What happened at Hascol?

Table of Contents

“Hascol and another company Vitol (exclusive supplier of POL products to HPL) through over-invoicing transferred $42 million illegally outside Pakistan,” said Mr Farooqi. He alleged that “Hascol siphoned off funds through fake contractors to the tune of Rs117 million”.

Is Hascol Pakistani company?

Hascol Petroleum Limited (حیسکول پیٹرولیم) is a Pakistani oil marketing company which is active in downstream sector. It is based in Karachi, Pakistan. The company has distribution rights of German lubricating oil Fuchs in Pakistan.

Who owns Hascol in Pakistan?

Mr. Mumtaz Hasan Khan
Mr. Mumtaz Hasan Khan Chairman & CEO of Hascol Petroleum Limited has over 54 years experience in the Oil Industry. He started his working life in Burmah Shell Oil Storage and Distribution Company in May 1963 and worked there till January 1976, where his last assignment was International Sales Manager.

Is Hascol a defaulter?

1. (c) & (d) of PSX Regulations, HASCOL is being placed on the Defaulters’ Segment of the Exchange w.e.f. June 28, 2021 (Monday).

Why Hascol share price is down?

Hascol has been in financial trouble since 2018. Its revenues have dropped, losses mounted and loans risen, sending its share price down from over Rs300 three years ago to just Rs11.

Why Hascol loss?

The company discovered “inaccurate entries in its 2019 accounts” and subsequently restated its results from 2018 through 2020, said a chairman’s note that the firm released along with financial results. Hascol Petroleum Ltd has been in financial trouble since 2018.

What is defaulter segment in Pakistan stock exchange?

1. A listed company may be placed in the Defaulters’ Segment if: (c) It has failed to hold its one Annual General Meeting as per law; Upon placement of such company on the Defaulters’ Segment, the Exchange shall only initiate actions under Regulation 5.11.

What are the benefits of listing in PSX?

Listing will give you the chance to be included in these indexes, providing you with global recognition. By going public, all stakeholders involved use fair valuation of the company by the market which is generally higher than the book value, outlining the true worth of the organization.