Month: August 2026

Islamabad: Search and rescue teams have recovered the bodies of two mountaineers and transported them to Skardu after an avalanche struck a group attempting to summit Broad Peak in the Karakoram range.

Efforts are continuing to locate the remaining eight missing mountaineers from a team of 10 caught in the incident.

The rescue operation, involving Pakistan Army helicopters and ground teams, remains underway in the high-altitude region. Sources said the process of confirming the identities of the two recovered mountaineers was still in progress.

In a separate rescue during the same mission, an Italian climber who fell ill while participating in the K2 expedition was airlifted safely by a Pakistan Army helicopter.

The ground search and rescue mission for the missing mountaineers was being led by Pakistani mountaineer Sarbaz Khan. Rescue teams continued to search difficult terrain in an effort to locate those still unaccounted for.

According to rescue officials, the missing group included climbers from the United States, China, Nepal, and Oman, as well as Pakistani mountaineer Sohail Sakhi. Search teams were working across multiple sections of the mountain where the avalanche was believed to have struck.

The operation was being carried out through a combination of aerial and ground efforts. Alongside Pakistan Army helicopter missions, civil rescue teams had been assisting in the search operation and supporting efforts on the ground.

The accident occurred a day earlier when a team of mountaineers attempting to ascend Broad Peak was suddenly hit by an avalanche. The mountain, located in the Karakoram range of northern Pakistan, is one of the world’s highest peaks and attracts climbers from different countries each year.

Rescue officials said weather and terrain conditions remained a challenge, but search teams were continuing their efforts to locate the missing climbers.

Islamabad: Prime Minister Shehbaz Sharif on Friday directed the implementation of comprehensive reforms in the Oil and Gas Regulatory Authority (OGRA), stressing the need for greater transparency, stronger oversight, and enhanced institutional capacity to ensure an efficient and accountable petroleum sector.

Chairing a high-level meeting on revamping and digitization of OGRA, the prime minister said the government’s reform agenda must be implemented uniformly across all public institutions.

He instructed authorities to develop a robust nationwide fuel movement monitoring system by adopting the Federal Board of Revenue’s (FBR) modern tracking mechanism as a model.

The prime minister also called for the use of advanced technology and software to digitally monitor the entire petroleum supply chain, from ports and refineries to petrol pumps, to improve transparency and curb irregularities.

To strengthen OGRA’s institutional capacity, he directed that reputable experts from the private sector be recruited through a transparent, merit-based process as part of the authority’s restructuring. He assured that the government would provide all necessary professional expertise to support the reform process.

Reiterating the government’s commitment to protecting public resources, the prime minister said every penny of taxpayers’ money would be safeguarded and warned that no one would be allowed to exploit consumers or manipulate the system.

He also instructed all regulatory authorities to establish formal coordination mechanisms with their respective ministries and directed that work on upgrading the country’s oil refineries under the approved policy be expedited.

During the meeting, OGRA Chairman briefed participants on the authority’s current performance, key challenges, and a comprehensive reform programme.

The meeting was informed that OGRA has made significant progress in digitally monitoring the petroleum supply chain through the activation of several systems, including the National Monitoring Dashboard, Tanker Track and Trace System, Depot Tank Telemetry, Rahguzar Mobile Application, Digital Sales Entry System at petrol pumps, and a Central Monitoring Cell.

Officials said these digital platforms are enabling more effective monitoring of petroleum products from transportation and storage to retail sales.

The prime minister was also informed that a data-driven enforcement campaign carried out during July 2026 detected multiple cases of hoarding, unnecessary supply disruptions, and other regulatory violations.

As a result, authorities issued show-cause notices, sought explanations from those involved, and initiated legal proceedings where necessary.

The meeting also reviewed OGRA’s broader reform agenda, which includes digitalization of the authority, restructuring of its enforcement mechanism, establishment of a compliance wing, reforms to the licensing framework, improved legal management, strengthening of financial resources, and reorganization of the institutional structure.

Appreciating the proposed reform programme, PM Shehbaz Sharif directed that the digital monitoring system be made fully operational as soon as possible to eliminate hoarding and profiteering while ensuring complete transparency in the oil and gas sector.

He emphasized that uninterrupted fuel supplies and fair pricing for consumers remained the government’s top priorities and made it clear that negligence or corruption would not be tolerated.

The prime minister also directed relevant ministries and departments to expedite all legal, administrative, and policy measures necessary to strengthen OGRA and modernize Pakistan’s regulatory framework.

