KUALA LUMPUR: Malaysia’s aviation regulator has temporarily suspended pilots employed by domestic airlines who hold Pakistani licenses, after the government of the South Asian nation revealed that many pilots had dubious qualifications.
The Civil Aviation Authority of Malaysia (CAAM) said in a statement on Thursday that the decision came after an evaluation of all foreign pilots in Malaysia. The regulator told Reuters that there are less than 20 Pakistani pilots in the country.
National carrier Malaysia Airlines said it does not have any Pakistani pilot, Malindo Air, the Malaysian arm of Indonesia’s Lion Air, said it does not have any foreign pilots, and AirAsia said it does not have any Pakistani pilot.
CAAM said the pilots were employed with “local operators,” such as flying schools, flying clubs and training organizations.
Pakistan last week grounded almost a third of its pilots after discovering they may have falsified their qualifications. Pakistan has a total of 860 pilots, 107 of whom work for foreign airlines.
Global concern has mounted since the announcement, with countries grounding Pakistan pilots and seeking to verify their credentials.
The European Union Aviation Safety Agency has also suspended Pakistan International Airlines’ authorization to fly to the bloc for six months.
CAAM said it is making efforts with its Pakistani counterpart to verify the authenticity of the license holders.
“Licence holders that are verified as valid by (the Pakistan Civil Aviation Authority) will be reinstated immediately,” it said.
Malaysia suspends Pakistan pilots after license fraud revelation
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Malaysia suspends Pakistan pilots after license fraud revelation
- Says the pilots were employed with ‘local operators,’ such as flying schools, flying clubs and training organizations
- Pakistan has a total of 860 pilots, 107 of whom work for foreign airlines
Pakistan regulator amends law to facilitate capital raising by listed companies
- The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
- Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,
The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.
This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.
“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.
The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.
The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.
“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.
“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”
The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.
