive Director, said the recommendations presented by the experts are identical to the domestic agenda for economic betterme nt of the country. He recommended that the country needs to fix the leakages in its economic system, the chronic menaces like state-owned enterprises that are damaging the national economy. 'It is not possible for the country to avert default like situation amid more economic compromises towards non-tax paying sectors,' he added. Moreover, Dr Suleri said, it is also necessary to advocate on IMF to review impacts of its recommendations on people of Pakistan during its quarterly review and while making an assessment of how it is impacting the life of common masses. Kanni Wignaraja, the UN Assistant Secretary-General and UNDP Regional Director for Asia and the Pacific, said the green economy is not a luxury but a living reality in the prevailing times, whereas many Asian countries have transformed their transport sector that indicated low subsidy on fuels and increased incentive for eco-friendly means. 'It's not the issue of behaviour change but the issue of access to technology to improve governance. For exa mple, she said, universal access to Wi-Fi is imperative to ensure economic justice with infrastructure development whereas dignity is critical in human development landscape.' Wignaraja said tax subsidy equation in developing countries show direct correlation with more burdening of the already taxed and less inclusion of the untaxed sectors. 'Pakistan's debts go more in consumption than to increase productivity. However, we have to carry our own narrative and issues as Pakistan has to make its news choices to overcome economic crisis. It has been dragging its debt for decades and should explore new opportunities and take its affairs and decisions into its own hands,' she added. Pakistan should not import the things which are burdening the debt consumption she said, adding that the country needs a viable and single source of finance to address its economic woes. Tobias Akhtar Haque, Lead Country Economist and Acting Country Director, WB-Pakistan said Pakistan needs to reduce budgetary deficit to lessen debt s and utilize resources for human and infrastructure development. He added that it is crucial for Pakistan to have a balanced budget to create fiscal space for growth and economic recovery. 'However, it is necessary to review fiscal exemptions and those with political motives should be closed to start taxing the untaxed sectors like real estate and large agricultural farmland owners,' he maintained. Haque said the subsidies provided to the energy, fertilizer and gas-based industries needs to be abolished to ensure efficient movement of economy and stop benefitting wrong people and support social development initiatives like Benazir Income Support Programme (BISP). In his closing remarks, Dr Abid Suleri extended the vote of thanks to UNDP and SDPI teams and the participants for making the session vibrant and interactive. He said two myths to be broken that Pakistan is among the least emitters as there are around 100 more countries in this category and its ranking is 20th in terms of low Greenhouse Gas (GHG) emissions. In terms of climate finance, Pakistan needs to explore private climate finances through evidence-based approach and proper homework, he concluded. Source: Pro Pakistani

In a momentous development, EduFi Financial Services Private Limited, a pioneering education lending FinTech company, has been granted its Non-Banking Financial Company (NBFC) license by the Securities and Exchange Commission of Pakistan (SECP). This landmark achievement propels them into an exciting phase as EduFi formally launches its operations in the Pakistani market. EduFi is at the forefront with its groundbreaking education lending app. Harnessing the power of artificial intelligence (AI), the app revolutionizes the process that not only streamlines the application process but also ensures fairness and objectivity in lending decisions. The app provides tailored financial offerings that align with the individual's educational aspirations and capacity to repay. As a result, students gain access to necessary funds, empowering them to pursue their academic goals without the burden of financial uncertainty. This innovative solution is set to transform the education finance sector, making it more access ible, efficient, and responsive to the needs of a diverse student population. 'Our vision has always been to revolutionize the educational landscape of Pakistan to enhance our adult literacy rate and provide accessible and innovative financial solutions to a deprived sector of our economy. With the NBFC license in hand, we are now fully equipped to turn this vision into reality. We are set to embark on a mission to empower students, educators, and institutions with the financial tools they need to succeed. Education is the cornerstone of progress, and we believe that financial constraints should never be a barrier to learning. Our suite of products is designed to bridge the gap between ambition and opportunity, offering tailored financial solutions packages that will open doors for countless learners across Pakistan. We invite all Pakistani students to join us on this journey and fund their future with EduFi.' said company CEO and founder Aleena Nadeem. Source: Pro Pakistani

After suspension of a top Federal Board of Revenue (FBR) official for not pursing cases in high courts, the Securities and Exchange Commission of Pakistan (SECP) has immediately appointed new Special Public Prosecutors to defend cases before courts/tribunals including High Courts and Supreme Court of Pakistan. In this regard, the SECP issued an S.R.O.(I)/2024 on Wednesday. The notification revealed that the Competent Authority of the SECP has nominated and re-designated officers/advocates as Special Public Prosecutors to conduct all prosecution of offences against any person or any administered legislation provided thereto. Provided that Special Public Prosecutors may institute or defend cases, appeals, petitions, applications and all other matters before any court/tribunal including the High Courts and Supreme Court of Pakistan in matters arising out of any administered legislation provided thereto. The Special Public Prosecutors will be entitled to benefits for their respective grades as per Schedule of Entitlement of Management Cadre outlined in HR Manual. Syed Farhan Shah has been nominated as Special Public Prosecutor for Islamabad Capital Territory (ICT) and KP (High Courts, Court of Sessions and Special Courts/Tribunal). Fatima Shabbir has been nominated as Special Public Prosecutor for Islamabad Capital Territory (ICT) and Rawalpindi (High Courts, Court of Sessions and Special Courts/Tribunal). Hassnain Raza has been nominated as Special Public Prosecutor for Islamabad Capital Territory (ICT), Rawalpindi and KPK (Court of Sessions and Special Courts/Tribunal). The officers, previously notified as Special Public Prosecutors, have relinquished their respective charge from the Prosecution and Civil Litigation Department, and therefore, they are de-notified as Special Public Prosecutors, SECP added. Source: Pro Pakistani

The Pakistan Stock Exchange (PSX) rose to a new all-time high on Wednesday, surpassing its previous high of 71,500 seen on Tuesday. After opening trade at 71,359 points, the benchmark KSE-100 index went up by 1.48 percent or 1,055 points at 10:35 AM to a new high of 72,414. It closed at 72,051, up 0.97 percent or 692 points. The KMI 30 index gained 1,486 points settling at 121,162, while the KSE All share index increased by 306 points to close at 47,172. Top Volumes The highest participation was witnessed in Pakistan International Bulk Terminal (PSX: PIBTL) with over 54.5 million shares traded, followed by K-Electric Limited (PSX: KEL) and Air Link Communication Limited (PSX: AIRLINK). The scrips had 40.1 million shares and 25.9 million shares traded, respectively. SCRIP PRICE HIGH LOW CHANGE VOLUME PIBTL 7.02 7.07 6.79 0.38 54,513,000 KEL 4.16 4.23 4.1 0.09 40,123,957 AIRLINK 78.39 78.39 72.5 5.42 25,939,673 WTL 1.34 1.36 1.32 0.02 24,114,567 TELE 9.14 9.27 8.9 0.15 17,620,891 UNITY 24.53 24.55 23.61 0.6 16,685,503 PRL 27.74 28.25 27.4 -0.48 16,645,816 Source: Pro Pakistani