BoP share manipulation to take center stage at key meeting

ISLAMABAD: The Senate Committee on Finance, Revenue and Economic Affairs would take up the issue of alleged manipulation of share prices of Bank of Punjab (BoP) in its meeting tomorrow (Wednesday, August 23), an official handout said on Monday.

“The Securities & Exchange Commission of Pakistan (SECP) would brief the committee on the alleged underwriting of shares along with details of shares purchased and sold by the management and directors of BoP from January 2015 to March 2017,” said a notification issued by the Senate Secretariat.

According to the notice, Senator Saleem Mandviwalla will chair the meeting, which would also be briefed by Federal Board of Revenue (FBR) and Auditor General of Pakistan on the audit of withholding taxes collected by telecom sector.

“Besides looking into the issue of money-laundering through gift arrangements, the meeting will also zoom in on the difficulties being faced by the businesspersons regarding the import of solar power generation systems along with the details of exemption given to solar power system,” the notice added.

In addition, the handout added, the finance division would also fill in the committee on the re-appropriation made during last financial year along with the relevant rules and authority under which re-appropriations were made.