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Hussain Lawai removed as PSX chairman

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KARACHI: Hussain Lawai was removed on Tuesday as the chairman of the Pakistan Stock Exchange (PSX), according to a notification 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 money laundering and that in the “interest of the general public and the capital markets”, he be removed from his post.

Lawai was arrested by the Federal Investigation Agency (FIA) on July 6 on money laundering charges after the FIA registered a case in Karachi last week over a mega money-laundering scandal involving Rs35 billion — said to implicate politicians, businessmen and bankers.

FIA officials say that 32 people, including Lawai, are being investigated for laundering billions of rupees through ‘benami’ or fictitious bank accounts.

The scandal also includes former president Asif Ali Zardari and several of his close associates, including sister Faryal Talpur.

The Supreme Court has also taken notice of the case and summoned Zardari, among others, on July 12.

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