Securities and Exchange Commission of Pakistan (SECP) has removed Hussain Lawai from the post of PSX chairman, according to a notification.
The SECP has earlier issued a letter to Pakistan Stock Exchange CEO Richard Morin stating that PSX chairman Hussain Lawai has been the part of ongoing money laundering investigation and in the interest of capital markets and general public he is being removed from his designation.
PSX Chairman Hussain Lawai was arrested by the Federal Investigation Agency on charges of money laundering on July 6. FIA has registered a case against him in Karachi last week over the mega money laundering scandal involving 35 PKR billion in connection with other corrupt politicians, businessmen, and bankers.
Federal Investigation Agency officials have included 32 people including PSX Chairman Hussain Lawai, under investigation for money laundering billions of rupees through fictitious or fake bank accounts.
The money laundering scandal also includes PPP co- chairman Asif Ali Zardari and several of his close associates, including sister Faryal Talpur.
The Supreme Court has also taken notice of the case and summoned Zardari, among others, on July 12.