The National Accountability Bureau (NAB), Sindh, has facilitated settlement between seven forex companies and their clients while the probe is still in the process into the affairs of rest of seven such companies. The inquiry against illegal brokerage houses doing illegal forex business and cheating the public was initiated on the request of the State Bank of Pakistan (SBP) and Security Exchange Company Pakistan (SECP).
The official sources in the NAB told PPI that inquiry was initiated against 18 companies. However, the inquiries were dropped against the four companies namely M/s Apex Services Pvt Limited, M/s Hilinks Pak Pvt Limited, M/s Forex Links Karachi Pvt Limited and M/s Intercomix Financial Data Services Pvt Limited as no claim was received against them.
The NAB received 93 claims from general public against seven forex companies. After verifying the record in the presence of claimants and the officials of companies, the 53 claimants worth 256,814 dollar (Rs 15.408 million) were settled and inquiries against them were closed.
THE NAMES OF COMPANIES AND OTHER DETAILS: White House Securities: A total of 36 claims worth 130,093 dollar were received of which 26 amounting to 106,906 dollar were rejected and 10 claims worth 23,187 dollar found genuine. The company paid Rs 1,391,220 to the claimants.
CITY SECURITIES: 13 claims worth 139,706 dollar were received of which 06 amounting to 79,176 dollar rejected and 07 claims amounting 60,530 dollar found genuine. The claimants were paid Rs 3,631,800.
CREDIT MANHATTAN SECURITIES: Four claims amounting to 46,337 dollar were found genuine and the claimants were paid Rs2,780,220.
CREDIT LINKS INTERNATIONAL: Out of 24 claims worth 63,865 dollar, four claims amounting to 15,093 dollar were rejected. 20 claims amounting to 48,772 dollar were found genuine and the payment of Rs 2,926,320 was made to the claimants.
TRADE & BROKERAGE PVT LTD: Total claims 08 worth 74,496 dollar of which 03 worth 48,838 dollar rejected. Payment of Rs 1,539,480 was made in 05 claims worth 25,658 dollar.
BIG BOARD ADVISORY SERVICES: Seven claims worth 52,330 dollar were found genuine and the payment of Rs 3,139,800 was made to claimants.
PENTACON FINANCIAL SERVICES: Eight claims worth 80,500 dollar were received of which two claims amounting to 38,726 dollar were rejected and 06 claims amounting to 41,774 dollar found genuine. The company paid first instalment of Rs 45,000 to one claimant with undertaking to pay further in three months to close the inquiry.
The other seven forex companies, the number of claims and amount involved, against whom the inquiry is still in process are:
HARVEST TOPWORTH INTERNATIONAL: 06 claims worth 828,141 dollar.
CONTINENTAL ADVISORY SERVICES: 25 claims worth 59,683 dollar.
WALL STREET SECURITY PVT LTD: 19 claims worth 270,233 dollar.
FOREX MANAGEMENT PVT LTD: 60 claims worth 534,144 dollar.
CFC GLOBAL PVT LTD: 09 claims worth 222,000 dollar.
CREDIT COMMERCIAL INTERNATIONAL: 19 claims worth 654,417 dollar.
REFCO FX ASSOCIATION: 03 claims worth 21,000 dollar.
An amount of 2,589,618 dollar is involved in these seven cases.
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