AXA Asia says Hong Kong business ‘very profitable’

July 23, 2010 By Leave a Comment

July 22 (Reuters) – Takeover target AXA Asia Pacific Holding’s (AXA.AX) Hong Kong business is very profitable with sales growing by 20 percent in the first half, its chief executive said on Thursday.

“We will show in a couple of weeks, the business is very profitable,” Chief Executive Andrew Penn said, referring to the company’s first half earnings announcement on August 4.

“Growth is accelerating in Hong Kong,” he said to a question on whether Hong Kong was dragging the companies earnings.

The wealth manager disappointed the market on Wednesday, flagging first-half operating earnings that were about 8 percent below analysts’ forecasts. Analysts said the shortfall appeared to be due to slowing growth in its Asian operations.

AXA Asia Pacific, a unit of France’s AXA SA (AXAF.PA), is the target of an $11.5 billion takeover offer from National Australia Bank (NAB.AX), which was extended last week to give NAB time to address concerns raised by Australia’s competition watchdog. (Reporting by Sonali Paul; editing by Balazs Koranyi)

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Australia’s NAB sells C$400 mln Maple bond

July 17, 2010 By Leave a Comment

SYDNEY, July 15 (Reuters) – National Australia Bank
(NAB.AX) (NAB) sold C$400 million ($388 million) in a five-year
issue in Canada’s maple bond market, it said.

The issue was increased from an initial size of C$250
million following strong demand.

Maple bonds, paper sold by foreign companies in Canada,
boomed in 2007 as investors rushed to take advantage of a
government decision to knock down limits on foreign investment
for Canadian registered retirement plans.

Australian banks were keen borrowers there but the global
credit crisis put a halt to the expansion, as investors asked
for higher returns.

Still, Australian banks have been the most prolific
borrowers in Canada this year, raising C$1.4 billion in four
Maple bond issues this year, out of a total of C$2 billion,
ThomsonReuters data shows.

This compares to only C$177 million raised in one issue
during the same period last year.

Australia’s top four banks have an estimated A$140 billion
in funding required in the 2010 fiscal year, according to a
Morgan Stanley report. Another A$162 billion will be needed in
the 2011 fiscal year, of which A$80 billion is to refinance
maturities. Australian banks typically raise most of their
term funding offshore due to the relatively small size of the
domestic market, but unattractive currency swap rates, known as
the basis swap, has been hurting them a great deal this year.

NAB’s funding requirement target is A$20 billion to A$25
billion for the 2009/10 fiscal year.

Deal details are as follows:

Issuer: NAB

Facility: Fixed rate maple bonds

Amount issued: C$400 million

Maturity: July 20 2015

Set date: July 20

Coupon: 4.19%

Yield: 4.191%

Spread: +168.5bp over GoC 2015

Issue price: 99.996

Joint books: BofA-ML/RBC

Issue ratings: AA (S&P), Aa1 (Moody’s)

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Australia’s NAB sells C$400 mln Maple bond

July 16, 2010 By Leave a Comment

SYDNEY, July 15 (Reuters) – National Australia Bank
(NAB.AX) (NAB) sold C$400 million ($388 million) in a five-year
issue in Canada’s maple bond market, it said.

The issue was increased from an initial size of C$250
million following strong demand.

Maple bonds, paper sold by foreign companies in Canada,
boomed in 2007 as investors rushed to take advantage of a
government decision to knock down limits on foreign investment
for Canadian registered retirement plans.

Australian banks were keen borrowers there but the global
credit crisis put a halt to the expansion, as investors asked
for higher returns.

Still, Australian banks have been the most prolific
borrowers in Canada this year, raising C$1.4 billion in four
Maple bond issues this year, out of a total of C$2 billion,
ThomsonReuters data shows.

This compares to only C$177 million raised in one issue
during the same period last year.

