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Provincial court delivers Pakistan’s first-ever conviction for insider trading

Provincial court delivers Pakistan’s first-ever conviction for insider trading
Stock brokers monitor share prices displayed on a digital screen during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on February 12, 2024. (AFP)
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Updated 17 June 2025
ISMAIL DILAWAR 
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Provincial court delivers Pakistan’s first-ever conviction for insider trading

Provincial court delivers Pakistan’s first-ever conviction for insider trading
  • SECP says bank official misused insider information related to investment, disinvestment decisions for “personal gain“
  • Financial regulator says court slaps $30,380 penalty on convict, with the amount to be deposited within seven days
Updated 17 June 2025
ISMAIL DILAWAR 
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KARACHI: A Pakistani court recently handed its first-ever conviction for insider trading, the Securities and Exchange Commission of Pakistan (SECP) said on Tuesday, hailing the judgment as one which will boost investors’ confidence in the country’s capital markets. 

Insider trading refers to the practice of buying or selling a publicly traded company’s securities while in possession of material information that is not yet public information. The SECP said it had filed a case against Zakir Hussain Somji, assistant vice president of investments at Habib Metropolitan Bank (HMB) Limited, after inspecting suspicious trading activity from Jan. 1, 2014, to Feb. 2, 2016.

The regulator said it was suspected that the accused, through his position at HMB, misused insider information related to the bank’s investment and disinvestment decisions for personal gain. The SECP said a probe revealed Somji bought 11,795,100 shares of various companies, including 1,230,900 shares (10.43 percent) acquired from HMB. He sold 11,836,600 shares — 4,915,200 (41.52 percent) of which were sold back to HMB, earning an “unlawful profit” of Rs2,866,646 [$10,116.39]. 

“Sindh Special Court (Offences in Banks) handed out first ever conviction for insider trading in the history of Pakistan in a case filed by The Securities and Exchange Commission of Pakistan (SECP),” the regulator said. 

It said Somji had been convicted by the court on June 14 for violating provisions of Section 128 of the Securities Act, 2015, which related to insider trading. 

The regulator said the court slapped Somji with a penalty of Rs 8,599,938 [$30,380] which was three times the “unlawful gain.”

“The amount is to be deposited within seven days, failing which the convict will be remanded to jail until full payment is made,” the SECP said. 

The regulator said the judgment reaffirms SECP’s mandate to ensure market integrity and investor protection.

“It sets a strong precedent for future enforcement actions and sends a clear message that market abuse and regulatory violations shall not be tolerated,” it added. 
 

Topics: insider trading

Authorities impose 30-day restriction on movement of people, vehicles in restive Pakistani district

Authorities impose 30-day restriction on movement of people, vehicles in restive Pakistani district
Updated 01 July 2025
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Authorities impose 30-day restriction on movement of people, vehicles in restive Pakistani district

Authorities impose 30-day restriction on movement of people, vehicles in restive Pakistani district
  • The development comes after a suicide attack killed 13 soldiers in the North Waziristan district that borders Afghanistan
  • Pakistan has struggled to contain surge in militancy in its northwest since a truce broke down with Pakistani Taliban in 2022
Updated 01 July 2025
REHMAT MEHSUD

ISLAMABAD: Local administration has imposed a 30-day restriction on the movement of people and vehicles from dusk till dawn in Pakistan’s North Waziristan district, following the killing of 13 Pakistani soldiers in a suicide attack.

The suicide attack, claimed by Hafiz Gul Bahadur group of the Pakistani Taliban, also injured 29 people, including civilians, in the volatile district that borders Afghanistan, local government and police officials said on June 28.

Since late 2022, Pakistan has struggled to contain a surge in militancy in its northwest, where the Pakistani Taliban, or the Tehreek-e-Taliban Pakistan (TTP), and other militant groups have frequently targeted security forces convoys and check-posts, law enforcers and government officials.

There was a need to restrict all kinds of movement within North Waziristan in the interest of “public safety, law and order, movement of security forces and [to] restrict the movement of outlaws,” according to the North Waziristan deputy commissioner’s office.

