PAKISTAN: Pak Fibre Bosses Accused Of Funds Fraud
Five directors of Pak Fibre Industries Limited, a listed company operating from Hub Industrial Estate in Lasbela, have been charged with mismanaging public funds and giving false information on the company's future forecasts. According to prosecution proceedings filed by the Securities and Exchange Commission of Pakistan (SECP), the 1994-1998, Pak Fibre Industries Limited prospectus wrongly claimed that the company's past performance had been excellent - when in fact it had suffered losses of Rs7-8 million.
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