Australia’s top four banks have an estimated A$140 billion
in funding required in the 2010 fiscal year, according to a
Morgan Stanley report. Another A$162 billion will be needed in
the 2011 fiscal year, of which A$80 billion is to refinance
maturities. Australian banks typically raise most of their
term funding offshore due to the relatively small size of the
domestic market, but unattractive currency swap rates, known as
the basis swap, has been hurting them a great deal this year.

NAB’s funding requirement target is A$20 billion to A$25
billion for the 2009/10 fiscal year.

Deal details are as follows:

Issuer: NAB

Facility: Fixed rate maple bonds

Amount issued: C$400 million

Maturity: July 20 2015

Set date: July 20

Coupon: 4.19%

Yield: 4.191%

Spread: +168.5bp over GoC 2015

Issue price: 99.996

Joint books: BofA-ML/RBC

Issue ratings: AA (S&P), Aa1 (Moody’s)

(Reporting by Cecile Lefort; Editing by Ed Davies)

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NAB and AXA extend takeover talks

June 2, 2010 By Leave a Comment

(Reuters) – National Australia Bank (NAB.AX), AXA SA (AXA.AX) and takeover target AXA Asia Pacific (AXA.AX) have extended their $11.5 billion acquisition agreement to July 15, giving NAB time to overcome regulatory hurdles to close the five-month saga.

Deals

The six-week extension, expected by investors, will let NAB propose changes, including asset sales to gain the approval of the Australian competition regulator, which blocked the deal saying it would reduce competition in the world’s fourth biggest, $1 trillion wealth market.

“They can now finalize the sale of assets. After that it seems unlikely for the regulator to come up with something new that it did not cite in its original ruling,” said Martin Duncan, an analyst at fund manager Arnhem Investment Management.

The Australian Competition and Consumer Commission (ACCC) earlier said the deal, the country’s second biggest financial services takeover, would cut competition in the retail investment platform, a software that binds the customer with financial products and the wealth manager.

To alleviate the watchdog’s concerns, NAB may sell retail platforms, such as AXA Asia Pacific’s North and is in talks with smaller wealth manager IOOF Holdings (IFL.AX) and insurer Tower Australia (TAL.AX), The Australian newspaper said.

Tuesday’s extension gives NAB an advantage but investors said that asset sales may not necessarily clear the path as the deal also needs the approval of the federal treasurer, who is increasingly concerned over the financial sector being controlled by the country’s four biggest banks.

NAB would not discuss its plans and only said it “continues to pursue its options in relation to the ACCC objections to the proposal.”

A spokeswoman for AMP (AMP.AX), which has also expressed interest in AXA Asia Pacific and was preferred by the ACCC, declined to comment.

(Reporting by Narayanan Somasundaram; Editing by Balazs Koranyi)

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Ready to take action against Zardari in Swiss laundering case on SC directives: Pak AG

April 28, 2010 By Leave a Comment

Islamabad, Apr.28 (ANI): Pakistan’s newly appointed Attorney General Maulvi Anwar-ul-Haq has said that he is ready to write a letter to the Swiss government for reopening the money laundering cases against President Asif Ali Zardari if the apex court directs him to do so.

“I have gone through the judgment and the court has ordered the same that this should be a formal letter written in accordance with the rules of business and you better know what it means,” The News quoted Haq, as saying.

It may noted that Switzerland”s Attorney General (AG) Daniel Zappelli had already clarified that corruption cases against Zardari cannot be reopened, as he enjoys constitutional immunity.

Zappelli said Geneva could not open the money-laundering cases against Zardari even if it receives an official request from Islamabad.

“According to international rules, which Switzerland also applies, any chief of a state, prime minister or foreign affairs minister of any country enjoys absolute immunity,” Zappelli had said.

He, however, said that Pakistan”s National Accountability Bureau (NAB) had requested the Swiss government to reopen the cases, but the documents were not complete according to official requirements.

