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Saturday, August 24, 2013

Legal action against SECP officials likely

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August 12, 2013
 
The National Accountability Bureau (NAB) has decided to take action against former and serving officials of the SECP who are involved in scams surpassing Rs 200 billion.

The NAB investigators have collected enough evidence against former and serving officials of the regulator which is enough to justify their arrest that has become necessary to complete the process of probe, sources said.  The top officials of SECP are cooperating with NAB despite tremendous pressure from various quarters, they added.

Those involved in the frauds include former SECP Chairman Muhammad Ali and two serving commissioners Asif Arif and Imtiaz Hyder. They have been charged with hiding facts of 2008 stock market crash in which masses lost billions while crooked brokers made fortune overnight.

Moreover, they are involved in Rs 82 billion Ogra scam, harassing honest officials who wanted to bring facts to limelight, hiding personal assets, massive tax evasion,  promoting interests of stock and insurance mafia, pushing insurance companies to invest in stock market and reaping benefits from top insurance companies etc.

It may be mentioned that Muhammad Ali, Asif Arif and Imtiaz Hyder were appointed on the behest of powerful business lobbies by the corrupt leaders of the former government who in turn damaged the image of the corporate regulator by their highly objectionable actions. 

Leading brokers attempt to get SECP report revised - thenews.com.pk

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Mehtab Haider
Saturday, August 17, 2013

Some leading brokers are making hectic efforts to get findings of a report by the country’s top regulator revised that exposed multibillion rupees manipulation in the stock market, causing massive losses to the state-run financial institutions, officials said.

In 2010 and 2011, public sector financial institutions, including the National Bank of Pakistan (NBP), the National Investment Trust (NIT), Bank of Khyber and Bank of Punjab purchased millions of shares of the Sui Southern Gas Company Limited (SSGCL) and the Sui Northern Gas Company Limited (SNGPL) at higher than the market prices, they said.

The unusual activity was spotted by the Securities and Exchange Commission of Pakistan (SECP), which conducted a preliminary inquiry into the mega scam, they added.

SECP’s deputy director of its now defunct Surveillance Wing, Shazia Baig, led the inquiry and found out that millions of shares of SSGC were purchased above the market prices by these institutions, causing massive losses to the national exchequer.

With the approval of SECP’s policy board, a report was submitted before the Supreme Court on July 10 during the hearing into the infamous Ogra scandal.Sources say if the figures of the stock market manipulation of 2010-11 are added to the Ogra scandal’s Rs82 billion fraud, the amount would jump to at least Rs152 billion.

Therefore, a Karachi-based broker AKD is lobbying at the highest level in recent weeks to get the report findings revised and to make its entire content controversial, said a SECP official requesting anonymity.

Federal Secretary Finance Dr Waqar Masood Khan, who is also the chairman of SECP’s policy board, when inquired about the possibility of the revision of the report, said that certain stakeholders complained that their viewpoint was not incorporated into the report. “Now we have asked the concerned committee to come up with its findings in the next policy board meeting in which the decision to this effect will be made,” he said.

The board meeting, which was scheduled for August 19, has been postponed because of the unavailability of one of its members, he said.Aqeel Karim Dhedhi, chairman of the AKD Group, in a letter dated July 31, 2013, has urged the Secretary Finance Dr Waqar Masood to provide him an opportunity to “assist the policy board in order to ascertain the actual facts.”

The letter, a copy of which is available with ‘The News’, states that Ms Bushra Aslam was also appointed as member of the committee for preparing a report on the directives of the Supreme Court, which was alarming and basically remains a conflict of interest as she happened to be the respondent number 6 in the petition. Dhedhi also alleged that the compliance report was used to defame him.

However, SECP sources say that even from within the institution a senior official namely Imtiaz Haider, who was a former employee of AKD, was trying to oblige his former boss.“He was close to the former SECP chairman Muhammad Ali, who was sacked on the Supreme Court orders,” said the SECP official. “This person is trying to lobby in favour of his former boss … there is a direct clash of interest as he holds a senior position in the SECP,” he added.

The investigation into this alleged scam started in the aftermath of 2008 stock market crash in which big market players were stuck with huge amount of shares, which they wanted to offload at higher price.

At this point of time, these players allegedly used their influence to get their favourites appointed against key positions in important financial institutions. These favourites obliged their patrons by buying low priced shares at a higher price, official sources say.

“Now efforts are underway to divert attention from this mega scam by making all reports controversial despite the fact roughly more than Rs44 billion were manipulated from the stock market through this scam,” said the sources.

However, the National Accountability Bureau (NAB) has collected enough evidences to prove inside trading and market manipulation in the SSGCL and SNGPL scrips as an effect of change in UFG (unaccounted for gas) benchmark by former Ogra chairman Tauqeer Sadiq.

