ISLAMABAD: The China Securities Regulatory Commission (CSRC) has slapped a lifetime ban on a Chinese company, JiangSu Yabaite Technology Co. Ltd., for being involved in fraud and awarded a huge amount of penalties to the company and its owners, reported a local English daily. The fraud was highlighted when the Pakistani media reported that Punjab Chief Minister Shehbaz Sharif was allegedly involved in money laundering and has sent a huge amount of money to China through Yabaite. However, Shehbaz Sharif denied such allegations. The company also claimed that Multan Metro Bus project was one of the defrauded projects but CSRC nullified the claim. The CSRC’s investigations also revealed that the company had never been involved in any project in Pakistan.

Source: Pakistan Today December 21, 2017 05:48 UTC