Zardari and his assassinated wife Benazir Bhutto , were convicted by a Geneva court in 2003 of laundering 13 million dollars linked to kickbacks, but that verdict was overturned on appeal. In 2008, Swiss judicial authorities said they had closed the file related to the case.

Zappelli had earlier said that Pakistan”s embassy in Switzerland had officially notified him in June 2008 of a decision by Pakistan”s prosecutor-general in April to withdraw proceedings against Zardari.

A trial for money laundering in Switzerland would have to be based on the proceedings of the criminal activity, but that would require proof that a crime had been committed, he had said. (ANI)

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NAB planning 2 bln stg float of UK operations -report

April 12, 2010 By Leave a Comment

LONDON, April 11 (Reuters) – National Australia Bank (NAB.AX) is working on plans for a 2 billion pounds ($3 billion) flotation of its UK operations, according to a report in the Sunday Times.

Financials

The newspaper said advisers from Morgan Stanley and Goldman Sachs have been drawing up plans for a possible listing as part of a broad review of the future of NAB’s Clydesdale and Yorkshire banks.

It added that the plan would be put into action if NAB fails to acquire a network of 318 branches being sold by Royal Bank of Scotland.

NAB has over 300 branches in the UK and is looking to expand its presence. (Reporting by Matt Scuffham; Editing by Mike Nesbit) ($1=.6539 Pound)

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Corruption cases cannot be re-opened against Zardari : Swiss Prosecutor General

April 1, 2010 By Leave a Comment

Islamabad, Apr.1 (ANI): Rejecting reports that Pakistan’s National Accountability Bureau (NAB) has asked the Swiss government to reopen corruption cases against President Asif Ali Zardari, Swiss Prosecutor General has said that the money laundering cases against Zardari could not be reopened as he enjoys immunity under country’s Constitution.

“Zardari cannot be prosecuted in Switzerland because Pakistan’s constitution grants him immunity as a head of state,” said Daniel Zappelli, who had decided to close the case in Switzerland against Zardari and former Prime Minister Benazir Bhutto, in August 2008.

Zappeli made it clear that Geneva cannot reopen cases against Zardari until Pakistani authorities remove the amnesty granted to the President.

“We could go further only if the competent authorities in Pakistan decide to lift the immunity of the head of state, which I do not know whether it is possible according to their constitution. If not, we can’t. Absolutely not,” The News quoted Zappeli, as saying.

Zardari and Benazir , were convicted by a Geneva court in 2003 of laundering 13 million dollars linked to kickbacks, but that verdict was overturned on appeal. In 2008, Swiss judicial authorities said they had closed the file related to the case.

Zappelli said that Pakistan’s embassy in Switzerland had officially notified him in June 2008 of a decision by Pakistan’s prosecutor-general in April to withdraw proceedings against Zardari.

A trial for money laundering in Switzerland would have to be based on the proceedings of the criminal activity, but that would require proof that a crime had been committed, he said.

“Immunity is the key question. We can’t prosecute Zardari while he has immunity unless Pakistan lifts that immunity. And if he doesn’t have immunity, why don’t they try him in Pakistan,” Zappelli questioned. (ANI)

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Troubles for Zardari set to rise as NAB asks Swiss govt. to re-open corruption cases

March 31, 2010 By Leave a Comment

Islamabad, Mar.31 (ANI): In what might increase troubles for Pakistan President Asif Ali Zardari, the National Accountability Bureau (NAB) has written letters to the Swiss Government for the reopening of corruption cases pending against him in the country.

During a hearing, NAB’s counsel Abid Zuberi told the Supreme Court that the bureau, in its letter, has asked the Swiss government to reopen cases pending against Zardari and the former Pakistani Attorney General Malik Qayyum in accordance with the apex court’s verdict against the National Reconciliation Ordinance.

“In light of directions of the court on the revival of the Swiss cases, the NAB has initiated the process,” The Dawn quoted Zuberi, as saying.

