Pakistan loses Rs55bn foreign investment

Tuesday, December 22, 2009
By our correspondent

KARACHI: Amid unfavourable socio-political conditions, Pakistan saw a 37 per cent (Rs55 billion) loss in investment by overseas investors, says an investment survey report of the year 2009 released by the Overseas Investors Chamber of Commerce and Industry (OICCI) on Monday.

The investment report, reviewing fiscal years 2007 and 2008, highlighted a staggering lack of confidence by investors to bring additional capital in Pakistan and total investments declined from Rs148 billion in FY08 to Rs93.7 billion in 2009.

BoP scam co-accused agrees to pay Rs400m

ISLAMABAD: The Supreme Court on Wednesday ordered a co-accused in the Rs9 billion Bank of Punjab financial scam to pay back Rs400 million by Dec 11.

A bench comprising Chief Justice Iftikhar Mohammad Chaudhry, Justice Mian Shakirullah Jan and Justice Tariq Parvez also directed the National Accountability Bureau to place the name of Seth Nisar, who was present in the court, on the Exit Control List and keep his passport with it till the payment of the amount claimed against him.

Seth Nisar is elder brother of Sheikh Afzal, owner of Haris Steel Industries (HSI), Lahore, and the main accused in the BoP scam.