Aqeel Karim Dhedhi, Chairman of AKD Securities Ltd, speaks during an interview with Reuters at his office in Karachi January 31, 2013. REUTERS-Akhtar Soomro
The head of the stock exchange is a former broker and the two top members of the SECP are former employees of Aqeel Karim Dhedhi, founder of one of the country's biggest brokerage houses.
Nicknamed "Big Dhedhi" for his
ability to move markets, Aqeel Karim Dhedhi
heads one of Pakistan's largest domestic conglomerates, the AKD Group
strongly denied any wrongdoing and said he
gas stocks years before the announcement.
"There is nothing there.
The (SECP) report totally cleared us," said Dhedhi
, a burly man wearing a traditional long cotton shirt and baggy pants.
"I'm proud to say that in more than 40 years of operating, we've never paid a penny in fines."
often offers advice to government officials on financial policy.
business empire includes two equity funds that were among the best performing in Asia in 2012.
has really started listening to the market," Dhedhi
said, a suited executive acting as translator.
remains under investigation.
But even if regulators were to find him guilty of insider trading, past practice shows he
would likely get a slap on the wrist.
The SECP's fines are almost always a fraction above the amount of money made in the stock manipulation, and sometimes even less.
In December, a broker was fined half the amount he
made from trades that manipulated the share price of tobacco giant Philip Morris.
Like KSE Chairman Nadeem Naqvi, Haider is a former employee of Dhedhi's.
"I've had lots of other jobs than just working for Dhedhi