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Sulaiman Mehdi named new chairman of Pakistan Stock Exchange

KARACHI: A board meeting of Pakistan Stock Exchange (PSX) decided on Thursday to appoint Sulaiman S Mehdi as the new chairman of the bourse.

After the removal of Hussain Lawai from the post, Sulaiman – chief executive officer of private equity firm Cyan Limited – is replacing him as a successor for the position of chairman of the stock exchange.

Sulaiman Mehdi was previously associated with the asset management department of a private bank. He received his formal education from Institute of the Corporate Secretaries of Pakistan (ICSP).

On July 10, the bourse announced to dismiss renowned banker Hussain Lawai as its chairman.

The banker facing inquiry in a Rs 35 billion money laundering case and was detained by the Federal Investigation Agency (FIA) on July 6.

After his arrest, the Securities and Exchange Commission of Pakistan (SECP) had issued a letter to PSX CEO Richard Morin demanding his removal from the office of PSX Chairman.

FIA officials say 32 people, including Lawai, are being investigated for charges of laundering billions of rupees through fictitious bank accounts.

The Supreme Court had taken a suo motu notice after media reported the alleged money laundering through banks.

The scandal also includes former president Asif Ali Zardari and several of his close associates including sister Faryal Talpur.

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