It may be noted that Zardari and former premiere Benazir Bhutto were convicted by a Geneva court in 2003 of laundering 13 million dollars linked to kickbacks. But the verdict was quashed on appeal.

The Supreme Court has declared the controversial amnesty law, the NRO, as ‘Unconstitutional’ in November last year.

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Shares fall on weak commodities

March 23, 2010 By Leave a Comment

Local shares are losing value, with weaker commodity prices dragging the market down.

The All Ordinaries Index was down 35 points, or 0.75 per cent to 4,855 just before midday (AEDT), and the ASX 200 was 34 points lower at 4,838.

Shares in Arrow Energy have fallen more than 3 per cent, despite an improved takeover offer from Royal Dutch Shell and PetroChina.

BHP Billiton and Rio Tinto were both down around 1.5 per cent shortly after midday.

The big four banks are also under pressure.

ANZ had the biggest losses in the morning, down 0.9 per cent just after midday, while NAB was performing best – it was down only 2 cents at $26.88.

The Australian dollar was also weaker at 91.42 US cents.

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Choice gives nod to Australia’s best

March 17, 2010 By Leave a Comment

The Good Guys and National Australia Bank (NAB) are among the winners of Australia’s best suppliers of goods and services handed out by consumer watchdog Choice.

Normally responsible for handing out brickbats, Choice celebrated its 50th anniversary last night by handing out its awards.

The Good Guys was named as best retailer, Google was best technology innovator, and NAB was awarded for best low fee account.

Luisa Ford from NAB Personal Banking accepted the award and said there has been great demand among consumers for its accounts since the removal of monthly fees.

“I think consumers are always going to be cost conscious, but also they’re looking to their bank to do the right thing,” she said.

“That’s something NAB’s really passionate about, making sure that it is doing the right thing for consumers and ultimately that’s going to make us more competitive too.”

Dr Andrew Monk from Australian Certified Organic says his company won because consumers are looking for food with integrity.

“I think there’s a lot of label claims in the market place that either confuse consumers or aren’t necessarily based on transparent standards,” he said.

“The bud logo with the words ‘Australia Certified Organic’ is clearly one out of the pack because of the transparency and work we put into standards.”

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Ex-PCB chief ‘immediately coming to Pakistan’ to clear corruption charges

March 15, 2010 By Leave a Comment

Lahore, Mar. 15 (ANI): Former PCB chairman Dr Nasim Ashraf has decided to “immediately come” to Pakistan and clear his name from the National Accountability Bureau inquiry suggesting that he was involved in embezzlement of millions of rupees.

“I am immediately coming to Pakistan to clear this matter and my name and reputation! There is no truth to any of these accusations and once all facts are known, everyone will see that there is no case,” the Daily Times quoted Ashraf, as saying.

The NAB has initiated the inquiry on the directives of the Supreme Court of Pakistan.

Earlier, former PCB official Razaullah Khan had filed a petition in the apex court against his former boss.

According to a source close to Ashraf, Razaullah was removed from his service during Dr Ashraf’s tenure because he ‘had no utility’ and was ‘surviving’ in the PCB through ‘political connections’.

“After getting a sack, Razaullah decided to settle scores with Dr Ashraf by approaching the Supreme Court,” the source said.

The Auditor General of Pakistan conducted extensive audit of the PCB from 2003-2008 – covering three chairmen Tauqir Zia, Shaharyar Mohammad Khan and Dr Ashraf.

“The PCB did not provide most of the record, as demanded, to the Auditor General. Proper rules and procedure were always followed. None of the allegations show any personal gain to Dr Nasim, Tauqir or Shaharyar,” sources said. (ANI)

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Pak SC asks accountability bureau to ‘stop playing hide and seek’ over Zardari’s immunity

March 13, 2010 By Leave a Comment

Islamabad, Mar.13 (ANI): Reprimanding the National Accountability Bureau (NAB) over its dilly-dallying attitude, the Pakistan Supreme Court has asked the bureau to “stop playing hide and seek” over the immunity status granted to President Asif Ali Zardari and seek the custody of the documents relating to the 60 million dollar money laundering case which the government had withdrawn from Swiss courts.

