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Tag Archives: Corruption

Hussain Lawai resigns as PSX Board chairman

Hussain Lawai

LAHORE: In an emergent meeting of the Pakistan Stock Exchange (PSX), the board considered and accepted Hussain Lawai’s resignation as PSX Board chairman with immediate effect. Earlier, Securities and Exchange Commission of Pakistan (SECP) had directed PSX vide direction dated July 10, 2018, to immediately remove Hussain Lawai as PSX Board of Directors Chairman. The SECP issued the direction considering ... Read More »

NAB court rejects petition to transfer Al-Azizia reference

Nawaz, Maryam

ISLAMABAD: The accountability court hearing corruption cases against former prime minister Nawaz Sharif and his family on Thursday rejected a petition to transfer the Al-Azizia corruption reference to another judge. As the hearing resumed, Nawaz’s lawyer Khawaja Haris and the National Accountability Bureau (NAB) prosecutor Sardar Muzaffar Abbasi appeared in the court. The prosecution asked for more time to present ... Read More »

SHC directs NAB to submit details against ex-chairman KPT Javed Hanif

SHC

KARACHI: The Sindh High Court (SHC) directed NAB authorities to file complete details regarding NAB reference and investigation on a bail petition filed by suspect namely Muhammad Javed Hanif, former chairman Karachi Port Trust (KPT), who was involved in corruption case and abuse of authority for illegally appointing 940 employees in KPT. On Thursday, a two-member bench heard the matter. ... Read More »

Customs Court grants bail to suspect involved in HSD smuggling

bail

KARACHI: The Customs Court granted interim bail to suspect namely Muhammad Akbar son of Ghulam Muhammad, who was booked in a case of attempting to smuggle non-duty paid 21,640 liters High Speed Diesel (HSD). On Thursday, counsel for the above-mentioned suspect submitted bail petition and argued that his client is innocent and was falsely implicated in this case and he ... Read More »

FBR to consult with Law Division over performance of ATIR

performance

ISLAMABAD: Federal Board of Revenue (FBR) decided to consult with Law Division regarding its reservations on Appellate Tribunal Inland Revenues. Official sources told Customs Today that intense corruption has been revealed in the Appellate Tribunal Inland Revenues (ATIR), where 40,000 of tax-related cases and appeals are under hearing involving worth of thousand of billion of revenue and the board is ... Read More »

A Thousand Avenfields

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Corrupt elements are still misusing green channel facility: Advocate Zain Jatoe  

Green channel

KARACHI: Renowned lawyer Zain Jatoe has said it is a fact that green channel was purely introduced for legal importers, but some fraudsters are still misusing this facility. Talking with Customs Today, Jatoe said it is very clear that smuggling is going on through green channel but it cannot happen without the help of customs officials. He said an importer does ... Read More »

Fatal shootout in western Ukraine over cigarette smuggling, corruption

cigrate smugling

KIEV: A fatal shootout in the far western Ukraine town of Mukacheve has sparked a debate over whether the conflict erupted over cigarette smuggling and corruption or is a political battle between the Ukrainian government and the far-right Right Sector group. At least three people died and seven were injured Saturday in a confrontation about 60 kilometers from Ukraine’s border ... Read More »

Corruption, bribes and devaluation of assets cost Petrobras over US$17b in 2014

petrobras

SÃO PAULO: The oil giant of Brazil, Petrobras, released its net result for 2014, which was negative by over US$7 billion. Company officials also announced that corruption, bribes and devaluation of assets (impairment) cost the company over US$17 billion last year. According to Petrobras executives the Lava Jato (Carwash) scheme alone caused losses of over US$2.1 billion. “We are taking ... Read More »

Corruption: Kenya investors calls for e-procurement to curb graft

e procurement

NAIROBI: Kenyan investors have called on the government to seal corruption loopholes by enforcing the use of the e-procurement system to help inject efficiency and transparency. The investors, who are members of the Kenya Private Sector Alliance (KEPSA), said the system will go a long way in aiding the fight against corruption by eliminating the use of manual systems which ... Read More »

