SECP issues final notices in alleged insider trading of Unity Foods share

Mettis Global reported that the Securities and Exchange Commission of Pakistan has sent final notices to four people, among them Unity Foods chief executive Muhammad Farukh, over suspected insider dealing and irregular transactions in the company's stock. The other three named individuals are Safdar Sajjad, Fahmida Amin and Hina Safdar. All four have been summoned to attend on September 3 in their individual capacity.

The investigation team has asked for explanations and relevant records from them. Farukh is to supply full documentation of Unity Foods stock placed as collateral with banks, while Safdar Sajjad, Fahmida Amin and Hina Safdar are asked to explain their share purchases and sales. None of the four appeared after the initial notices, so the regulator moved to final notices after their absence on August 31.

The inquiry, opened on June 2, relies on the 139th section of the Securities Act, 2015. Those summoned have also been told to bring dealing records and supporting paperwork along.