Tag Archives: Karachi

Happy New Year 2018

Happy NEW YEAR:  It’s time to bid 2017 a goodbye and lets hope for a bright new year set in. As every year ends, people spend time evaluating the time gone by and make plans for the year to come. The new year brings hopes and promises to accomplish all that one couldn’t in the past year. Whether it is improving your skills or going on new adventures, the new year gives 12 new chapters and 365 new chances. Many people set personal goals to achieve in the new year. It is also the time when people plan and list out their new year resolutions in order to prove   themselves better in their lives. If you’re among those looking to create a better tomorrow – one with new possibilities and new dreams to be fulfilled – and need some inspiration to follow through on those plans, these quotes will give you the motivation. Everyone knows that change of any kind is never easy and it may take one sometime in order to achieve the target one has set for themselves. However, it is not impossible and these quotes will motivate you to welcome 2018 with enthusiasm and excitement. Happy new year!

Chinese firm blacklisted for making false claims

LAHORE: The China Securities Regulatory Commission (CSRC) on Thursday blacklisted Chinese company Jiangsu Yabaite Co Ltd and fined it 900,000 yuan for alleged forgery and fraud.

According to a press release, Yabait had claimed that it had earned Rs2.5bn from the Multan Metro Bus project and sent it to China.

Highlighting the claim of the Chinese company, a section of of the Pakistani media said Chief Minister Shahbaz Sharif was involved in money laundering and had sent a huge amount of kickbacks to China through Yabaite.

Shahbaz had condemned the media reports and served legal notices on some media organisations over alleged misreporting. The case of alleged money laundering was then referred to the FIA by SECP and later the NAB’s Multan wing launched an investigation into the project to look into money laundering, if any.

The Punjab government also held an inquiry into the allegations and learnt that Yabait had never worked for the Multan Metro project nor any project contractors had acquired its services at any stage.

The Chinese government investigated the matter and imposed a heavy fine on the company chairman and blacklisted it. Its other officials were also penalised.

The Yabait, through a letter, has confessed to committing the crime and accepted the sentence given by the Chinese government. It admitted that the money sent to China by it has no connection with Metro Bus and this letter is available at company’s website.

The CSRC official website also contains the Yabait letter.

Published in Dawn, December 22nd, 2017

Blog References Link : https://www.dawn.com/news/1378140/chinese-firm-blacklisted-for-making-false-claims