PSX removes Hussain Lawai as chairman

By Rizwan Amir

KARACHI: Pakistan Stock Exchange (PSX) on Tuesday announced to remove renowned banker Hussain Lawai as its chairman, ARY News reported.

The banker facing inquiry in a Rs35 billion money laundering case was arrested by the Federal Investigation Agency (FIA) on July 6.

After his arrest, the SECP had issued a letter to PSX CEO Richard Morin demanding his removal from the PSX Chairman post.

FIA officials say 32 people, including Lawai, are being investigated for 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 court has has also summoned among several others, the PPP co-chairman Asif Ali Zardari and his sister Faryal Talpur on July 12.