The earlier inquiry into the scrips of SNGPL and SSGCL by Shahzia Baig noted that the share price of SSGC was at level of Rs19.95 at the start of the month Sept 2010 and thereafter continuously moved upwards and reached its maximum price at Rs30.28 on Sept 30, 2011.

During the price hike, the NBP was its top buyer with approximately 4.0 million shares amounting Rs104 million, and the AKD securities was the top seller with more than 2.0 million shares amounting Rs63 million.

According to the report, the similar effects of change in UFG-benchmark caused hyper activity in the SNGPL shares in the last four months of 2010.It was observed that an unusual turnover of more than 9.0 million shares was recorded in this stock in a single day session in 2010.

It was revealed that this volume was mainly distributed mainly among three major buyers and handful of brokers as major sellers.Market players say that the authorities should conduct an in-depth investigation into this scam. They proposed forming of “an independent joint committee comprising NAB, SECP, FBR, FIA and other investigators to expose this white collar crime, which appears to be just the “tip of the iceberg” for this broker and his partners.”

FBR orders action against former SECP chairman - thenews.com.pk

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All the bigwigs are doing the same course of action. If they required to do under the law - they just heir top lawyers, pay them from exchequer and enjoy whole life!

Iran-Pak gas pipeline to be extended to China despite US opposition | Business Standard

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The new emerging power, The China, giving tough time to U.S.A in the line of Iran-Pakistan gas pipe line project.

Microsoft Bribe Probe Touches Russia, Pakistan Deals - WSJ.com

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This bribe may not be investigated if U.S. companies are involved because at every stage of win, Americans are found in the deals of kick backs!

Sharif signals positivity on 'Hong Kong like' trade corridor with China , AniNews.in

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Be ready to deliver more than Hongkong.

Mumbai photojournalist gang-raped: second accused arrested; hunt on for three others | NDTV.com

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INDIA - the country; the land of "Gang Rape". The beauty of its newly emerged historical identity. If you want to gang rape (Group Sex), please do visit India or if you want to stay off be away from India!

Incredible India???

Obama summons top defense aides to discuss Syria options | JPost | Israel News

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The U.S has make hay while it is unable to do a decisive role in middle east since long. The emerging concept of Super Power is declining day by day. In middle east, americans are losing their control while europeans are gaining without a single penny.

CM Punjab orders police to release PTI protestors

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It seems be confusion of "heavy mandate" but what option left if protestors causes hurdle in run of smooth life on Mall road, Lahore.

Do you have option?

Thursday, August 22, 2013

LoC: Indian out of line of control! India do you have money to feed your nation? day on army - daily.bhaskar.com

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No money to feed children but Pak spends R 1.35 billion every day on army
British Prime Minister David Cameron has asked India and Pakistan to resolve bilateral issues through dialogue amid tensions over the killing of five Indian soldiers in Jammu and Kashmir.

No money to feed children but Pak spends R 1.35 billion every day on army - daily.bhaskar.com

LoC: Indian out of line of control! No edge to its ongoing propoganda.

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India-Pakistan border tension: A 'sad' Nawaz Sharif convenes high-level military meet.

Pakistan Prime Minister Nawaz Sharif on Thursday chaired a high-level meeting with military and civilian officials to review tensions with India after the killing of five Indian soldiers along the LoC.

The meeting, held at the Foreign Office, was attended by top military officials and Sartaj Aziz, the Prime Minister's Adviser on National Security and Foreign Affairs, sources said.

The PM on Thursday sought to assuage feelings in India by expressing "sadness" over the recent incidents on the LoC and "loss of precious human lives" that sparked tensions between the two countries.

"It was imperative for both India and Pakistan to take effective steps to ensure and restore ceasefire on the LoC," Sharif added.

He further said it is "incumbent upon the leadership of both sides not to allow the situation to drift and to take steps to improve the atmosphere by engaging constructively with a view to building trust and confidence".

"Pakistan is prepared to discuss steps with India for further strengthening of existing mechanisms both at the political and military levels," he was quoted as saying in the statement issued by the foreign office.

Sharif reiterated Pakistan's resolve to "persist in its efforts to improve relations with India through a constructive dialogue on all issues".

This was one of Sharif's first engagements since his return from a private visit to Saudi Arabia. Tensions have flared between the two countries following the killing of five Indian soldiers on Tuesday.

Indian Defence Minister A K Antony said in parliament today that it was "now clear that specialist troops of the Pakistan Army were involved in the attack" and a "group from Pakistan-occupied Kashmir side crossed the LoC and killed" the Indian soldiers.

Pakistan has denied that its troops were involved in the incident. Subsequently, military officials in Islamabad said two Pakistani soldiers were injured in firing across the LoC.

Bilateral relations plummeted during this week after a thaw, when friendly messages were exchanged after a new government led by Sharif took over in Islamabad in June.

