Daily The Business

Husain Lawai resigns from Glaxomithkline

GSK parts its ways due Lawai’s money laundering case: sources


M J Hayat

LAHORE: Husain Lawai, famous banker, former president of Summit Bank
and currently facing a multi-million rupee money laundering scandal,
following resigning from the post of Pakistan Stocks Exchange
Chairman, Tuesday also resigned from the post of board of directors of
Independent Director and Chairman of Audit Committee of Glaxomithkline
Pakistan Limited.

Reliable sources disclosed that Husain Lawai has resigned from the
board of directors of Independent Director and Chairman of Audit
Committee of Glaxomithkline Pakistan Limited due to his personnel
reasons and his other commitments.

On the other hand, the sources said that following Lawai landed in the
money laundering crisis, it was not feasible for Glaxomithkline
Pakistan Limited, a company of international reputation to carry Lawai
as the director and chairman of board of director of the committees of
the company.

They said that finally the company has to part its ways from the
famous banker and made him tender his resignation.

Hussain Lawai was arrested by the Federal Investigation Agency (FIA)
in connection with alleged money laundering worth billions of rupees
in July, this year. A District South judicial magistrate sent him to
jail on remand.

Earlier a banking court rejected bail pleas of Hussain Lawai the case.
The banking court while hearing the case said that the Federal
Investigation Agency (FIA) is carrying out an investigation into the
case, thus “the bail pleas cannot be approved at this time”.

In August, the banking court issued non-bailable warrants of arrest
for Pakistan People’s Party (PPP) Co-Chairman Asif Ali Zardari and 15
others in the Rs 35 billion money laundering case.

It was also reported that warrants were issued for suspects absconding
in the case, including Namar Majeed, Aslam Masood, Arif Khan, Naseer
Abdullah Hussain, Adnan Javed, Mohammad Umair, Iqbal, Azam Wazir Khan,
Zain Malik, and Mustafa Zulqarnain.

The FIA also requested the banking court for a 14-day remand of former
president Asif Zardari’s close aide and Omni Group Chairman Anwar
Majeed and his son. The accuser’s counsel, Farooq H Naek, opposed the

Leave A Reply

Your email address will not be published.