Hascol ends legal row with SECP

KARACHI: Hascol Petroleum Limited has withdrawn its petition filed to seek a stay of Securities & Exchange Commission of Pakistan's (SECP) probe into the financial reporting issues of the oil marketing company, a statement said on Thursday.

“We finally wish to inform that Hascol has lifted its stay order restraining the SECP’s investigation regarding its 2019 financial disclosures, and are cooperating with the Securities & Exchange Commission of Pakistan's in this regard,” said the company secretary in a communication to Pakistan Stock Exchange (PSX).

The secretary said Hascol had also appointed Aqeel Ahmed Khan as its CEO replacing Adeeb Ahmad who had resigned from the position.

Hascol’s spokesperson added that company’s board of directors that met on Thursday, had also approved the appointment of Zafar Iqbal Chaudhry and Mustafa Ashraf to the board as independent directors.

Besides, Hascol was currently in negotiations with its creditors to finalise a restructuring of the company’s liabilities, said the secretary.

“The company’s board and shareholders are committed to a successful restructuring of the company and long-term options are being evaluated,” the company secretary said.