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Reuters
14-05-2025
- Business
- Reuters
Judge sanctions CFTC over agency's conduct in My Forex Funds case
May 14 (Reuters) - A federal judge in Camden, New Jersey has thrown out a Commodity Futures Trading Commission lawsuit against a U.S.-Canadian trading firm after finding that the U.S. agency acted in bad faith and made false statements, according to a docket entry on Wednesday. U.S. District Judge Edward Kiel dismissed the CFTC's 2023 case against Traders Global Group, also known as My Forex Funds, and awarded the company attorney fees as a sanction. Lawyers for the trading firm and its CEO Murtuza Kazmi said in a statement that the case should never have been brought. "Our clients are — and always have been — compliant with the law and innocent of the allegations and claims brought against them," the statement from Quinn Emanuel Urquhart & Sullivan and King & Spalding said. Acting CFTC Chairman Caroline Pham said in a statement that the agency's conduct was "inexcusable." "The CFTC must now accept accountability so that appropriate corrective action can finally be taken to address the conduct issues, and the CFTC can put this behind us and move forward to restore the agency's credibility and reputation," Pham said. Kiel's decision adopted a report and recommendations, opens new tab by a court-appointed special master. The report, which was unsealed on Tuesday, found the CFTC "acted willfully and in bad faith on several occasions" during the litigation. The CFTC had accused My Forex Funds and Kazmi of fraudulently booking at least $310 million in fees from thousands of customers. The agency said My Forex Funds illicitly transferred C$31.5 million to an unidentified account outside of the United States. As a result, another federal judge froze the assets of both Kazmi and My Forex Funds. But CFTC employees received an email before the case was filed from the Ontario Securities Commission confirming the C$31.5 million transfers were legitimate tax payments to Canadian authorities, according to special master Jose Linares, a retired federal judge. Despite possessing the email, the CFTC proceeded with the lawsuit and alleged that the C$31.5 million transfers were evidence that Kazmi "may — and is likely to — transfer or dissipate" his assets. The CFTC did not disclose the email until four months after bringing its case, in a footnote in a court filing, the report said. "At multiple points in time, the CFTC also had the opportunity to correct the false statements and impressions that had been made, yet it chose to go a different route in violation of its duty of candor to the Court," Linares said in his unsealed report. An unidentified CFTC attorney also admitted his conduct was "careless and sloppy," Linares said. (Additional reporting by Chris Prentice)
Time of India
09-05-2025
- Politics
- Time of India
1971 war was not remotely as terrifying as 6-odd hours on Thursday: Poonch locals
Poonch residents experienced intense Pakistani shelling, surpassing the fear of the 1971 war, causing widespread damage to homes, religious sites, and businesses. JAMMU: Poonch didn't sleep a wink past midnight. In the distance, the ominous thunder of relentless Pakistani bombardment from across the LoC seemed to portend a danger that even 1971 didn't pose. Around 2am Thursday, when the first of the fireballs coursing through the night sky hit home, district Gurudwara Prabandhak Committee president Narinder Singh's mind raced back to when he was eight. 'The 1971 War wasn't remotely as terrifying as what we experienced for six-odd hours till Thursday morning. Back then, my family and thousands of others remained in Poonch through the war without fear of coming in the line of fire. Operation Sindoor Operation Sindoor: 'India won't give face-saving exit to Pak army chief Asim Munir' IPL 2025: BCCI suspends IPL 2025 amid India-Pakistan tensions Fully intact, undetonated Chinese PL-15 missile found in Hoshiarpur This is different, which is why most residents have fled to safer places,' he said. At the first light of dawn, businessman Aijaz Kazmi, in his late 50s, picked up his car keys to leave for Jammu with his family. 'After a shell exploded in our neighbourhood, I prayed the entire night for our safety,' he said. As Kazmi drove through Poonch, the place looked different from the town he had grown up in. Almost all 17 wards bore the scars of shelling, which intermittently continued till around 11am. 'Shri Guru Singh Sabha Gurdwara, Geeta Bhavan and a madrassa housed within a mosque were damaged. Many shops and other commercial buildings were struck by mortar fire,'he said. The 16 casualties in Pakistani shelling across sectors in J&K included Amarjeet Singh, who would play the tabla during kirtan at Shri Guru Singh Sabha Gurdwara, and Amreek Singh, a ragi (kirtan singer) at another Sikh temple in Poonch. A maulvi, Maulana Mohammad Iqbal (46), died when a shell hit the Zia-ulUloom madrassa. Poonch opened temporary shelters for those displaced by overnight shelling, but they remained mostly empty until Thursday evening. Vishal Sharma of Poonch town noted, 'There's an exodus; no one knows what will happen next.' Jahangir Ali, whose parents survived the 1965 and 1971 wars, said, 'Even during past border clashes, we didn't fear for our safety. Now, we're directly attacked.' Kazmi said that Poonch needs bunkers due to the heightened LoC tensions and potential prolonged conflict.
