13 June 2005
Muscat - A distressing episode, which had made fabricated and malicious allegations made against Zafar Iqbal, managing director and chief executive of Pak-Oman Investment Company, has come to an end. The episode began on April 9, 2005, when the Karachi-based News International published an article titled, 'Insider trading rocks KSE'.
On June 3, 2005, The News International published an apology saying: "We acknowledge that the allegations made in the aforesaid article were factually incorrect. We regret the publication of the article and apologise to Zafar Iqbal for the hurt caused by the publication." The regret message also said Zafar Iqbal's contribution to the board of directors of Karachi Stock Exchange is a matter of record and both the chairman of SECP and the KSE board have expressed confidence in his integrity.
The publication has also taken action against its reporter, who contributed the news. The apology message, however said, the article was published by the newspaper in good faith, without any malice or ulterior motive against anyone, and point of view of Zafar Iqbal was incorporated in the said news item. It may be recalled that a legal suit was filed against the newspaper, its publisher, editor and all the concerned parties in the Sindh High Court with damages of Rs500 million. Headquartered in Karachi, Pak Oman is a 50:50 joint venture between the governments of Oman and Pakistan. Zafar Iqbal is currently serving as director on the boards of KSE, the National Clearing Company of Pakistan and Pakistan Textile City.
Muscat - A distressing episode, which had made fabricated and malicious allegations made against Zafar Iqbal, managing director and chief executive of Pak-Oman Investment Company, has come to an end. The episode began on April 9, 2005, when the Karachi-based News International published an article titled, 'Insider trading rocks KSE'.
On June 3, 2005, The News International published an apology saying: "We acknowledge that the allegations made in the aforesaid article were factually incorrect. We regret the publication of the article and apologise to Zafar Iqbal for the hurt caused by the publication." The regret message also said Zafar Iqbal's contribution to the board of directors of Karachi Stock Exchange is a matter of record and both the chairman of SECP and the KSE board have expressed confidence in his integrity.
The publication has also taken action against its reporter, who contributed the news. The apology message, however said, the article was published by the newspaper in good faith, without any malice or ulterior motive against anyone, and point of view of Zafar Iqbal was incorporated in the said news item. It may be recalled that a legal suit was filed against the newspaper, its publisher, editor and all the concerned parties in the Sindh High Court with damages of Rs500 million. Headquartered in Karachi, Pak Oman is a 50:50 joint venture between the governments of Oman and Pakistan. Zafar Iqbal is currently serving as director on the boards of KSE, the National Clearing Company of Pakistan and Pakistan Textile City.
© Times of Oman 2005
