ISLAMABAD, Aug 6: The Securities and Exchange Commission of Pakistan has taken further punitive action against the representatives/officers of Primebank Limited for persisting in their illegal activities in total disregard of earlier directive to cease these.

The commission, taking serious cognizance of the persistent non-compliance with the statutory requirements under section 459 of the Ordinance has imposed a penalty of Rs14,100 on the representatives/officers of the bank.

At the same time, a fresh notice has been issued to the company and its representatives/officers to show cause as to why proceedings may not be initiated for prosecution and further penalties not imposed under the law.

Besides imposing penalties on three main representatives of the UK-based private bank, the SECP in its order of June 12, 2003, had directed it to stop forthwith any unauthorized business activity.

The action had been taken after an investigation by the SECP revealed that Primebank Limited had established places of business in Pakistan without complying with the statutory requirements of the Companies Ordinance, 1984.

Irrespective of clear instructions issued by the SECP, Commissioner (Enforcement and Monitoring) Zafar Hejazi told Dawn here on Wednesday, Primebank Limited had continued with its business activities, particularly marketing of certain financial products.

In the name of these products, it had been noted that the company continued to invite and accept deposits from general public.