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KARACHI: Sulaiman S. Mehdi has been appointed the chairman of Pakistan Stock Exchange (PSX), a source in the stock market said on Thursday.

Mr Mehdi replaces Hussain Lawai who stepped down last week from the post on the directives of the Securities and Exchange Commission of Pakistan (SECP) after money laundering charges were pressed against him.

Although a PSX board of directors meeting held on July 10 was uncertain in dealing with the matter, the SECP the very next day directed the PSX to remove Mr Lawai and appoint a new chairman. The regulator said that it was “in the interest of the public and the capital markets”.

Mr Lawai was arrested by the Federal Investigation Agency on July 6 in a case of alleged money laundering through fake bank accounts that involved Rs34 billion.

The 71-year old banker is believed to be a close confidant of several politicians including former president Asif Ali Zardari and his associates.

Mr Lawai is currently being held and questioned about the money laundering scandal.

Mr Mehdi has 17 years of experience working with financial services groups in senior positions in the areas of investments, operations, marketing, legal and corporate affairs.

Presently, he is the Chief Executive Officer of Cyan Ltd.

Among his prominent achievements is the acquisition of Hubco from National Power on June 13, 2012. “The acquisition value was Rs6 billion and was sold in March 2018 for Rs22bn resulting in gains of approximately Rs14bn (excluding dividends) in less than 6 years,” a profile introducing the new chairman posted on KSE website states.

Published in Dawn, July 20th, 2018