LAHORE: Pakistan Stock Exchange (PSX) in a notification Thursday announced the appointment of Sulaiman S. Mehdi as the chairman of its board.
“In continuation with our earlier communication dated July 12, 2018, we hereby convey that the Board of Directors of PSX Limited has appointed Mr. Sulaiman S. Mehdi as Chairman of the Board at its meeting held today,” read the notification.
The new chairman is the Chief Executive Officer of Cyan Limited and has been serving in the position since August 2014. He has also served as the chief operating officer and company secretary for the firm. He has over 13 years of experience working in senior positions in the fields of investments, marketing, legal and corporate affairs with leading financial services organisations.
His appointment comes in the aftermath of Hussain Lawai’s resignation as the chairman of the board on July 12, 2018.
Earlier, Securities and Exchange Commission of Pakistan (SECP) had directed PSX vide direction dated July 10, 2018, to immediately remove Hussain Lawai as PSX Board of Directors Chairman.
The SECP issued the direction considering facts that a First Information Report (FIR) dated July 6, 2018, had been registered by the Federal Investigation Agency (FIA) under the Pakistan Penal Code, read with the Prevention of Corruption Act, 1947, and the Anti-Money Laundering Act, 2010. The said FIR, among other individuals, also nominated Lawai as one of the accused, and the FIA had arrested him for further investigation.