LAHORE: The China Securities Regulatory Commission (CSRC) on Thursday blacklisted Chinese company Jiangsu Yabaite Co Ltd and fined it 900,000 yuan for alleged forgery and fraud.
According to a press release, Yabait had claimed that it had earned Rs2.5bn from the Multan Metro Bus project and sent it to China.
Highlighting the claim of the Chinese company, a section of the Pakistani media said Chief Minister Shahbaz Sharif was involved in money laundering and had sent a huge amount of kickbacks to China through Yabaite.
Shahbaz had condemned the media reports and served legal notices on some media organizations over alleged misreporting. The case of alleged money laundering was then referred to the FIA by SECP and later the NAB’s Multan wing launched an investigation into the project to look into money laundering if any.