Pakistan to probe Chinese Company

Pakistan Sept 1: A case will be registered soon.
Pakistan government has launched a probe against a Chinese firm in a high-profile money laundering case.

Securities and Exchange Commission of Pakistan (SECP) has recently forwarded the request to Federal Investigation Agency (FIA) to investigate the role of both Pakistan and Chinese officials.

Sources say that the case is among the most complicated issues faced by the SECP so the commission has not revealed any secrets about the matter for a long time.

The agency will investigate the Chinese firm Jiangsu Yabaite Technology.
The company is listed on the Shenzhen Stock Exchange by the China Securities Regulatory Commission (CSRC).The probe was started last year after undue foreign inflows were detected in its accounts.

The Pakistani Agencies remained silent on the matter for many months because they had gathered evidences in the case and recently they have forwarded to FIA.

This move assumes significance because many Chinese companies are ready to invest in Pakistan to build Infrastructure under CPEC projects and the China government has also released funds.