Business Recorder
25-04-2025
- Entertainment
- Business Recorder
International tourists' team hails cultural richness
LAHORE: The Lahore Arts Council (Alhamra) played host to a vibrant delegation of international tourists from France, Turkiye, Belarus, Italy, Spain, Belgium, Switzerland, and several other countries this week, in a celebration of cross-cultural connection through art and heritage. The visit marked a significant moment in Pakistan's cultural diplomacy efforts as Executive Director Tauqeer Haider Kazmi welcomed the guests and led them on a guided tour of Alhamra's facilities. Kazmi described the occasion as a reflection of Alhamra's mission to safeguard and promote Pakistan's artistic legacy while fostering global cultural dialogue. 'Our aim is to preserve the richness of Pakistani arts while building bridges of understanding through creative exchange,' Kazmi said during the tour. 'Art speaks a universal language - and here, it brings people together.' The delegation visited the Alhamra Art Gallery, where they viewed a contemporary exhibition centered on themes of heritage, sustainability, and innovation. They also spent time at the Alhamra Academy of Performing Arts, observing live music, dance, and drama classes, and engaging with students and instructors. Visitors expressed admiration for the academy's work in preserving classical traditions while nurturing new artistic talent. Moved by their experience, the guests described Pakistan as 'a land of immeasurable cultural richness and extraordinary human warmth,' praising the hospitality they received and calling the country 'a treasure trove of tradition, creativity, and heart.' The visit culminated in a special evening performance at Alhamra Hall No 2, where members of the international delegation took to the stage to share music, dance, and songs from their respective cultures. A local audience of art lovers and families responded with enthusiastic applause, celebrating the harmony and shared spirit of the event. 'Today's gathering reminds us that art knows no borders,' Kazmi said at the close of the event. 'Alhamra is proud to be a space where cultures converge, and creativity flourishes.' The delegation's visit concluded on a note of unity and mutual appreciation, reaffirming Alhamra's role as both a guardian of Pakistani culture and a welcoming home for international artistic exchange. Copyright Business Recorder, 2025
Express Tribune
19-03-2025
- Politics
- Express Tribune
Torkham border remains shut despite agreement
The Torkham border crossing between Pakistan and Afghanistan, located in the Khyber district of Khyber-Pakhtunkhwa (K-P), remained closed on Tuesday, as Afghan authorities delayed implementing the reopening decision agreed upon during a joint Jirga on Monday. Syed Jawad Hussain Kazmi, the head of the Pakistani delegation at the Jirga talks, said that the Afghan Jirga had requested time to seek final approval from Afghan authorities. However, despite 20 hours passing, no final decision had been conveyed. "We are still waiting for the Afghan Jirga to contact us, which has caused a delay in reopening the Torkham border," said Kazmi, who also serves as an adviser to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The border was closed on February 21, after the Afghan forces attempted to construct a military checkpoint near Torkham. Pakistani Frontier Corps (FC) authorities objected to the construction because it was being built on the Pakistani territory. The situation escalated on March 4 after talks between the two sides for the reopening of the crossing failed and Pakistani security forces and Afghan Taliban fighters exchanged fire in which one Afghan border guard was killed and two others sustained injuries. From day one, Kazmi said, his effort was to end the tension and find a peaceful solution to the issue. Therefore, he added, he contacted the leaders of the Afghan Chamber of Commerce on March 6 and invited them to Torkham on March 9 for negotiations. "In the first successful session, the Joint Jirga agreed to an immediate ceasefire and a second session was scheduled for March 17. In the second round, Kazmi led a 36-member delegation for the talks with a 25-member Afghan delegation. "Yesterday, the Jirga agreed that there will be a ceasefire until the 15th day of Eidul Fitr [mid-April], and both countries will not carry out construction in the disputed areas," Kazmi said, adding that the issue of the controversial constructions would be taken up in the next meeting. Kazmi said that the Afghan Jirga had sought time to get the final opinion from higher authorities in Jalalabad and Kabul. "They have not informed us about the final decision of the Afghan authorities," Kazmi added. Khyber Chamber of Commerce Senior Vice President Wajid Ali Shinwari told The Express Tribune that the talks focused on a ceasefire and no construction on disputed sites on