The India-Pakistan dialogue process was put on hold after an Indian soldier was beheaded and the mutilated body of another soldier was found following an attack by Pakistani troops in Poonch sector on January 8.

British Prime Minister David Cameron urges India and Pakistan to resolve bilateral issues

British Prime Minister David Cameron has asked India and Pakistan to resolve bilateral issues through dialogue amid tensions over the killing of five Indian soldiers in Jammu and Kashmir.

"Talks can resolve any issues in a democratic system," Cameron told Manchester-based 'Asian Lite' newspaper.

"As leaders of two great democracies, Prime Minister Manmohan Singh and Prime Minister Nawaz Sharif will soon launch bilateral talks to resolve all the issues between the nuclear armed countries for the welfare of the billion plus people," he added.

The British Prime Minister went on to praise his Indian counterpart as an example for other world leaders to emulate for his determination and knowledge to turn India into an global economic power.

In reference to the newly-elected Pakistan, Cameron expressed hope that the "seasoned politician" would bring remarkable changes to Pakistan's democratic system.

"I met Prime Minister Nawaz Sharif just after the Pakistan elections, and I am sure the new leader of Pakistan will ensure peace and stability in the region," Cameron was quoted as saying.

The leader of Britain's Conservative-led coalition government had recently also urged the two sub-continent neighbours to help bring peace to Afghanistan.

"India and Pakistan can play a crucial role in bringing peace back in Afghanistan," he had said last month.

In the picture, Indian BSF soldiers patrol over a footbridge built over a stream near LoC, a ceasefire line dividing Kashmir between India and Pakistan, at Sabjiyan sector of Poonch district.

India-Pakistan border tension: A 'sad' Nawaz Sharif convenes high-level military meet - daily.bhaskar.com

10 reasons why even after suffering 4 defeats, Pak keeps attacking India - daily.bhaskar.com

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LoC: Indian out of line of control! India is full of worry.

10 reasons why even after suffering 4 defeats, Pak keeps attacking India

Once again Pakistan has infuriated India by killing five Indian soldiers. Pak economy is in shambles and internal conflicts have left it with practically no resources to indulge in a full-fledged war with India. All the odds are against Pakistan.

Why and how this country dares to challenge us without any direct provocation from us? Well, the answers lie in the history of Indo-Pak independence, Pakistan’s formation, Bangladesh war, and politics of both the countries.

India has defeated Pakistan four times, but Pakistan is not willing to mend his way. 

10 reasons why even after suffering 4 defeats, Pak keeps attacking India - daily.bhaskar.com

LoC: Indian out of line of control! - i-NFC

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Pakistan's Air Force 'ready' for war against India~NFC (i-Non Favorite country)

Taking cue of the severed diplomatic ties between India and Pakistan after the unprovoked attack on Indian soldiers, Pakistan Air Chief Marshall Tahir Rafiq Butt has asked the Pakistan Air Force (PAF) to be prepared for a "two-front" situation. Tahir Rafiq Butt stressed on the situation because of its involvement in anti-terror operations and its historic adversarial role with neighbor India.

In an interview given to Jane's Defence Weekly, Butt commented that PAF was prepared for any adverse situation. While participating in anti-terror campaigns, the PAF learnt "on the job quickly and (was) efficiently supporting our ground troops in all their operations against militants", he said in an interview with Jane's Defence Weekly.

Butt said the PAF is set to attain the capability of carrying out aerial refuelling of its frontline JF-17 Thunder jets by the end of this summer.

"The ground tests have been very successful and I am satisfied. The (mid air refuelling test) will be done successfully by end of this summer. The in-flight refuelling of the JF-17s by Il-78 fuel tankers will allow the combat jets to remain airborne for longer. The JF-17 was jointly developed by Pakistan and China," he said.

Pakistan acquired the Il-78 fuel tankers from Ukraine in 2010 and these are being synchronised with the JF-17s.

Butt claimed the capability would enhance the marketability of the JF-17, which is being monitored by several countries due to its cost effectiveness.

"The JF-17 programme has been an excellent project to pursue... All this would also not have been possible without the cooperation of China.  The PAF plans to induct around 200 to 250 JF-17 jets," Butt said.

"The PAF received its last batch of F-16s in the recent past and even now, there are US Congressional clearances available for the provision of additional F-16 aircraft. Owing to requirements (and) compulsions in the future, there exists a possibility of acquisition of additional F-16 aircraft," he said. 

Pakistan's Air Force 'ready' for war against India - daily.bhaskar.com

LoC: Indian out of line of control!aily. The scared enemy - India the country?

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How Pakistan army is preparing for war against India!

Talking casually about military strength, India has over 12 lakh soldiers in its Army, of which Pakistan does not stand to even half but Pakistan’s morale has always been high as their military officers can take decisions on security and military operations of the country.

