The functions of Primary Dealer Unit of Pan Asia Banking Corporation PLC (PABC) have been suspended for a period of six months with effect from 10.00 a.m. on 15th August 2019, in order to continue the bond scam investigations being conducted by the Central Bank.
This was announced by the Central Bank noting that The Monetary Board of the Central Bank, has decided to extend the suspension of business and activities of the Primary Dealer Unit of Pan Asia Banking Corporation PLC (PABC) but this regulatory action does not affect any of the other activities/services of the bank.
Pan Asia Banking Corporation’s Primary Dealer license has been suspended for six month previously under the provisions of Registered Securities Ordinance with effect from 15th August 2017. Then in February 2018, the suspension was extended by another six months.
At the time of the suspension in 2017 , the Central Bank earlier said the regulatory action is based on the findings of an investigation carried out by them related to Pan Asia Bank’s transactions with the controversial primary dealer Perpetual Treasuries—whose business operations have also been suspended— in the government securities market.