KARACHI – Hussain Lawai has been terminated from the office of chairman of the Pakistan Stock Exchange (PSX) with immediate effect.
A notification was issued to this effect today by the Securities and Exchange Commission of Pakistan (SECP).
The SECP earlier issued a letter to PSX CEO Richard Morin stating that it has come to its notice that Lawai has been arrested in an ongoing investigation into a money laundering case and that in the interest of the general public and the capital markets, he be removed from his post.
Hussain Lawai was arrested by the Federal Investigation Agency (FIA) on charges of money laundering on Friday last.
FIA had registered a case against him in Karachi last week over the mega money laundering scandal involving Rs 35 billion in connection with other corrupt politicians, businessmen and bankers.