the border, adding that reopening of border was linked to these two points. "From the Pakistani side, we have agreed that no construction will be undertaken until the reopening [of the border] but they would take the matter to the governor of Nangarhar. The Nangarhar governor is still undecided and took the matter to Kabul, and until now, the Afghan side hasn't shown any interest." Though the border still remained shut, a ceasefire was still intact, while the construction had halted. "The Jirga can be termed successful because the ceasefire is intact and construction has also halted. The Afghan side pressed that border should be open, till 15th after Eid – the next meeting," Shinwari said. The Pakistani Jirga, however, remained optimistic about receiving a positive message from the Afghan side soon. They said that emergency consultations were under way between the Afghan Jirga and their authorities, while the Torkham crossing remains closed for the 25th consecutive day. Meanwhile, the border security officials from both sides were scheduled to meet at 9am Wednesday (today) to discuss and take the final decision regarding the reopening of the border. WITH ADDITIONAL INPUT FROM OUR PESHAWAR CORRESPONDENT SHAHBULLAH YOUSUFZAI)
Express Tribune
17-03-2025
- Politics
- Express Tribune
Jirga brokers deal on Torkham reopening
Members of Pakistani delegation arrive after holding talks with the Afghan side on the opening of the Torkham border crossing. Photo: Express The Torkham border between Pakistan and Afghanistan is set to reopen on Tuesday (today) after successful talks during a jirga between designated religious, political, and tribal elders from both sides, the head of the Pakistani delegation announced on Monday. Pakistan delegation head Syed Jawad Hussain Kazmi told The Express Tribune that the Afghan side also agreed to halt illegal construction, and both parties decided that any future construction at the disputed border point would only proceed with mutual consensus. The Torkham border was closed on February 21 following rising tensions between the border forces of the two neighbouring countries due to unauthorized construction by Afghan authorities near the border, violating a prior agreement. The situation escalated on March 4 when talks for reopening the crossing failed, leading to an exchange of fire between Pakistani security forces and the Afghan Taliban fighters. The clash resulted in the death of one Afghan border guard and injuries to two others. The 24-day closure of the border had resulted in the suspension of all movements, affecting trade and travel. However, with the latest agreement, both sides appeared committed to resolving their differences and reopening the border for mutual benefit. The latest round of talks was held at the Commissionery building on the Afghan side of the border. At the talks, the Pakistan side was led by Kazmi. "The two sides have agreed to the resumption of trade and people's crossing," Kazmi said. "The Afghan side also agreed that illegal construction would also be halted on Afghan side, and the message of Islamabad would also be delivered to the authorities. The [Pak-Afghan] Joint Chamber of Commerce [JCC] has also agreed that the two sides would also stick to the ceasefire," he added. The Afghan media also confirmed the reopening of the border from Tuesday (today). TOLO news reported on its website that the Afghanistan Chamber of Commerce and Investment (ACCI) had announced the agreement on the reopening of the Torkham crossing. "A meeting was held today in Torkham between both sides. The decisions made were positive, and it is likely that the crossing will reopen today or tomorrow," TOLOnews quotd a trader, Zalmai Azimi, as saying. "Torkham will reopen tomorrow [today] for all types of movement under this agreement." Khaamapress, another Afghan media outlet, quoted officials from the Chamber of Commerce and Investment in Nangarhar as saying that traders and tribal elders from both countries had reached an agreement to reopen the Torkham border crossing on Tuesday (today). "Following today's meeting, the Torkham border will officially reopen for transit tomorrow. This will allow free movement of goods and people across the border, bringing much-needed relief to the people who rely on this crossing for trade and travel," the report stated. The Pakistani officials told The Express Tribune that all sorts of trade, including the transit trade, remained halted during the 24-day closure of the border. The cumulative losses to the national kitty because of the closure amounted to $72 million, an official said speaking on condition of anonymity. The reopening of the border would be welcome news for approximately 2 million people on both sides who wanted to cross over ahead of the Eidul Fitr. According to the officials, 10,000 people cross the Torkham border point every day. (WITH INPUT FROM NEWS DESK)
