Pakistan brokers oppose Chinese nominee as Stock Exchange MD

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HIGHLIGHTS

• Brokers in the Pakistan Stock Exchange are opposing nomination of a Canadian citizen as MD following a 40 per cent takeover by a Chinese consortium
• Brokers and members of the PSX are opposing China's nomination of Richard Morin
• Last year, PSX grew 46 per cent and emerged as Asia's top-performing stock market

ISLAMABAD: A number of brokers in the Pakistan Stock Exchange are opposing the nomination of a Canadian citizen as its managing director, following a 40 per cent takeover by a Chinese consortium, a report said on Wednesday.

The Pakistan Stock Exchange (PSX) was sold to a Chinese consortium that now holds a 40 per cent but the arrangement relationship seems to have hit its first real stumbling block with some brokers and members of the PSXopposing China's nomination of Richard Morin as managing director.

While the PSX is yet to formally announce Morin's appointment as the latest MD, officials confirmed that the board of directors has finalised it in principle, the Express Tribune reported.

However, a couple of brokers, showing their concern over the unofficial appointment, said the Canadian national would unnecessarily cost more to the company - the PSX - as he is being appointed at a huge salary and is also being given special perks, including residential allowance and international travelling expenditure.

http://m.timesofindia.com/business/...as-stock-exchange-md/articleshow/60762638.cms