Corruption costs €100 billion yearly to Greece

coruption08

ATHENS: Greece’s government has declared war on corruption that will cost the country €100 billion every year. However, as the challenges ahead are enormous, Greece experts say. Panayiotis Nikoloudis, a well respected former Supreme Court prosecutor with a long history in tackling financial crimes, was named Greece’s first ever minister of state for combating corruption. Under this role, Nikoloudis has ... Read More »

Largest fertilizer corruption in Norway’s history under trial

4th

OSLO: The largest corruption trial in Norway’s history, involving charges of enticement at Norwegian fertilizer giant Yara International, got underway in an Oslo courtroom on Monday. It’s not a happy start to the New Year for the former Yara executives now defending themselves, after the company itself avoided further prosecution by accepting a record high fine early last year. The ... Read More »

Rs700 to 1,000b embezzled in 8-yrs: Economic corridor to flourish Balochistan: President

President Mamnoon Hussain

QUETTA: President Mamnoon Hussain said that Pak-China Economic Corridor was a monument of this century, which would open doors of progress and prosperity, especially for Balochistan. He was speaking to stakeholders including parliamentarians, political and tribal elders, professors, doctors, lawyers and civil society representatives at Governor House. He said that Pak-China Economic Corridor would start from Kashghar, China and reach ... Read More »

PIA losses reduced to Rs18b from Rs31.5b

PIA

ISLAMABAD: Pakistan International Airline (PIA) has reduced its annual losses to Rs18 billion from Rs31.5 billion during the fiscal year 2013-14. This was disclosed by Adviser to Prime Minister on Aviation Affairs, Shujaat Azeem, while talking to the journalists. He also revealed that PIA was also paying Rs3.29 billion interest on legacy loans that were taken in 1992. The premier’s ... Read More »

Getting one step down

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Pakistan has once again set a new record of degradation. This time in the ranking of business friendly countries, thanks to unfavourable economic atmosphere, political polarisation, sit-ins and ill-conceived government policies. According to a new World Bank report on ‘Doing Business’, Pakistan falls one grade lower — from 127th of last year to 128th of the current year — in ... Read More »

Govt urged to adopt uniform tax rate to generate revenue

FPCCI

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zakaria Usman has urged the government to adopt uniform 10 per cent tax rate on rental income to earn more revenue. He said that putting rental income under different tax slabs would encourage corruption and tax evasion, adding, “The tax slabs introduced during budget 2013-14 should be abolished immediately ... Read More »

China gives ex-Railway official death sentence in $7.7m corruption case

China - Beijing Railway Station

BEIJING: A Chinese court gave life sentence to a former senior railway official Zhang Shuguang for taking $7.7 million in bribes. Zhang Shuguang, once deputy chief engineer at China’s Ministry of Railways, was on Friday given a death sentence suspended for two years by a court in Beijing. The court heard he used his position to help companies secure rail ... Read More »

Gold price up Rs 300 per tola as marriage season kicks off

gold

KARACHI: The gold price gained strength by rising Rs 257 to trade of Rs 41,657 per 10 grams in the Karachi gold market today amid festive/marriage season demand from jewellers and retailers. Moreover, gold price rose Rs 300 per tola in market to reach a level of Rs 48,600, as price of precious metal increased globally and traded at $1,233 ... Read More »

IR officials flay manual tax refund system

Manual Tax Refund System

KARACHI: The Inland Revenue senior officials have revealed their apprehension over the manual refund system, claiming it would direct us to ‘corruption’, as Federal Board of Revenue (FBR) has given flexible powers to commissioners and other officials. Sources at the Karachi Regional Tax Office (RTO) exposed that during the last decade, FBR had given attention on the computerisation of tax ... Read More »

Delay in return of deposits by BOML perturbs customs agents

karachi-port-modern-day1

KARACHI: Customs agents are facing a lot of difficulties due to delay in return of deposits by BOML Containers. The highly-placed sources told Customs Today on Friday that customs agents have to make frequent visits for return of deposit amount after they return the containers. The amount deposited under the head of deposits is returned even after one month. The ... Read More »