IslamicFinance.de

The Securities and Exchange Commission of Pakistan (SECP) has cancelled the Asset Management Licence of Dawood Capital Management Limited (DCML) and imposed a penalty of Rs20 million on its chief executive officer for providing “undue benefits” to his relatives and connected persons. The commission has also taken action against DCML’s chief financial controller/company secretary. The SECP found that the connected persons had made redemptions from different investment schemes before provisioning, and had averted imminent losses of Rs18.224 million.