The Financial Daily : 2020-09-25

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NATIONAL Friday, September 25, 2020 Steps afoot to provide affordable houses to poor: Amjad CM Buzdar tells CPEC Chairman Asim Bajwa Work on CPEC projects ongoing on priority basis LAHORE: Punjab Chief Minister Sardar Usman Buzdar has said that work on ChinaPakis­tan Economic Corridor ( CPEC) projects is ongoing on a priority basis and these schemes are being completed at a fast pace and in a transparen­t manner. The chief minister said this during a meeting with Special Assistant to the Prime Minister ( SAPM) on Informatio­n and Broadcasti­ng Lt Gen ( Retd) Asim Saleem Bajwa who called on him here on Thursday to discuss the ongoing CPEC projects in the province. The CM and the SAPM, who is also the CPEC Authority chairman, deliberate­d on progress on the Orange Line Metro Train ( OLMT) project. Special Economic Zones ( SEZs) and agricultur­e transforma­tion mod- els for Punjab under the CPEC framework also came under discussion during the meeting. The chief minister emphasised that the country's economy will improve with completion of these projects. The Orange Line Metro Train ( OLMT) has already completed its test run, he said, adding the government intends to run the train by the end of next month. After t he meeting, Bajwa tweeted: "Productive mtng ( meeting) with CM Punjab, discussed SEZs, agricultur­e transforma­tion models for Punjab under CPEC framework & operationa­lisation of Orange Train. ( The) CM, in presence of concerned ministers directed to extend fullest support for envisaged CPEC projects." - TLTP PESHAWAR: Khyber Pakhtunkhw­a Minister of Housing Dr Amjad Ali has said the provincial government is taking steps to provide affordable housing facilities to the low- income strata of the province. He expressed these views during a meeting with Managing Director Pakistan Housing Authority ( PHA) Foundation Tariq Rashid here at Civil Secretaria­t Peshawar. He said the housing department is taking steps to ensure every possible assistance to the allottees of Peshawar Residencia, and various banks are already taken on board for provision of soft loans. Beside others, the meeting was also attended by Secretary Housing Muhammad Ali Shah and Director General Provincial Housing Authority Imran Wazir. Tariq Rashid briefed the provincial minister that the department was committed to complete the Peshawar Residencia project on a fast track basis. He said t he prices of the housing units were very reasonable and to assist allottees in instalment payment t he government was providing subsidized loans to the allottees. Tariq Rashid said that the allottees for a five- marla housing unit of worth Rs3.5 million could get soft loans on 5 percent LAHORE: The office- bearers of PIAF- Founders Alliance in a group photo with President All Pakistan Anjuman Tajraan Ashraf Bhatti, Asghar Bhatti, Shahzad Jutt and other during a visit to Anarkali in connection with election campaign. IIUI President, Egyptian envoy talk cooperatio­n PSF considerin­g to set up academy at the JKSC Abbottabad: Shahzada Shahzada Khalid said that from 1st October 2020 we would kick off a national woman quash tournament which would be organized by the support of KPK Squash Federation. We have f ormed a four- member committee c ompri si ng s ea sone d players th ose would oversee the JKSC matters and ass is t would also give suggestion­s and advise to t he director for the promotion of squash and bett erment of JKSC, he stated. Talki ng about t he role of veteran squash player s for t he bett er ment of J KSC Shahzada Khalid s aid t h at Bil al Khur s hee d, Yousu f , Abbass, Pr o f e s s or Khu r s he e d, Sar dar Arif and Zahid Qadir are r ol e model f o r y oun g p l a ye r s owing to t heir good conduct and support f or th e game. Syed Kamal Hussain Shah ABBOTTABAD: Secretary PSF Group Captain Tahir Sult an and Director PSF Academies Aftab Qureshi played vital role for in promoting squash in Abbottabad at JKSC, he disclosed. Replying t o a question, the director JKSC said that following the roaring success of t he winter camp for under 14 years of age children we have commenced a month- long f r ee t rai ni ng progr am f or girl s where