KSE MD gone missing!!!

Amongst the flurry of scandals and dramas that keep frequenting the KSE, which causes massive market movements, here’s another drama that seems to have been missed out (or chosen to be ignored) by the trading community.

According to this news report, the Managing Director of the Karachi Stock Exchange seems to have gone missing for the past 6 days, after he learnt that the Board of Directors at the KSE has decided to terminate him.

Mr. Lodhi had been incharge of affairs at the KSE for slightly more than a year now since his appointment late after the just before the March 2006 crash, which, like the March 2005 crash, caused billions of Rupees in losses.

In reaction to these crises, it was determined that risk management procedures and methods needed to be strengthened further. The judicial task force that set out to find the culprits of the March 2005 crisis named a few major brokers in its determinations, however a second study conducted by external forensic auditors claimed there was lack of sufficient information to blame any one for certain. The SECP and the KSE went on a task of developing and planning an implementation of risk management strategies, which have not been executed to date, hence warranting the removal of the man incharge of the task, the MD.

What’s more interesting, is how often does a senior executive of such an important institution go MISSING to avoid termination. Legally, he can only be terminated when he recieves his termination notice, and he is not there to do that. The last option, if the board at the KSE is really serious, could be to terminate him via a notice in the newspapers.

3 Comments so far

  1. Arsalaan Haleem (unregistered) on February 6th, 2007 @ 9:16 pm

    I think this is all just hogwash. Maybe this ‘drama’ is created to manipulate the KSE Index, to a certain level.

  2. Saad Durrani (unregistered) on February 7th, 2007 @ 12:43 am

    Terminate him by the notice in the newspaper. Such irregularities must not be forgiven.

  3. Saad Durrani (unregistered) on February 7th, 2007 @ 12:44 am

    Terminate him by the notice in the newspaper. Such irregularities must not be forgiven.

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