KARACHI
The outgoing managing director of Karachi Stocks Exchange (KSE), Adnan Afridi, has apparently diverged from his original decision regarding his departure from his position within the organisation.
The fresh development came to the surprise of many card holders most of whom were, according to rumours, relieved to see the back of the ‘heavily-paid’ managing director. Afridi’s departure was seemingly, amicably agreed and he was therefore expected to leave the KSE this month on the expiry of his three year contract on October 31.
Sources at the KSE told Pakistan Today that the managing director had tried his level best by pandering to various interests to prolong his tenure at the local bourse. “The MD has rallied his supporters in the Ministry of Finance to grasp an extension,” the sources said.
The sources indicated if Afridi’s maneuvers for the renewal of his contract bear fruit, it would be a bitter disappointment to many members.
“The members have acquiesced to his (Afridi’s) monthly astronomical perks and privileges of around three million rupees,” the sources said adding “but they are of the firm opinion that the MD has turned out to be a white elephant for the corporation.” When contacted, one of the KSE Board of Directors, confirmed reports that they were under heavy pressure from various influential political figures who favoured the reappointment of the outgoing managing director.
The aforementioned director elaborated on the pressure which was being exerted from Ministry of Finance where Afridi’s supporters were heavily mobilised. “Even if he is retained, the members will tooth and nail to deny him the exorbitant remunerations he enjoyed earlier,” sources indicated.
Elaborating on the payments the embattled managing director was presently drawing from the stocks, the sources tallied an Rs 1.7 million salary, four security guards, fuel allowance, entertainment allowance and other fringe benefits.
Afridi’s campaign for reappointment will almost certainly exacerbate tensions within the KSE; where members have bridled at the appointment of a non-member chairman. This lingering dispute has a very detrimental effect on the affairs of the exchange. Some 200 members had previously joined hands to demand the market regulator, Securities and Exchange Commission of Pakistan, not install an ‘outsider’ like Zubair Soomro at the market. “The members contend that a non-member chairman knows nothing about affairs of the bourse, so one must not be imposed from above,” the sources said. It is difficult to say what, precisely, will be the true consequences of Afridi reappointment.
