HASCOL lifts stay order restraining SECP's investigation

MG News | August 05, 2021 at 04:01 PM GMT+05:00

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August 5, 2021 (MLN): The Board of Directors (BoD) of Hascol Petroleum Limited (HASCOL) in its emergent meeting held today informed that the company has lifted its stay order restraining the SECP's investigation regarding its 2019 financial disclosures, and is cooperating with the SECP in this regard.

In the same meeting, the BoD has approved the appointment of Mr. Aqeel Ahmed Khan as its CEO with effect from August 5, 2021, replacing Mr. Adeeb Ahmad who has resigned from the position. The BoD has also approved the appointment of Mr. Zafar Iqbal Chaudhry and Mr. Mustafa Ashraf to the board as independent directors, a notification sent to PSX noted.

The company is currently in negotiations with its creditors to finalize a restructuring of the Company's liabilities. The Company's Board and Shareholders are committed to a successful restructuring of the Company and long-term options are being evaluated, notification added.

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