Sulaiman Mehdi appointed new chairman of Pakistan Stock Exchange

KARACHI: Sulaiman S Mehdi, chief executive officer of private equity firm Cyan Limited, has been appointed as the new chairman of Pakistan Stock Exchange – a post left vacant following the removal of Hussain Lawai.

Lawai was removed as the chairman of the Pakistan Stock Exchange earlier this month on the directives of the Securities and Exchange Commission of Pakistan, following his arrest on money-laundering charges on July 6.

A case was registered against Lawai by the Federal Investigation Agency in connection with a mega money-laundering scandal involving Rs35 billion, which is said to implicate a number of politicians, businessmen and bankers. 

The scandal also includes former president Asif Ali Zardari and several of his close associates, including sister Faryal Talpur.