SECP seeks bank records in fruit firm's probe

The SECP is examining the proposed share sale of SE Fruits and Vegetable Limited, formerly Shaheen Enterprises, after stopping the IPO in October; the company later withdrew its offer. It had planned to raise up to Rs1.92 billion by selling 30 million shares at Rs40 each. The regulator began its inquiry on October 21 under provisions of SECP and securities laws.

Seven banks have been asked for export data concerning the company, while 30 more were approached for details of foreign transfers, export receipts and other foreign-exchange activity in accounts linked to its sponsors and directors. Some submissions are under review. Investigators are also assessing the IPO application and shareholder details, along with concerns about the company’s financial disclosures and audit; material from Topline Securities, Growth Securities and consultant Parker Russell is being examined, while the CDC’s November 2 response on shareholder records and transfer history was incomplete.