Islamabad, March 2 (TNS): China Securities Regulatory Commission ( CSRC) said that Punjab government has set high benchmarks of transparency and claimed that it never came to Pakistan to investigate Multan Metro Project.
CSRC has blacklisted Chinese company Jiangsu Yabaite Co Ltd and fined it 900,000 yuan for alleged forgery and fraud with Multan Metro Project. The claim of CSRC is slap on Imran face who again became victim to his own lies
The CSRC has officially announced that Yabaite wasn’t associated with any individual or any company in Pakistan, it used unfair means and shared forged documents to prove its money trail which was questioned in 2015 in China.
The CSRC working vigilantly against corruption has lauded the transparent progress work in Punjab Province.
Over the allegation of Yabeite they took immediate notice that how Yabeite got this amount since the matter looked extremely suspicious to them. In reply, Yabeite claimed that we earned it through our working on Phase-III of the Multan Metro Bus Project through its partner Capital Engineering and Construction Pvt Ltd.
In response CSRC has wrote a letter to the Securities and Exchange Commission of Pakistan (SECP) to ask whether Yabeite actually worked in Multan Metro Bus Project or not then Chairman of the SECP, Zafarul Haq Hijazi made further confirmation on it and wrote a letter to the Chief Secretary Punjab asking about Yabaite’s involvement in Multan Metro Bus Project.
After the initial findings of SECP sent to the CSRC, the Chinese regulator again questioned Yabaite. This time the Yabaite, in order to prove its claim, made a fake letter and gave it CSRC that the Chief Minister of Punjab has appreciated them for their work in the Multan Metro Bus Project, which CSRC forwarded it to SECP for checking its validity.
The SECP once again forwarded this letter to the Chief Secretary Punjab o 15th, asking credibility. The Chief Secretary Punjab in their reply to the SECP categorically denied this letter, calling it as totally fake. The reply from the Chief Secretary Punjab clearly mentioned that the letter has a forged serial number printed on it, as there is no record available of it. Then, the format of this letter is also completely wrong to what is being used in the Chief Minister office.
Further, the Chief Secretary Punjab wrote another letter to the SECP, offering support to investigate it on priority basis. The SECP in the next step forwarded all the letters with complete details of this case to CSRC.
Moreover, the SECP issued a press release confirming that no team from CSRC came to Pakistan for the investigation of the Multan Metro Bus Project, which proves Imran Khan wrong once again about his claim that CSRC came to interview Faisal Subhan. In the same press release, SECP made absolutely clear that “M/s Capital Engineering and Construction Pvt Ltd,” is not registered in the SECP nor Pakistan Engineering Council (PEC). Also, SECP visited the office address given by Yabaite to CSRC of the “M/s Capital Engineering and Construction Pvt Ltd,” which also turned out to be fake as no office of the company existed there.
Finally the CSRC concluded there investigation, and found that Yabaite made baseless and false claims about their involvement in the Multan Metro Bus Project.