a coach of t he Pakistan national squash t eam is grooming the female players and we are also providing free squash racket and ball to all partici pants of the camp. He disclosed that top- performing female player of the camp would be sent to Islamabad for further t raining those were identified by the national Squash team coach. Pakistan Squash Federation ( PSF) Thursday considerin­g establishi­ng a squash training academy at Jansher Khan Squash Complex ( JKSC) after t he renovation of i t's both courts. This was stated by the Director JKSC Air Commodore ( Retd) Shahzada Khalid while talking to the media. He further said that the PSF decision was ta ken after the successful arrangemen­t of two months- long winter training camps held at JKSC Abbottabad, Senior Vice President ( SVP) PSF during Amir Masood during his vis i t of Abbottabad approved t he renovation of JKSC where t he f l oors of t he court s would be replaced first time after 20 years, adding Shahzada Khalid said. See# 5 Page7 Conclude Ms Rehman murder trial in a month, directs SC ISLAMABAD: Dr. Hathal bin Hamoud AlOtaibi, President, Internatio­nal Islamic University, Islamabad ( IIUI) and Dr. Tarek Dahroug, Ambassador of Egypt Thursday agreed on enhancing bilateral cooperatio­n in the field of education, says a Press release. The meeting between IIUI President and the Egyptian Ambassador was held here at the Faisal Masjid Campus of the university. On the occasion, the Ambassador congratula­ted Dr. Hathal on assuming duties as university President. He assured full support to IIUI and desired that the university should expand its joint ventures with Egyptian universiti­es. While appreciati­ng the role of IIUI, he said it is one of the vital educationa­l institutio­ns of Muslim world that nurtures young minds in the light of Islamic teachings. On the occasion, Dr. Hathal said university will be eager to hold joint ventures with universiti­es of Egypt to address the contempora­ry challenges of the hour. He said IIUI will keep playing its role in disseminat­ion of Islam's message of peace. The IIUI President lauded the services of teachers of Egypt at IIUI and thanked Egyptian government for continuous cooperatio­n with university. Dr. Hathalalso briefed the Ambassador on IIUI vision, achievemen­ts and future goals. He said that university strives to build bridges between the traditiona­l knowledge and the latest technologi­es paying equal attention to the Islamic heritage and teachings. AOB fines an audit firm of chartered accountant­s ISLAMABAD: The Supreme Court on Thursday issued directives for conclusion of the trial in the high- profile Perween Rehman murder case within a month. Headed by Justice Umar Atta Bandial, an apex court bench noted with wonder that the trial has been experienci­ng delays for the last 20 months. Perween Rehman, head of the Orangi Pilot Project ( OPP), was gunned down near her office in Orangi Town on March 13, 2013. A Federal Investigat­ion Agency ( FIA) la wyer informed the j udges that five men were named in the case. One of them, named Qari Bilal, was killed in an encounter with police. He had nothing to do with the murder of Perween Rahman, the counsel said. Justice Mazahir Naqvi, a member of the bench, questi oned how Bilal's gun matched with the bullet shells of a 9mm pistol used to kill Rehman if he had nothing to do with her murder. Pir Muhammad Shah, head of a joint investigat­ion team ( JIT) formed to probe the murder case, stated before the court that statements of witnesses had been recorded and the trial could not proceed further due to the SC's hearing of the case. At this, Justice Bandial observed that the apex court has not passed any stay order, halting the trial. Later, the court ordered for conclusion of the trial in the high- profile case within a month and adjourned the hearing. - TLTP ISLAMABAD: The Audit Oversight Board ( AOB) has imposed a fine of Rs 50,000 on Aslam Malik & Company, Chartered Accountant­s. The Firm had committed multiple violations of the law. One of the reported partners of the firm signed six auditor's reports of l i sted companies on behalf of t he fi rm without fi rst attaining the necessary authority from ICAP to sign such reports on behalf of the audit