Dear Mr. Speaker, It has come to our attention that Somali Government had appointed Mr. Arun Panchariya as head financial adviser to Somalia’s National Infrastructure and Development Fund. Hon. Mr. Speaker, we are requesting an open inquiry into how the Ministry of Foreign Affairs and International Cooperation missed to conduct a simple background check which would reveal Mr. Arun Panchariya’s license has been revoked by a financial regulator in the emirate and his home country of India, after he became embroiled in a stock trading scandal in India. “Under sections 11, 11B and 11(4) of the Securities and Exchange Board of India Act, 1992 read with Regulation 11(1) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, in the matter of alleged market manipulation using GDR Issues against Pan Asia Advisors Limited (now known as Global Finance and Capital Limited) and Mr. Arun Panchariya (PAN No. AEVPP6125N).” Mr. Speaker, we are seriously concerned on how the matter was handled and feel the credibility of the government will be damaged if an open inquiry leading to explanation is not offered in this case. The National Infrastructure and Development Fund is very important to Somalia’s stabilization and development efforts. More importantly the government needs to reassure the trust and cooperation of the International investors who require transparency and accountability from their partner states Thanks
Posted on: Thu, 27 Jun 2013 06:02:10 +0000
Trending Topics
Recently Viewed Topics
© 2015