The board of directors has appointed Mr. Sulaiman S. Mehdi, Chief executive officer of private equity firm Cyan Limited, as the new Chairman of the Board of PSX – a post left vacant following the removal of Hussain Lawai.
This appointment comes after Hussain Lawai’s removal as the Chairman of PSX as he was arrested by the Federal Investigation Agency (FIA) on July 6. He was charged on money laundering after the FIA registered a case in Karachi last week over a mega money-laundering scandal involving Rs 35 billion — said to implicate politicians, businessmen, and bankers.
Sulaiman holds a Master’s degree and is also a Fellow member of the Institute of Corporate Secretaries of Pakistan (FCISP).
He has over 13 years experience of working with leading Financial Services Groups in senior positions in the area of operations, investments, marketing, legal and corporate affairs. He joined Central Insurance (CICL) as the COO & CS on October 01, 2010 and led the insurance license revocation process. The revocation of license and its business restructuring from CICL to Cyan is a landmark transaction and the first of its kind in Pakistan. He has been made the CEO of Cyan w.e.f. 26 August 2014. He is also Chairman of Pebbles Limited.
Amongst Sulaiman’s nascent achievements is the USD 60 million acquisition of Hub Power Company Limited (HUBC) by Dawood Hercules Group that was championed from Cyan’s platform on June 13, 2012. As Fund Manager for Cyan’s listed equities portfolio, Cyan’s portfolio increased by 56% versus 49% of the KSE-100 Index in 2012.
Sifaarshi, 13 years of experience and he’s gonna monitor the stock exchange of the country
13 years of experience at “Senior” positions only. Read carefully before you write.