CB extends suspension of primary dealer Pan Asia

The Central Bank yesterday decided to extend the suspension of primary dealer Pan Asia Bank by an additional six months to conduct investigations. 

The Monetary Board of the Central Bank, acting in terms of the regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of business and activities of a primary dealer of Pan Asia Banking Corporation PLC (PABC) for a period of six months with effect from yesterday, in order to continue the investigations being conducted by the Central Bank.

The Central Bank wishes to emphasise that this regulatory action restricts PABC’s access to the primary auctions for government securities. It does not affect any of the other activities/services of PABC, the Central Bank said in a statement.