“For how long will this hide and seek continue,” asked Justice Javed Iqbal while hearing a fraud case.

Noting that it is the apex court only which has the authority to interpret the Constitution, Iqbal directed the bureau to submit an application explaining whether any one enjoyed immunity under the Constitution.

“Neither the NRO judgment is person-specific nor the court is interested in personalities,” The Dawn quoted Iqbal, as saying.

NAB’s acting chairman Irfan Nadeem told the court that the bureau had written a letter to the law ministry seeking instructions for reviving the corruption cases since the President enjoyed immunity under Article 248 of the Constitution.

“The ministry in turn referred the matter to the Attorney General’s office and its reply was still awaited,” he added. (ANI)

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Himachal Pradesh Govt. moves to produce IT friendly business landscape

September 19, 2009 By Leave a Comment

New Delhi, Sep.18 (ANI): Recognizing the enormous potential of Information Technology in acting as a catalyst for the Tier – II growth of Suburban India, The Government of Himachal Pradesh (GoHP) is moving to produce an IT friendly business landscape.

To close the technological gap and nab the marquee, various initiatives are being put in place by the GoHP. Tax Breaks, Exemption from various duties and levies and imports are certain defined benefits for the industry to set base at Himachal Pradesh.

The IT Park cum Township falls will come up in Solan District of Solan, about 20 kilometres from Shimla.

The total area of the project is 64.73 acres. The site is located at a distance of four kilometers from Kiarighat. Kiarighat is on Chandigarh – Shimla highway (NH-22) on midway between Solan and Shimla at an approximately equal distance of 23 kilometres.

Conceptualized as an Integrated Development – offering both residential and commercial options, the project’s developmental contours will include built-up IT space of 1.1 million square feet. Built to suit plots for IT in 9.5 acres of land, a township for of 1.31 million square feet, a project cost of 408 crore rupees.

Commercially structured on the Public Private Partnership format. The developer shall be responsible for designing,financing, constructing, operating, maintaining and development of the IT Park cum Township at Waknaghat.

The implementing agency will be the Department of Information Technology, Government of Himachal Pradesh.

To promote the project and the township, an investor Meet will be held in Delhi on September 23. A visit to the site will be organised on September 30, while a pre-bid meeting will be held on October 3, 2009.

The last date for submission of proposal is October 26. (ANI)

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Arrest warrant issued against ex-Pak diplomat for issuing fake passport to Indian

September 12, 2009 By Leave a Comment

Islamabad, Sep.11 (ANI): An arrest warrant has been issued against Pakistan’s former Consul General in Houston (US) on charges of issuing a Pakistani passport to an Indian national.

Assistant Consul General Muhammad Naeem, who is under the National Accountability Bureau’s (NAB) custody for the last 17 months, told a three member Supreme Court bench that former Pakistani Consul General, Ghulam Rasool, has been asked to appear before the court while issuing an arrest warrant against him.

It may be recalled that Naeem was also arrested for issuing a forged Pakistani passport to an Indian national named Aziz Moosa.

The passport issued by Naeem was in the name of Sayyed Ali.

After the hearing the court rejected Naeem’s bail plea and disposed of the case with directions to the NAB to decide the case within three months, The Daily Times reported. (ANI)

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Pak security forces nab twelve foreign militants

August 29, 2009 By Leave a Comment

Dera Ghazi Khan (Punjab, Pakistan), Aug.28 (ANI): Pakistan security forces have reportedly arrested 12 foreign militants from the border between NWFP and Punjab on Friday.

The militants were arrested from the Tarmeen Check Post. According to a report in the Dawn, the arrested terrorists were coming from Quetta in a Toyota Hiace.

