Auditors decline to certify PIA’s financial statements citing ‘missing record’: Report

The sources said the reason for the records went missing were pertaining to the transfer of its previous system into Oracle Enterprise Resource Planning (ERP), which kept a day-to-day record of business transactions

SECP disposes proceedings against K-Electric, imposes fine on CEO and directors

KARACHI: Securities and Exchange Commission of Pakistan (SECP) on Friday said it had disposed of proceedings initiated against the CEO and board of directors of...

Saudi Arabia to announce slight rise in oil, gas reserves after audit – source

For almost 30 years - despite rising production, large swings in oil prices and improved technology - Riyadh has annually reported the same number for reserves at around 261 billion barrels, according to a statistical review by BP

Fresh audit reveals PIA’s market share greatly diminished between 2008-2017

According to the audit report, the state-owned airline couldn’t continue as a going concern without the assistance of the government since it had accumulated a loss of Rs361 billion till December last year

Naqvi shouldn’t be blamed for Abraaj’s disintegration, says lawyer

Mr Naqvi’s lawyer Habib Al Mulla, executive chairman of Baker & McKenzie said the Abraaj scandal had inflicted “some damage” to Dubai’s reputation and raised fingers at the local regulators including DFSA

Abraaj fund investors hire Duff & Phelps to help recover money: sources

The advisory firm will seek to trace an estimated $33 million owed by Abraaj relating to the Infrastructure and Growth Capital Fund

Special audit of PIA-owned Roosevelt Hotel recommended

Profit of the New York hotel plunged from $21m in 2008 to $3m in 2017 ISLAMABAD: The auditor general of Pakistan has been recommended by...

NAB starts graft probe against Customs DG

-- Complainant claims DG created and operated an unlawful “incentive system” at Faisalabad Dryport ISLAMABAD: The National Accountability Bureau (NAB) has formally started its investigation against...

AF Ferguson celebrates 125 years of service

KARACHI: AF Ferguson & Co. on Friday celebrated its 125 years of professional services. The event, held at a local hotel in Karachi, was attended...

Abraaj shutting down London office, as woes mount

Earlier this week, Bloomberg reported Abraaj’s fund unit had received an offer of $1 from private equity firm Actis, sources aware of the development disclosed

FIA to undertake special audit of mega transport projects: Report

During the previous government's tenure, large transport projects were undertaken including Punjab’s capital city Lahore and various other cities with financial assistance from China

Tax regulator contemplating forensic audit of share transactions

The Federal Board of Revenue (FBR) officials deduced hiding of withholding taxes on share transactions since the brokerage commission on these transactions exhibited growth during FY18

Summit–Sindh Bank merger takes another turn, share swap ratio revised again

Ahsan Raza Durrani appointed as acting president and chief executive officer/executive director as Sindh Bank-Summit Bank merger has come under scrutiny due to alleged financial irregularities.

Has CPEC hit a major roadblock?

China’s infrastructure building spree across the nation seems to have been halted due to Pakistan’s inability to pay its loans

Rs128 million fraud in IESCO uncovered by auditors

IESCO is accused of having made excessive and incorrect payments to contractors and auditors have recommended them to be recovered

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Bookings for Kia Picanto from next week

After introducing two of its vehicles in the Pakistani market, Kia Lucky Motors is all set to launch Kia Picanto for its customers. The company...

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K-Electric reports Rs12.3bn profit for FY18

KARACHI: The Board of Directors of K-Electric Limited recently approved the company’s financial results for the year ended 30 June 2018. During the reporting period,...