Thread by @Asad_Ashah

Clear example of collapse of country's banking, regulatory, investigative & legal systems. Not just default, but massive frauds perpetrated by sponsors/ mgment: banks, regulators, investigators remain silent spectators. Why? 1/6
profit.pakistantoday.com.pk/2022/12/12/has… via @Profitpk

2. Nearly 60 bln unsecured loans provided by banking sector to #Hascol based on hype created by mgmnt, fraudulent fin reporting. Is there any assessment why & how banks provided such large loans without proper understanding & due diligence of the compny & its business? 2/6

3. Clear & established case of fraud & fraudulent reporting. Why banks remain indecisive in prosecuting perpetrators of fraud? How can they trust the same mgment for restructuring to jeopardize new investment & loans? 3/6

4. Why are regulators indecisive & helpless in taking concrete & timely decisions. Fraud came to fore in 2019, but no investigation or decisive action by @SECPakistan for years. 4/6

5. After delay of yrs, SECP appointed virtually an unknown firm to undertake investigation few months back, but stalled by a status quo order of SindhHighCourt. This has been the predicament of virtually all actions of SECP. Why our courts do not allow regulatory actions? 5/6

6. #Hascol fraud, after its reporting in media, was taken up by Senate Committee & #FIA initiated its investigation. However, result, like so many such occurrences, remains zero. Why? 6/6