Out of 12 arrested terrorists, seven belong to Turkey, three to Sudan and one each from Iran and Russia.

According to security sources, the militants entered Pakistan from Iran and were headed for South Waziristan.

Compact discs, a computer, USB, Islamic literature and a dagger were also recovered from their possession.

Security forces believe the arrested militants belong to al-Qaeda. They have been shifted to undisclosed locations where they are being interrogated. (ANI)

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Ghaziabad court sends Rita Bahuguna Joshi to 14-day judicial custody

July 16, 2009 By Leave a Comment

Moradabad (UP), July 16 (ANI): Uttar Pradesh Congress unit chief Rita Bahuguna Joshi has been sent to 14 days judicial custody for allegedly making inflammatory remarks against Uttar Pradesh Chief Minister Mayawati.

Joshi was arrested in Ghaziabad last night while on her way to Delhi.

She was booked under Section 153 A for (delivering inflammatory speeches), Section 109 of the IPC (using abusive language) and under provisions of the SC/ST Atrocities Prevention Act.

Bahuguna had registered a complaint against Mayawati for inciting her party workers to attack and vandalise her home. A portion of her house was set a fire by BSP supporters last night.

There has been no move so far by the police to nab the culprits. No formal case has been registered. (ANI)

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Pak Army’s tactics of relying on airstrikes against Mehsud may be ineffective: Report

July 12, 2009 By Leave a Comment

Lahore, July 12 (ANI): The Pakistan Army might have been planning an all out offensive against Tehreek-e-Taliban Pakistan (TTP) chief Baitullah Mehsud in his stronghold, South Waziristan, but according to a report in an US daily, this planned operation won’t yield the desired results and is unlikely to be effective in eliminating the Taliban leadership.

Failure to gain substantial ground against the Taliban and nab the warlord would certainly disappoint the country’s western allies, a report in the US-based McClatchy newspaper said.

The report said the Pakistan military would rely largely on airstrikes in the operation against Mehsud than the on-ground combat, The Daily Times reports.

But this approach is likely to be ineffective, the report quoted some Pakistani officials and analysts, as saying.

“The nature of the operation is totally different from what we did in Swat,” a top Pakistan Army official said on conditions of anonymity.

“It is just blocking the entrance. Nothing goes in, nothing comes out. We’ll keep punishing the enemy with long arms, air power, Cobra helicopters. The tactics have been reversed. Initially they (the Taliban) used to wear us out, now the army is planning to wear them out,” he added.

The tactics of using air power would not quell militancy completely, and in that case it would certainly raise questions over Islamabad’s ability and commitment against the insurgents, the report said. (ANI)

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Educational institutions remain shut in Gujarat to condemn hooch tragedy

July 10, 2009 By Leave a Comment

Ahmedabad, July 10 (ANI): Schools and colleges remained closed in Ahmedabad in Gujarat on Friday as a mark of protest over the death of around 105 people due to consumption of spurious liquor.

Cases of people dying after consuming spurious liquor were reported on Monday and by Thursday (around105 deaths were reported.

Consumption and sale of liquor is officially banned in Gujarat.

Meanwhile, schools and colleges remained closed for the day on Friday. The call for shutdown of educational institutions was given by the students association National Students Union of India (NSUI) and Youth Congress to protest against the alleged lackadaisical role of police and state administration to nab the culprits.

Authorities deployed security personnel outside educational institutions to avoid any kind of mischief.

The students union demanded that the government should go to the root cause of the entire problem and find out from where this spurious liquor is distilled and sourced to various outlets, usually in slum areas.

“The way more than 100 people have died because of hooch tragedy in Gandhi’s Gujarat is really shameful on the part of the state government. Police is supporting the bootleggers because of which poor people are suffering,’ said said Manish Doshi, General Secretary, Youth Congress.

