KARACHI: Sulaiman S Mehdi has been appointed as the new chairman of Pakistan Stock Exchange (PSX), decided in the board meeting chaired on Thursday.
After the dismissal of former Chairman Hussain Lawai over his connection with money laundering case, the position was left vacant since july 6 and now it has been taken by the Sulaiman Mehdi- chief executive officer of private equity firm Cyan Limited.
Hussain Lawai, renowned banker, was sacked on july 10 following the notification issued by the Securities and Exchange Commission of Pakistan (SECP) directing the PSX to remove him from the chairman position, and stating the decision has taken “In the interest of the public and the capital markets.”
The banker has been investigating by the Federal Investigation Agency (FIA) for laundering billions of money through a fake accounts, under the Pakistan Penal Code read with Prevention of Corruption Act, 1947 and the Anti-Money Laundering Act, 2010.
The scandal also includes former president Asif Ali Zardari and several of his close associates, including sister Faryal Talpur, to which Supreme Court took notice and summoned them on july, 12.