China Securities Regularity Commission has imposed a fine of nine lakh RMP on Chinese firm Yabait due to its forgery and fraud. Yabait is the company that claimed around four months earlier that it has earned 2.5 billion rupees from Multan Metro Bus and sent it to China. It is the largest amount of fine imposed under the Chinese law. After the claim of Yabait, some circles in Pakistan including a TV channel and PTI used this false claim for character assassination of Chief Minister Punjab after the claim made by Yabait. Punjab government held a detailed inquiry of these allegations and it was transpired that any company with the name of Yabait did not work in Multan Metro Bus. It was also verified that any of the project contractors had not acquired the services of any company with this name. Punjab government gave a befitting reply to campaign of ARY and PTI. The Chief Minister talked to the media and sent defamation notice to ARY whose reply is still awaited. It may be added here that Chinese government did heavy fine to the chairman of the company and also imposed a life ban on his taking part in securities markets. Meanwhile, the other officials of Yabait Company were also sentenced to their exclusion from market along with other sentences. Meanwhile, Yabait company has accepted its crime through a letter and accepted the sentence given by the Chinese government and admitted that the money sent to China by it has no connection with Multan Metro Bus and this letter is available at company’s website. On the other side, CSRC has said on the role of Yabait that it is a serious case of financial fraud committed by any public company.