“It’s been three days since the tragedy took place and the government has done nothing. So taking the matter into consideration and taking social and political responsibility, the Youth Congress and NSUI have called for the bandh so that such incidences is not repeated again,” he added.

Illicit liquor, also known as grog or hooch, is a flourishing beverage in India, particularly in states like Gujarat where prohibition is in force.

The illicit liquor is much cheaper as compared to the licensed drinks, which cannot be afforded by most of the people from the poorer sections of society.

In May 2008, at least 180 people had died in Southern Karnataka and Tamil Nadu states due to drinking spurious liquor, considered as one of India’s worst bootlegging tragedies. (ANI)

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Explosives recovered in Poonch

July 1, 2009 By Leave a Comment

Poonch (J-K), July 1 (ANI): Security forces unearthed a hideout of militants and seized many lethal arms and ammunition near Sawni in Surankote region of Poonch District on Tuesday.

Acting on a tip off, the state police and the personnel of the paramilitary No.16 Rashtriya Rifles launched a joint search operation and busted the hideout.

According to police officials, the arms were brought into the country from across the border probably with an aim to disturb the forthcoming eight-day long Budha Amarnath Yatra, which is held in Poonch district.

“The recoveries from the hideout included 35 grenades of under barrel grenade launcher, 10 grenades of rocket propelled gun, 23 Chinese grenades and 45 detonators,” said Perbeet Singh, Deputy Superintendent of Police (Operations), Surankote.

Earlier on May 31, June 2 and 9, the security forces had busted similar hideouts in Poonch area but failed to nab any of the militants. (ANI)

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Fears over Pak minister’s company financing terror outfits grow stronger

June 27, 2009 By Leave a Comment

Islamabad, June 27 (ANI): With the dismissal of the bail pleas of three employees of a forex company owned by the Minister of State for Kashmir Affairs and Northern Areas, Abdul Raziq, it seems that there could be something more sinister than what really meets the eye regarding the multi-billion rupees forex scam involving the minister’s company.

A Lahore court dismissed the bail applications of three employees who worked for the Malik Exchange Company, after they failed to appear before it despite repeated appeals.

The court has also directed the FIA to launch a special operation to nab the absconding employees, The News reports.

Meanwhile, the company, which has been charged of transferring huge amount of money to Pakistan’s restive regions supposedly to help the extremists, has filed a petition in the Peshawar High Court against the ongoing investigations regarding its nefarious links with banned terror outfits.

Intelligence agencies in Pakistan were shocked to find out that billions of rupees were disbursed to the country’s terror hit volatile regions through Raziq’s forex company.

According to the FIA, about 15 billion rupees were transferred from 21 secret bank accounts of Lahore to different regions of the country, and a major share of the money was sent to the North West Frontier Province (NWFP) over the last seven months, where the Pakistan Army has been engaged in a fearsome battle with the Taliban.

It may be noted that Raziq was elected a Senator as an independent candidate. He was apparently rewarded with the minister of state’s post, as he sided with the Pakistan People’s Party (PPP) government at the Centre. Raziq himself belongs to the Federally Administered Tribal Areas (FATA).

About 80 percent of the amount transferred by the three employees of the company was sent to Parachanar, Hangu and other troubled areas of the country, and 15 percent was sent to different areas of Kashmir. Only five percent was disbursed in areas within Lahore, sources said.

This trend of a large amount of money being sent to the restive regions had set alarm bells ringing for the concerned authorities.

“This not only a national issue as there are international dimension of this forex scam too. The outward diversion of these billions from the accounts of three employees of Malik Exchange is worrisome for me. It’s a matter of further inquiry at this stage if this money was also being sent to Afghanistan,” the DG FIA , Tariq Khosa, had said,

Raziq, however, has denied his company’s involvement in any illegal transaction.

A close aide of the minister also denied the charges, saying the allegations made against Raziq were totally without foundation.

“Those leveling the allegations have vested interests against the minister,” he said. (ANI)

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