Hascol Petroleum Limited has withdrawn the petition that it had filed to prevent the Securities & Exchange Commission of Pakistan (SECP) from investigating its financial reporting issues, according to a statement it issued.
Hascol’s statement read: “We finally wish to inform that Hascol has lifted its stay order restraining the SECP’s investigation regarding its 2019 financial disclosures, and are cooperating with the Securities & Exchange Commission of Pakistan’s in this regard”.
The company’s secretary disclosed that its CEO, Adeeb Ahmad, had resigned from his position, after which Aqeel Ahmed Khan had been appointed as his replacement.
He added that Hascol is also in negotiations with its creditors to finalize a restructuring plan for its liabilities, and long-term options were being evaluated for that purpose.
Hascol’s spokesperson told the media that its board had also appointed two new independent directors on Thursday — Zafar Iqbal Chaudhry and Mustafa Ashraf.