29th Oct 2013 14:22
LONDON (Alliance News) - IBEX Global Solutions PLC Tuesday gave its support to Non-Executive Chairman Muhammed Chishti after he clarified his dealings in the shares of a unit of IBEX's biggest backer, for which he was fined by Pakistani authorities.
Christi is also chief executive of TRG Pakistan Ltd, which is a unit of TRG, AIM-listed IBEX's biggest shareholder.
The Securities and Exchange Commission of Pakistan June 27 fined Chishti PKR400,000 after he was found to have sold shares in TRG Pakistan during a closed period and failed to notify the Karachi Stock Exchange.
Chishti has clarified that these trades were part of a sale and repurchase agreement, IBEX said, and were effectively a loan transaction. The shares did not reflect trades for value, and his ultimate beneficial ownership did not change, it added.
"Accordingly, the violation was technical in nature, and Mr Chishti remains a director and executive in good standing at TRG Pakistan," said IBEX, which was obligated to disclose the information under AIM listing rules.
Shares in the business process outsourcing services company were trading up 6.7% at 230.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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