The meeting was attended by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, Federal Ministers Azam Nazeer Tarar, Dr. Musadik Malik, Ahad Khan Cheema, Attaullah Tarar, Shaza Fatima Khawaja and Ali Pervaiz Malik, Special Assistant Tariq Bajwa, and other senior government officials.

Islamabad: Prime Minister Shehbaz Sharif on Friday reaffirmed Pakistan’s unwavering commitment to further strengthening the brotherly ties with Azerbaijan, recalling the high-level exchanges between the two countries over the past two and a half years.

The prime minister, talking to Azerbaijan’s Ambassador to Pakistan Khazar Farhadov, who paid a farewell call on him, expressed confidence that the strong foundation laid during the envoy’s tenure would continue to guide the trajectory of bilateral ties in the years ahead.

The prime minister warmly acknowledged Ambassador Farhadov’s dedicated efforts to strengthen the deep-rooted, brotherly relations between Pakistan and Azerbaijan during his tenure.

He commended the Ambassador’s contributions in expanding bilateral cooperation across political, trade, economic, defence, culture and people-to-people domains, including the launch of direct flights between the two countries.

Conveying his warm regards to President Ilham Aliyev, Prime Minister Shehbaz fondly recalled his numerous visits to Azerbaijan over the past two and a half years, as well as the visit of President Aliyev to Pakistan in July 2024.

He also wished Ambassador Farhadov continued success in his future assignments.

Ambassador Farhadov thanked the prime minister for the warmth, hospitality, and support extended to him by the Government and people of Pakistan throughout his diplomatic assignment, describing his tenure in Pakistan as a cherished chapter of his diplomatic career.

He reaffirmed Azerbaijan’s continued commitment to deepening its strategic partnership with Pakistan. He also presented the prime minister with a book based on his family’s experiences of living in Pakistan.

Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar and Foreign Secretary Ambassador Amna Baloch also attended the meeting.

Islamabad: The Board of Directors of the Institute of Financial Markets of Pakistan (IFMP) has approved the relocation of the Institute’s head office to Islamabad as part of a major strategic transformation aimed at making IFMP the country’s premier institution for financial market education, continues professional training, and capacity building.

The Institute will, however, maintain a regional office in Karachi.

The Board unanimously elected Dr. Kabir Ahmed Sidhu, Chairman of the Securities and Exchange Commission of Pakistan (SECP), as Chairperson of the IFMP Board, while Mr. Muhammad Ali Farid Khawaja, Commissioner, Securities Market Division (SMD), SECP, joined the Board as SECP’s nominee member, said a release issued here on Friday.

The meeting was attended by Dr. Mubbashar Sadiq, Chief Executive Officer (CEO), IFMP; Mr. Jawad Hashmi, Chief Operating Officer (COO), Pakistan Stock Exchange (PSX); Mr. Shariq Jaffrani, Chief Financial Officer (CFO), Central Depository Company (CDC); Dr. Ahmed Junaid, Dean, Karachi School of Business and Leadership (KSBL); Mr. Shahrukh Usmani, Company Secretary, IFMP; and Mr. Ahmad Javed, Manager Finance, IFMP.

Addressing the meeting, Dr. Kabir Ahmed Sidhu said that with 64-67% of Pakistan’s population under 30, the country has immense potential to expand financial inclusion, retail investment, entrepreneurship, and employment. He said SECP has set a target of increasing Pakistan’s capital market investor base from around 500,000 to 2.5 million, emphasizing that financial literacy and skills development will be fundamental to achieving this objective.

He said IFMP will lead a nationwide financial literacy initiative by taking financial education to schools, universities, and professional communities across Pakistan. The Institute will equip youth and professionals with the knowledge and skills needed to participate in the formal financial sector, strengthen investor confidence, and impart professional courses to develop qualified human capital for the capital market and insurance industries.

Commissioner SECP Mr. Muhammad Ali Farid Khawaja said the Pakistan Stock Exchange must expand its reach across Pakistan, noting that a growing number of new investors are emerging from Punjab and other regions of the country. He said IFMP will significantly expand its mandate by introducing free online financial literacy courses, continuous professional development programmes, certification courses for capital market and insurance intermediaries, and specialized industry training to build a skilled financial services workforce.

The Board also placed on record its appreciation for the valuable contributions of outgoing SECP nominee directors Mr. Osman Syed and Dr. Yasir Mahmood, and acknowledged the dedicated leadership of Mr. Shoaib Javed Hussain during his tenure as Chairperson of the IFMP Board.

Islamabad: The Supreme Court of Pakistan has ruled that a conviction in a criminal case cannot be sustained on the basis of speculation, assumptions or incomplete evidence, holding that an offence of criminal breach of trust under Section 409 of the Pakistan Penal Code (PPC) can only be established if the prosecution proves that the disputed money or property had been entrusted to the accused or was under his lawful control.

