Hussain Lawai to remain PSX chairman

Despite his detention by the Federal Investigation Agency (FIA), Hussain Lawai would remain the chairman of Pakistan Stock Exchange (PSX).

A meeting of the PSX board was held on Monday, in which the board was of the view that it should not take any action on the matter of Lawai until instructions were received from the Securities and Exchange Commission of Pakistan, reported Dawn. The board was of the view that the action against Lawai had nothing to do with PSX, but was some unresolved issue with another bank.

A judicial magistrate remanded on Saturday Lawai into FIA's custody for four days. The next day, Supreme Court summoned Lawai and others involved in money-laundering through fake accounts. The court directed the FIA to produce the Chief Executive Officers (CEO)/President of three banks - Summit Bank, Sindh Bank and United Bank Limited before the court on July 12.

Meanwhile, the Ministry of Interior had been ordered to place their names on Exit Control List (ECL), so that they could not leave the country. The court stated Rs7 billion equity amount that Summit Bank deposited in State Bank of Pakistan can't be withdrawn without the permission of apex court.

However, State Bank of Pakistan (SBP) said that Supreme Court’s order will not affect the depositors of Summit Bank, whose head is also summoned by SC. “The Summit Bank is working in normal manner and meeting its obligations towards depositors and all rumors circulating in the media, particularly social media, about the Summit Bank are baseless and misleading,” SBP said in a statement.