Pakistan to probe money laundering case against Chinese firm

Pakistan has launched the first-ever probe against a Chinese firm in a high-profile money laundering case, according to a media report.

Securities and Exchange Commission of Pakistan (SECP) on Wednesday forwarded the request to Federal Investigation Agency (FIA) after pressed both by Pakistan and Chinese officials.

Dawn reported that the case is among the most complicated issues faced by the SECP and the commission has remained secretive about the matter for a long time.

It was not even shared with the Finance Minister by the now suspended chairman of the SECP Zafar Hijazi.

Investigations against the Jiangsu Yabaite Technology, listed on the Shenzhen Stock Exchange by the China Securities Regulatory Commission (CSRC), were initiated last year after undue foreign inflows were detected in its accounts.

The company told the Chinese regulators that it had received the amount after executing work on the Multan Metro Bus project and the CSRC approached the SECP in December

... read more at: http://www.thehindu.com/news/international/pakistan-to-probe-money-laundering-case-against-chinese-firm/article19595567.ece

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