Prime Minister Shaukat Aziz on Tuesday said that forensic accountants were investigating the March 2005 crash of Karachi Stock Exchange and would submit a report in three months. "Strict action will be taken against individuals or organisations found involved," Aziz said in an interview to a private television channel.
He said that market corrections were not a strange phenomenon in the stock exchanges as all international markets see ups and downs, since these were globally linked up.
He said the stock exchanges of Turkey fell by 20 percent, Dubai and Kuwait by 30 percent and India by 40 percent recently. The Prime Minister said Justice Saleem Akhtar had been appointed to head the Task Force to investigate the KSE's last year's crash.
He said that on his directives the report, submitted to the Securities and Exchange Commission of Pakistan (SECP), was published on the internet the same day on which it was released, and it did not mention any names.
"It is not justice to blame any person without any proof as the report does not name anyone and as soon as the forensic accountants complete their report, legal action will be taken against those found responsible," he said, and added "Let the facts speak for themselves."
When asked whether he had any investments in KSE, the Prime Minister said "I, as a matter of personal policy, do not invest in the country I work; this is my principle, and I have worked very hard and all my assets are known."
When asked why he did not invest in Pakistan, he said, "Had I done so, you would have said the Prime Minister was running his own business." He said, "I have no factories, no shares; everything I have has already been declared."
About the rumours that strong cartels were behind such scams, the Prime Minister said: "No one is above the law...if anyone violates, government will not make any distinction and they will face the music."
He said the government was pursuing the policy of de-regulation. However, he made it clear that it does not mean abdication. "The government will continue to make the policies; the independent regulator will monitor. and the private sector will do the business," he added.
About Supreme Court's decision on the sale of Pakistan Steel Mills, the Prime Minister said the government fully respects the decision and was waiting f or the detailed judgement. "We will only take a decision that is in national interest," he added.
He said the government was already working on the formation of the Council for Common Interests (CCI) and after Court's short order it was announced last week.
"The privatisation process will continue, under the guidance of the Supreme Court transparently," the Prime Minister said. He made it clear that the objective of privatisation was not to sell the industry, but to improve the working to bring about necessary improvement.
He cited the example of award of two cellular licences of US $290 million each through open bidding that was shown live on television. About the sugar crisis in the country, he said the high prices were linked to the increase in international market and dismissed the 'conspiracy theories' in this regard.
"It is basically a matter of demand and supply, we acquired more sugar, subsidised it and have been able to stabilise the prices." He said there were enough stocks of sugar in the country and were being sold through a network of 1000 Utility Stores and franchised stores.
He said the National Accountability Bureau investigates only in cases when some personal interests are involved, but this matter relates to demand and supply.