“I... hereby impose a ban on all kinds of movement of individuals, vehicles and all forms of traffic within the territorial jurisdiction of District North Waziristan, including all major roads, bypasses, link roads, streets, public gathering areas, bazaars, business centers, playgrounds from dusk to dawn (just after Maghreb prayers all the night till the sunrise) to prevent any untoward incidents, ensure smooth public administration,” Deputy Commissioner Yousaf Karim said in a notification.

The official requested public to comply with the order.

“Any person (s) found violating this order shall be liable for legal action,” read the notification issued on June 29. “THIS ORDER shall come into force at once and remain in force for a period of 30 days from the date of issuance unless modified or rescinded earlier.”

The North Waziristan district has long been a stronghold of the TTP. Authorities also imposed a curfew in North Waziristan, along with South Waziristan and Tank districts, in March this year.

Pakistan has witnessed a sharp rise in violence in its regions bordering Afghanistan, with Islamabad accusing India of backing militant groups and Afghanistan of allowing the use of its soil for attacks against Pakistan. Kabul and New Delhi deny the allegation.

Militant attacks in Pakistan more than doubled from 517 in 2023 to 1,099 in 2024. Balochistan and Khyber Pakhtunkhwa remained the hardest-hit provinces, accounting for over 96 percent of attacks and fatalities.

Topics: North Waziristan Militancy

Pakistan reports 14th polio case of this year in troubled northwest

Pakistan reports 14th polio case of this year in troubled northwest
Updated 01 July 2025
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Pakistan reports 14th polio case of this year in troubled northwest

Pakistan reports 14th polio case of this year in troubled northwest
  • Polio program says recent polio cases in Khyber Pakhtunkhwa remind that children missing vaccination remain at serious risk
  • Preparations are underway for a large-scale special vaccination campaign in southern Khyber Pakhtunkhwa, scheduled for August
Updated 01 July 2025
NAIMAT KHAN

KARACHI: Pakistan has reported 14th case of polio virus this year in the northwestern Khyber Pakhtunkhwa (KP) province, the country’s polio program said on Tuesday, amid intensifying efforts to eradicate the disease.
Polio is a highly infectious and incurable disease that can cause lifelong paralysis. The only effective protection is through repeated doses of the oral polio vaccine (OPV) for every child under five during each campaign, along with timely completion of all essential immunizations.
The virus was detected in a 19-month-old boy in Miranshah-3 union council of KP’s North Waziristan district, according to a reference laboratory at the National Institute of Health (NIH) in Islamabad. KP has reported eight cases of the virus this year, followed by four from Sindh, and one each from Punjab and Gilgit-Baltistan.
The northwestern region, which borders Afghanistan, has long been affected by militancy, with militant groups frequently targeting security forces, government officials and anti-polio vaccination teams.
“While nationwide efforts to eradicate polio continue to improve the quality of vaccination campaigns, the southern districts of Khyber Pakhtunkhwa remain a major concern due to limited access and challenges in conducting house-to-house vaccination,” the polio program said.
“These obstacles result in missed opportunities, leaving thousands of children unvaccinated and vulnerable to poliovirus.”
Pakistan and Afghanistan are the only two countries where polio remains endemic. Islamabad made significant progress in curbing the virus, with annual cases dropping from around 20,000 in the early 1990s to just eight in 2018. Pakistan reported six cases in 2023 and only one in 2021, however, the country witnessed an intense resurgence of the poliovirus in 2024, with 74 cases reported.
Efforts to eradicate the virus have been repeatedly undermined by vaccine misinformation and resistance from some religious hard-liners who claim that immunization is a foreign plot to sterilize Muslim children or a cover for Western espionage.
Militant groups have frequently targeted polio vaccination teams and the security personnel assigned to protect them, particularly in KP and Balochistan.
The polio program said it had conducted a special vaccination activity in six union councils of KP’s Bannu district last month and inoculated 17,485 children, and a similar targeted vaccination drive was being planned in 11 union councils of North Waziristan.
“Additionally, preparations are underway for a large-scale special vaccination campaign in South Khyber Pakhtunkhwa, scheduled for August,” it said, urging parents to ensure their children receive the vaccine.
“Recent polio cases in South KP are a stark reminder that children missed during vaccination campaigns remain at serious risk. While the program is making every effort to reach every child, the role of parents is critical.”

