Mega scam: Preparations to release frozen shares of PICT

KARACHI: Preparations are being made to release frozen shares of PICT, which has been termed the mega scandal of money laundering in Pakistan’s history, ARY News reported on Saturday.

Prominent businessmen Aqeel Karim Dhedhi has claimed that Pakistan’s largest media group and the father in law of the group owner’s son and the officials of SECP have been involved in the scam.

The preparations to release the the shares of Pakistan International Container Terminal (PICT), frozen by the former management of the  Securities and Exchange Commission of Pakistan (SECP), has been finalized, sources said.

These shares of PICT were purchased by foreign based Julius Investment Bank for their Pakistani client Jahangir Siddiqui, sources said.

According to sources, the matter is being termed as the largest case of money laundering in the history of the country.

The media group is exerting pressure on the SECP authorities for cover up, sources further said.

Aqeel Karim Dhedhi, a senior member of Karachi stock market, has said that a media tycoon has hijacked the SECP. He disclosed that Jahangir Siddiqui had purchased PICT shares on Rs. 110 per share and resold on Rs. 285 per share. The SECP had caught the inside trading, he said. Mr. Dhedhi demanded of the government to protect the SECP from the mafia, otherwise it will suffer an irreparable loss.

Mr. Dhedhi also appealed to the Prime Minister to form a commission to inquire into allegations levelled against his person and also against the owner of the media group and the father in law of his son. He also demanded an inquiry against present management of the SECP.