CSRC probe has nothing to do with Multan Metro Bus Project: SECP


ISLAMABAD, 31 Aug (TNS): Securities Exchange Commission of Pakistan (SECP) says the CSRC probe has nothing to do with Multan Metro Bus project.
Categorically denying reports of any kind of investigation into the Multan Metro Bus Project by China Securities Regulatory Commission (CSRC), it said all the media reports are baseless, therefore, there arises no question of SECP cooperation with the Chinese regulator on the matter.

It also denied categorically the registration of the companies namely Capital Engineering & Construction Company with it.

It had been reported in a certain segment of media that CSRC was conducting investigation and taking statements from certain individuals in Pakistan regarding corruption charges into Multan Metro Bus project and that the Pakistani Regulator was not providing required assistance/cooperation to its Chinese counterpart by using delaying tactics.
SECP, in its statement stressed that since no team of CSRC ever visited Pakistan for investigation or taking statements from certain individuals in Pakistan, thus the question of any cooperation doesn’t arise.

“CSRC never requested SECP for provision of such information as tender documents, contract, agreement and information relating to Multan Metro Bus Project,” the statement added.
Let it be mentioned here that the SECP is empowered by SECP Act 1997 to share such information with international regulators subject to confidentiality as per the International Organization of Securities Commission.