Topics: Polio

Pakistan PM visits Iranian embassy, assures continued support following Israeli attacks

Pakistan PM visits Iranian embassy, assures continued support following Israeli attacks
Updated 01 July 2025
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Pakistan PM visits Iranian embassy, assures continued support following Israeli attacks

Pakistan PM visits Iranian embassy, assures continued support following Israeli attacks
  • The Israeli strikes came at a time when Iranian officials were engaged in nuclear talks with the US
  • Iran is assessing damage and Tehran has kept open the possibility of resuming talks with Washington
Updated 01 July 2025
SAIMA SHABBIR

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Tuesday visited the Iranian embassy in Islamabad and assured Tehran of Islamabad’s continued support, following last month’s Israeli attacks on Iran.
The 12-day war between Iran and Israel, which began on June 13 Israeli airstrikes on Iranian nuclear facilities and military leadership, raised alarms in a region that was already on edge since the start of Israel’s war on Gaza in October 2023.
Pakistan remained engaged in talks with regional partners like Saudi Arabia, Iran, China and Qatar to de-escalate tensions in the Middle East after Iran conducted retaliatory strikes on Israel and a US base in Qatar, raising fears the conflict could draw in other regional states.
During his visit to the Iranian embassy, Sharif signed a condolence book opened by the Iranian mission to honor the Iranians who were killed and injured during the Israeli attacks against Iran, according to the Pakistan PM’s office.
“He expressed his deepest condolences to the people and Government of Iran, while reaffirming Pakistan’s sympathy and solidarity with Iran during this difficult time,” Sharif’s office said.
“While assuring the Iranian side of Pakistan’s consistent and continued support, the Prime Minister also conveyed his good wishes and respects for Iranian Supreme Leader His Eminence Ayatullah Ali Khamenei, as well as for President Dr. Massoud Pezeshkian.”
On Monday, Iranian judiciary spokesman Asghar Jahangir offered a sharply increased, government-issued death toll from the war, saying that the Israeli attacks killed 935 “Iranian citizens,” including 38 children and 102 women.
The Israeli strikes came at a time when Iranian officials were engaged in nuclear negotiations with the US and the conflict worsened after the US struck three Iranian nuclear sites on June 22. President Donald Trump claimed the strikes set back Iran’s nuclear program by years.
Iran is assessing the damage and lashing out over the American and Israeli airstrikes on its nuclear sites, though Tehran kept open the possibility Tuesday of resuming talks with Washington over its atomic program, AP news agency reported.
The comments by government spokesperson Fatemeh MoHajjerani also included another acknowledgment that Fordo, Isfahan and Natanz, key sites within Iran’s nuclear program, had been “seriously damaged” by the American strikes.
“No date (for US talks) is announced, and it’s not probably very soon, but a decision hasn’t been made in this field,” the state-run IRNA news agency quoted MoHajjerani as saying at a briefing for journalists.
Iranian Foreign Minister Abbas Araghchi has also kept open the possibility of talks with the US.

Topics: Pakistan Iran Ties

Pakistan June inflation rises 3.2 percent year-on-year, in line with ministry forecast

Pakistan June inflation rises 3.2 percent year-on-year, in line with ministry forecast
Updated 01 July 2025
Reuters
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Pakistan June inflation rises 3.2 percent year-on-year, in line with ministry forecast

Pakistan June inflation rises 3.2 percent year-on-year, in line with ministry forecast
  • On a month-on-month basis, prices increased 0.2 percent in June, reversing a 0.2 percent decline in May
  • The data comes after Pakistan’s central bank kept key interest rate unchanged at 11 percent in June
Updated 01 July 2025
Reuters

KARACHI: Pakistan’s consumer price inflation rose 3.2 percent year-on-year in June, the statistics bureau said on Tuesday, broadly in line with the finance ministry’s projection of 3 percent to 4 percent issued a day earlier.

