“A company which was operating with a profit of Rs956 million suddenly suffered a loss of Rs116 billion,” SECP apprised the committee. The committee chairman, in consultation with the senators, gave suggestions regarding forensic audit of the company besides directing the SECP to also take action against the audit firm that conducted HASCOL’s audit. Meanwhile, the committee rejected the charges on transaction of above Rs25,000 by the central bank and directed SBP to submit a report in this regard within a month. The committee chairman gave SBP officials one month’s time to resolve the issue. The committee has directed the Senate Secretariat to write a letter to the FBR chairman in this regard.

Source: Pakistan Today August 24, 2021 15:33 UTC