SECP imposes fine on B4U Global, disqualifies Saifur Rehman Niazi
Karachi: A fine of Rs4 billion has been imposed on B4U Global by the Securities and Exchange Commission of Pakistan.
The fine was imposed after the regulator concluded its adjudication proceedings against B4U Group and its sponsors for raising illegal deposits from the public and operating pyramid schemes, in violation of the Companies Act, 2017, according to a press release issued on Saturday.
“The B4U Group comprises 18 companies incorporated under the Act, as well as five unincorporated business setups.” All 18 companies were registered during the last two years. The main sponsor of B4U Group is Saifur Rehman along with his immediate family members, it said.
It said the commission has “disqualified the sponsors of B4U Group from becoming a director of any company for a period of five years and has also imposed a penalty of Rs100 million on each of its sponsors”.
The sponsors will not be allowed to incorporate any new company under the Act.