Muhammad Iftikhar Shafi, a local industrialist and Syed Jameel Hassan, a Pakistani businessman settled in Saudi Arabia, have once again urged President Pervez Musharraf to order fresh probe into the May 2000 stock market crisis and take the responsible elements to task.
Addressing a news conference at Lahore Press Club on Saturday, they alleged Arif Habib, former chairman, Karachi Stock Exchange (KSE), for responsibility for the May 2000 crash of the stock market and demanded fresh enquiry against him.
They said that investors suffered huge losses while Arif Habib earned Rs 1 billion by manipulating the stock market, adding that Arif Habib changed categories of certain shares for his personal gains.
They also alleged Prime Minister Shaukat Aziz for protecting Arif Habib's wrongdoings. The value of total assets of Arif Habib was not more than Rs 50 million in 2002, which has now soared to Rs 100 billion, Iftikhar Shafi claimed.
"We had held a press conference in 2001 demanding the President to take note of the manipulation of the market, but our request was not entertained. We also moved the courts but to no avail. Now once again at this time when opposition has filed a reference against Prime Minister Shaukat Aziz and held him responsible for the stock market crash, we urge President Musharraf to institute a fresh enquiry into the May 2000 market crash," said Jameel Hassan said. He also offered the opposition their full support, saying they were ready to provide them with evidence against the responsible persons.
"We provided proofs to the Supreme Court of Pakistan regarding Arif Habib's direct involvement in the stock market crisis, which helped the apex court to take a historic decision regarding privatisation of Pakistan Steel Mill," Iftikhar Shafi claimed.
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