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Securities and Exchange Commission of Pakistan initiated inquiry against illegal investment schemes

Islamabad, April 08, 2013 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) has initiated an inquiry into the affairs of registered companies that were accused for defrauding the general public by offering them investment opportunities in illegal schemes.

The SECP has taken the action on various complaints received against these companies for illegal deposit taking in the name of Modarabas. The articles of association of these corporate entities were not allowed them to deal in the modarba products.

These registered companies are M/s Spadix Group of Companies (Pvt) Ltd, M/s Pak Tea Company (Pvt) Ltd and M/s Spadix Pharmaceuticals (Pvt) Ltd of Spadix Group. The SECP has recently received a letter from the State Bank of Pakistan (SBP), wherein it was reported that associated companies of M/s Spadix Group were involved in illegal deposit from general public in the name of Modarbat.

The SBP mentioned the following names in its letter;

1. Spadix Pharmaceutical Company
2. Goodman Pharmaceutical Company
3. Sanitary Works (Fayyazi Gujranwala Industries (Pvt) Ltd)
4. Cable Works (Fayyazi Gujranwala Industries (Pvt) Ltd)
5. AL-Hassan Autos (Pvt) Ltd
6. Marble Export

Tickers:

1. SECP opened probe into illegal investment schemes
2. These companies for illegal deposit taking in the name of Modarabat
3. These companies are M/s Spadix Group of Companies (Pvt) Ltd, M/s Pak Tea
Company (Pvt) Ltd and M/s Spadix Pharmaceuticals (Pvt) Ltd of Spadix Group

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254
E-mail: shakil.chaudhary@secp.gov.pk

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