firm, says a Press release. The firm had failed to report this partner for the purposes of audit quality control review. The firm also f il ed f alse i nformation to AOB regarding this partner and provided a false declaratio­n that the informatio­n provided was updated and true. The action was taken by AOB after providing an opportunit­y of being heard to the firm and explaining its position in writing and in person. AOB also directed the firm to submit an action plan comprising substantiv­e measures to address the weaknesses in its systems and controls. AOB is the independen­t regulatory authority that oversees the quali- ty of audit of financial statements of publi c in terest companies t hat include all listed companies. The stakeholde­rs of t hese companies in clude investor s, sh ar eholders, lenders, and tax authoritie­s which place their trust in the independen­t assurance pr ovided by external auditors that t he fi nancial statements prepared by the management present a true and fair view of the companies' fin ancial statements. Only the audit firms registered with AOB are authorized to audit the fin an ci al statements of a public interest company. PBA and FBR to share info under IT Ord Raza Kazmi ISLAMABAD: This technical solution will provide an interface to banks through which banks will share the relevant informatio­n with FBR in real time. The banks have agreed to share informatio­n with FBR from 18.09.2020 by using interim IT solution developed by FBR IT team. Dr. Ishrat Hussain, Adviser to Prime Minister on Austerity & Institutio­nal Reforms played a key role towards ironing out the long outstandin­g issues between FBR and banks. Federal Board of Revenue ( FBR) and Pakistan Banks Associatio­n ( PBA) have finally agreed on the implementa­tion modalities of Section 165 and 165A of the Income Tax Ordinance, 2001. It has been agreed that banks will start providing informatio­n in respect of cash withdrawal­s, deposits, credit card payments and profit on debt to FBR under Section 165 and 165A of the Income Tax Ordinance, 2001 through IT solution developed by FBR. Diplomat underlines UK's old relationsh­ip with KP Promotion of maritime sector vital to benefit from CPEC: Navy chief PESHAWAR: British High Commission­er Dr Christian Turner, CMG, has said that the UK will continue working closely with Khyber Pakhtunkhw­a to help provide basic services like education and health, and build resilience against things like Covid- 19 and flooding. The British High Commission­er said this during a meeting with Chief Minister KP Mehmood Khan, said a press statement issued on Thursday. The high commission­er visited Peshawar to underline the UK's lo ng- stand ing relationsh­i p with Khyber Pakhtunkhw­a. Dr Turner visited Peshawar to see how UK aid has been working closely with the provincial government of Khyber Pakhtunkhw­a to transform lives. He said that there is a great chance now to secure a more peaceful Afghanista­n and this means greater regional trade, and closer connection­s. "We also support inclusion and diversity, working to ensure that women are part of the economy and girls have a full 12 years of education," he said. On his first visit, he met ministers, parliament­arians, and developmen­t experts - discussing how the UK will continue a commitment which has already lasted more than 10 years. The British high commission­er was joined on his high- level visit with Country Developmen­t Director Annabel Gerry. Dr Turner and Gerry held meetings with the Chief Minister KP Mehmood Khan and KP Minister for Local Government, Elections and Rural Developmen­t Department Kamran Khan Bangash. They also met with a group of Khyber Pakhtunkhw­a- focussed developmen­t experts. They also met KP Finance and Health Minister, Taimur Saleem Jhagra, and Lt Gen Nauman Mahmood, XI Corps Commander. They held a meeting with members of t he Khyber Pakhtunkhw­a Assembly to discuss political developmen­ts in the province, and ended with a visit to Peshawar Museum. - TLTP ISLAMABAD: Chief of Naval Staff Admiral Zafar Mahmood Abbasi has said that promotion of the maritime sector is vital t o fully benefit f rom the ChinaPakis­tan Economic Corridor ( CPEC). In a message on the occasion of World Maritimes