KARACHI, Nov 25: Regarding a news item published on Nov 11, “Two brokers default, two funds stop redemption,” The KASB Funds observes that the KASB Liquid Fund (KLF) and the KASB Islamic Income Fund (KIIF) had taken “a very responsible and thoughtful decision of temporary suspension of redemption of units of KLF and KIIF.” It was not due to lack of cash and the news of default of brokers was not connected with the KASB. “Our readers and investors should rest assured that the announcement of KASB Funds Limited of temporary suspension of redemption of units of KLF and KIIF was a business decision in accordance with laws and regulations and primarily to safeguard the interests of the unit holders,” the KASB says, adding: “Moreover, except for temporary suspension of redemption of units, KLF and KIIF continue to operate normally as before.”