On a month-on-month basis, prices increased 0.2 percent in June, reversing a 0.2 percent decline in May.

The data comes after Pakistan’s central bank kept its key interest rate unchanged at 11 percent in June.

The State Bank of Pakistan (SBP) said in its latest monetary policy statement that inflation was expected to show some near-term volatility but gradually stabilize within the 5 percent to 7 percent target range.

The figures also come weeks after Pakistan unveiled its annual budget, which included new revenue measures and subsidy cuts as part of efforts to secure a long-term loan program from the International Monetary Fund (IMF).

Analysts have warned that higher energy and tax costs could stoke inflation in the second half of the year.

Pakistan’s stock exchange rose 2.3 percent on the day to close at an all-time high of 128475.7 points, on Tuesday, the first day of the new fiscal year.

Topics: Inflation

Pakistan looking to sell excess LNG amid supply glut curbing local gas output — document

Pakistan looking to sell excess LNG amid supply glut curbing local gas output — document
Updated 01 July 2025
Reuters
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Pakistan looking to sell excess LNG amid supply glut curbing local gas output — document

Pakistan looking to sell excess LNG amid supply glut curbing local gas output — document
  • The country has at least three LNG cargoes in excess that it imported from top supplier Qatar and has no immediate use for
  • Power generation from gas-fired plants, which historically accounted for a lion’s share of LNG, has declined in last 3 years
Updated 01 July 2025
Reuters

KARACHI/SINGAPORE: Pakistan is exploring ways to sell excess liquefied natural gas (LNG) cargoes amid a gas supply glut that could cost domestic producers $378 million in annual losses, according to a presentation and a government official familiar with the matter.

The country has at least three LNG cargoes in excess that it imported from top supplier Qatar and has no immediate use for, and is currently selling natural gas at steep discounts to local users, a second government official said.

Power generation from gas-fired power plants, which has historically accounted for a lion’s share of LNG use in the country, has declined for three straight years ended 2024, with cheaper solar power use dramatically gaining at the expense of gas-fired generation, data from energy think-tank Ember showed.

That has forced domestic producers of the fuel to curb production.

Pakistan is currently exploring the possibility of transferring LNG cargoes to rented tankers for “offshore storage and onward sale,” state-owned oil and gas producer OGDCL said in a presentation to industry and government.

“Excess LNG in the gas network has resulted in significant production operations impact for local exploration and production companies over last 18 months,” OGDCL said, adding that it had forced curtailment of domestic supply.

The domestic industry could suffer $378 million in losses over the next 12 months at the current rate of curtailment, according to the presentation dated May 29 reviewed by Reuters.

It is not immediately clear if Pakistan’s long-term LNG import contracts with QatarEnergy allows for a resale of cargoes. One of the government officials said the country was still exploring ways to do it.

Qatar typically has a destination clause in long-term supply contracts with buyers that restrict where the cargoes can be sold.

QatarEnergy did not immediately respond to a request seeking comment.

Pakistan has already deferred five contracted LNG cargoes from Qatar without financial penalty, shifting delivery from 2025 to 2026, as the country grapples with surplus capacity.

Pakistan’s petroleum minister Ali Pervaiz Malik declined to comment on the presentation, but said renegotiating contracts with Qatar was a “complex” process that could take at least a year, and a final decision on initiating it had yet to be made.

“While the existing contract with Qatar allows Pakistan to decline vessels, doing so incurs penalties and other complications,” Malik told Reuters.

The glut has stemmed from several gas-fired power plants, previously operating under must-run contracts, now being sidelined, Malik said.

“It was expected that summer season will create extraordinary demand but the trend indicates the opposite,” OGDCL said in the presentation.

Topics: Liquefied Natural Gas (LNG)

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