IslamicFinance.de

The Securities and Exchange Commission of Pakistan (SECP) has cancelled asset management and advisory service licences of Dawood Capital Management Limited (DCML) and slapped a penalty of Rs20 million on its chief executive officer for providing undue benefits to its connected persons and close relatives. Besides, it also imposed another million rupees penalty on the chief financial officer/company secretary. Redemptions were made from collective investment schemes by the connected persons before provisioning and the connected persons, the CEO and her close relatives had averted an imminent loss of Rs18.224 million.

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.