On these legal grounds, the apex court accepted the review petition of Dr. Waqar Hameed and set aside his conviction.

Justice Shakeel Ahmad authored the judgment on Criminal Review Petition No. 122 of 2019 on behalf of a three-member bench comprising Justice Malik Shahzad Ahmad Khan and Justice Aqeel Ahmed Abbasi.

The court held that the prosecution had completely failed to prove that the disputed government funds had ever been entrusted to Dr. Waqar Hameed or had come under his lawful possession. It observed that “entrustment” is an essential and indispensable ingredient of an offence under Section 409 PPC, and in its absence the offence of criminal breach of trust cannot legally be made out.

The judgment further noted that a co-accused in the same case had already been acquitted by the Lahore High Court on the basis of the same evidence. It held that where the prosecution case against co-accused persons rests on identical evidence, and there is no independent and reliable evidence against the remaining accused, the principles of justice, equality and consistency require a fresh judicial assessment.

The Supreme Court also observed that the prosecution relied upon a challan bearing disputed signatures, but no forensic examination of those signatures was ever conducted. The investigating officer himself admitted that he had merely “assumed” that the accused had deposited the amount. The court held that criminal convictions must be based on solid, reliable and conclusive evidence rather than conjecture, assumptions or guesswork.

The judgment further stated that the prosecution failed to establish who had withdrawn the money from the government treasury, in whose name the treasury token had been issued, who had submitted the documents to the treasury, and who had ultimately received the payment. According to the court, the prosecution’s failure to prove these fundamental facts fatally weakened its case, entitling the accused to the benefit of doubt.

The court also held that, during the recording of the accused’s statement under Section 342 of the Code of Criminal Procedure, Dr. Waqar Hameed was not confronted with the crucial evidence and documents relied upon against him, thereby depriving him of a meaningful opportunity to present his defence. Such a course of action, the court observed, was inconsistent with the constitutional guarantee of a fair trial.

The Supreme Court further held that Section 5(2) of the Prevention of Corruption Act, 1947 creates a separate and independent offence, each of whose legal ingredients must be proved independently. However, the trial court as well as the High Court had failed to examine this aspect in accordance with the law.

The court observed that although the scope of review jurisdiction is limited, it may be exercised where there has been a manifest error in the application of law, disregard of material evidence, or a serious miscarriage of justice. On these grounds, the Supreme Court allowed Dr. Waqar Hameed’s review petition, set aside his conviction and held that maintaining the conviction on such evidence would be contrary to the requirements of law and justice.

Islamabad: The Competition Commission of Pakistan (CCP) has approved the proposed acquisition of BP plc’s global Castrol lubricants business by Motion JVCo Limited, a special purpose vehicle established by U.S.-based investment firm Stonepeak Partners, after its Phase-I review.

Castrol lubricants are marketed and sold in Pakistan through Castrol Group Holdings Limited. Notwithstanding the fact that the transaction is global, under Pakistan’s merger control law, acquisitions involving businesses with operations in Pakistan are reviewed to ensure they do not substantially lessen competition or create or strengthen a dominant position in the relevant market, said a release issued here on Friday.

Under the transaction, BP plc will sell Castrol Group Holdings Limited-which owns the global Castrol lubricants business-to Motion JVCo. Canada Pension Plan Investment Board (CPP Investments), through its wholly owned subsidiary, will acquire an indirect minority stake, while Stonepeak will retain indirect sole control following completion.

CCP identified the relevant market as the sale of lubricants in Pakistan. The Commission found that neither Stonepeak nor CPP Investments has existing operations in Pakistan’s lubricants market. As a result, the transaction does not combine competing businesses in Pakistan and creates no horizontal or vertical overlap with the target’s operations. In Pakistan, Castrol lubricants are marketed through a third-party distributor.

The Commission concluded that the acquisition would not alter the market structure, create entry barriers, or result in the creation or strengthening of a dominant position in Pakistan’s lubricants market. Accordingly, it authorised the transaction under Section 31(1)(d)(i) of the Competition Act, 2010.

The Commission’s approval is confined to its competition assessment under the Competition Act, 2010. The transaction remains subject to all other applicable legal and regulatory requirements.

Pakistan’s merger review framework facilitates investment, corporate restructuring, and mergers and acquisitions while preserving competition. Through timely, transparent and predictable merger assessments, the Commission enhances investor confidence, supports foreign direct investment, and promotes a competitive business environment that encourages innovation, sustainable economic growth and ease of doing business.