SECP imposes Rs4b fine on B4U Global ...palestine

SECP completes its proceedings against B4U Group and its sponsors. Sponsors can’t become directors of any company for five years. A penalty of Rs100 million imposed on each sponsor. The Securities and Exchange Commission of Pakistan has imposed aggregate penalties amounting to Rs4 billion on the B4U Group of companies. The SECP has 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, the commission said in a press released on Saturday. “The B4U Group comprises 18 companies incorporated under the Act, as well as five unincorporated business setu

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