SECP revokes SITE’s licence; bank accounts seized

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KARACHI: Revocation of its licence by the Securities and Exchange Commission of Pakistan (SECP) led to at least five bank accounts being seized of Sindh Industrial Trading Estates (SITE), claimed a report in The News.

Sources in the report said at least five bank accounts of the SITE Ltd have been seized – one each in Karachi, Nooriabad, Kotri, Hyderabad and Sukkur. Four of the bank accounts were maintained with the National Bank of Pakistan and one account was in Habib Bank Limited.

According to the report, SITE Ltd. Managing Director Zubair Pervez said only two bank accounts of the company in Sindh Bank were seized.

“We have not received any letter of revocation of the licence from the SECP,” said MD SITE. “We were in the process of getting our licence renewed from the SECP.”

The report cited sources as saying that SITE Ltd. hasn’t conducted its audit for the last 30 years,although it was incorporated in 1947.

According to the company rules, all companies registered with the SECP, including not-for-profit companies have to get themselves audited every year. The SECP could revoke their licences if they fail to do so.

 

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