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Date Posted: 01:31:56 12/01/13 Sun
Author: Express Tribune
Subject: Case against Haji Abdul Ghani

Two separate events shook Haji Abdul Ghani on October 25. It was Friday and after close of trading, the Securities and Exchange Commission of Pakistan (SECP) suspended registration of his brokerage firm. As company officials frantically tried to avoid potential disaster, an FIR was lodged against him in Karachi – part of what is turning out to be a dirty war between Pakistan’s rich and mighty. Ghani Osman Securities’ lawyers worked late into Saturday morning to prepare court documents to fight for pre-arrest bail and getting the SECP order suspended. The SECP action followed complaints that Ghani Osman Securities had stakes in another brokerage firm, which shut operations without settling dues of some clients. Hum Securities, in which Ghani Osman Securities had 10.08% shares, was asked by the regulator to clear the dues of its investors, according to case documents available with The Express Tribune.

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