Day on Thursday, the naval chief said the government has declared this year as Blue Economy Year which is a good step. The naval chief said increasing pollution besides traditiona­l challenges is a serious issue and there is a need of collective efforts by all coastal countries to cope with these problems. He said Pakistan Navy has taken various steps including cleanlines­s of ports, prevention of oil spill and plantation of mangroves in coastal areas. Admiral Zafar Mahmood Abbasi reiterated to extend full cooperatio­n for promotion of the ship industry and developmen­t of the maritime sector. - TLTP A single- member bench of LHC comprising Justice Shahid Karim imposes a ban on use of polythene bags at motorways LHC extends interim bail of Shehbaz in ML case LAHORE: The Lahore High Court ( LHC) on Thursday extended interim bail granted to Pakistan Muslim LeagueNawa­z Presid en t Shehbaz Sharif till Monday ( September 28) in the money laundering case. A two- member bench headed by Ju sti ce Sardar Ahmad Naeem heard the bail plea of the oppositio n leader in t he National Assembly. Shehbaz Sharif appeared before the court under stri ct security, whereas a large number of PML- N workers also reached t he court. At the outset of the hearing, Shehbaz's counsel asked why the NAB wants to arrest his client when it has filed money laundering case against him. He said t hat the investigat­ion officer of t he NAB said t o his client during interrogat­ion that there is no need for further investigat­ion in the case." My client can give this statement on oath too." Later, t he LHC extended interim bail of Shehbaz Sharif till Monday. On August 17, t he National Accountabi­lity Bureau ( NAB) filed Rs7 billion money laundering and assets beyond means reference against the Shehbaz family, i nclud ing his wife Nusrat Shehbaz, sons - Hamza Shehbaz and Salman Shehbaz - and two daughters, Rabia Imran and Javeria Ali. The National Accountabi­lity Bureau ( NAB) has prepared another r eference ag ainst Paki stan Muslim LeagueNawa­z ( PML- N) Pres ident Shehbaz Sharif, exposing the procedures adopted by t he Sharif family t o launder money from Pakistan. The reference against Shehbaz Sharif is one of the longest prepared by NAB authoritie­s and comprises 58 volumes spanning over 500,000 pages. The volumes carry details r egarding Salman Shehbaz and money- laundering network, they said. The s ources claimed that Shehbaz Sharif had Benami assets worth around Rs7 billion. "His assets in cluded benami companies, shares and cas h amount in bank accounts," they said. - TLTP LAHORE: The Lahore High Court ( LHC) on Thurs day imposed a ban on use of polythene bags at motorways. A single- member bench of LHC comprising Justice Shahid Karim issued orders over a petition filed by one Abuzar Salman Niazi. The bench in its orders said that polythene bags should not be seen in use at motorways. The court prohibited use of plastic bags at restaurant­s, food shops and tuck shops at and around motorways. The bench instructed stric t enforcemen­t of the court order and summoned a compliance report of the order in next week. It i s to be noted t hat t he Lahore High Court last week banned use of polythene bags in th e pro vince. Justice Shahid Kareem hearing a petition , seeking a ban on plastic bags, termed it hazardou s f or t he environmen­t and human health. "Polythene bags are creating environmen­tal pollution", the applicant stated in his plea. The LHC after hearing of the case, imposed a complete ban on the use of plastic bags across the province. Earlier on Feb 21, the high court issued directives for a complete ban on plastic bags at the department­al stores and ordered the provincial authoritie­s to submit a detailed report in this regard. During a hearing at t he LHC, Justice Shahid Karim said that the world has already abandoned the use of such bags and companies in the United States and other countries have moved towards eco- fr i endly green bags. "The pl ast ic bags are becoming toxic especially for our marine li fe," he said. - TLTP PRINTED AND DISTRIBUTE­D BY PRESSREADE­R PressReade­r. com + 1 604 278 4604 O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . 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