Recently, Pakistan Special Services Group (SSG) shot down five Indian jawans in an attack in Poonch sector along LoC. Pakistan SSG is an independent commando division which is trained to fight in difficult in terrains and hard circumstances.

Pakistan Army has seven of these battalions. The first battalion was formed in 1954. On the other hand, China is also providing modern war equipment to Pakistan. It army is also getting strict training. We bring you the pictures of training of Pakistani army.

PICS: How Pakistan army is preparing for war against India! - daily.bhaskar.com

LoC: Indian out of line of control! Obsession of War at Pakistan

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Nations evolve with time. And so has Pakistan, at least militarily. The Indian media makes hay without considering the actual mighty! Look at here for amazing comments:

Expecting that Indian forces would yet again easily defeat Pakistani military in a conventional war, like it did four times in the past, is an argument not grounded in current realities.

History clearly has not favoured Pakistan in terms of military strength vis-à-vis India, last time showcased in brief mountainous conflict in Kargil when Indian armed forces successfully drove out the Pakistan Army-backed extremist intruders . And so one would expect Pakistani forces to be relatively less belligerent on border. Also, by now the psychology of its army bosses should have become 'humble', with realisation that fighting a country almost four times your size, and many times richer and powerful than you is not easy.

On the contrary, from debatably using terror groups to advance its anti-India state policy to surge in ceasefire violations, the sub-continental neighbor has only got bolder.

Though it is true that India’s unrelenting stand on Kashmir combined with Pakistan’s adamancy is a contentious issue and according to some, the fountainhead of troubles in bilateral relationship, but still India appreciably has refrained from covertly sponsoring state-backed extremists, unlike Pakistan.

Not only terror, many provoking incidents by Pakistan Army along the LoC have meant that air of suspicion continues to plague relations.

Be it in January, when Pakistan Army decapitated an Indian soldier and killed another, or the latest ambush by a group of mujahideens and Pakistan Army on patrolling party of 21 Bihar regiment resulting in death of five Indian troops, Pakistan seems to be not afraid of another war.

Worryingly for India, since Nawaz Sharif assumed the leadership, the audacity of our neighbour has increased by leaps and bounds. Statistics reveal that over a dozen ceasefire violations from Pakistani Army happened last month, and over six infiltration attempts happened during the same time. At least seventeen alleged infiltrators, supposedly extremist fighters, were shot dead duing these incursion attempts.

A host of factors, if scrutinized, show that Pakistan has better chances of weighing heavily on Indian forces, if war takes place today. We try to present few of these:

:LoC: Indian out of line of control! No justice

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It was the night of February 23, 1991 and a darker night there probably never was, especially in Kupwara’s Kunan Poshapara village in Kashmir. The stillness of the cold night as people warmed themselves in warm blankets and the traditional kangri was suddenly shattered by the sound of incessant knocking on the door.

It was the army out on another strict operation, a search for terrorists they believed were hidden in their village.

Militancy was at its peak in the valley and it was routine for security forces to conduct search operations, drag people out of their homes and brutally question them.

No justice even after 25 years: Armymen had brutally raped all women from ages 8-80 - daily.bhaskar.com

LoC: Indian out of line of control! Tenis Star!

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The controversy’s favourite child Sania Mirza – in her 10 years of professional career – faced a lot of troubles. From sex scandal to marriage controversy, the Indian tennis star has won all her battles off the court as well.

The Indian tennis sensation has recently completed a decade in the international tennis circuit. She was awarded a wildcard entry in her first ever WTA tournament at the AP Tourism Hyderabad Open in February 2003.

During her course of ten years in international tennis, Sania Mirza has brought laurels for the country alongside her personal achievements. She is the current Indian No.1 in both singles and doubles and has held this position since 2003.

Sania Mirza is the highest ranked female tennis player ever from India, with a career high ranking of 27 in singles and 7 in doubles. She is the first Indian female player to surpass $1m in career earnings.

Despite her astronomical achievements, the Hyderabad girl has faced a lot of controversies in the recent past. From the fake blue film to morphed nude images, Sania Mirza has fought them all.

Here’s a look at the controversies that brought bad name to Indian tennis star:

From sex scandal to nude pics, Sania Mirza faced it all! - daily.bhaskar.com

LoC: Indian out of line of control!

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"I have been anticipating this wedding for years now! Shannon & Seema are special to me and I am honored that they chose me to be their wedding photographer. I flew into Los Angeles a few hours before the wedding festivities began. I was greeted by a house full of friends, family and a lot of laughter," well that's how the official photographer of the wedding, Steph Grant has described the wedding of Shannon and Sheena- the first Indo-American lesbian marriage.
First Indo-American lesbian wedding made guests cry - daily.bhaskar.com

 
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