General prosecutor’s office subpoenaed the director of Khartoum stock-market Azhari Altayib and his deputy last Thursday as part of investigations in cases of fraud that lately occurred in the stock-market, while a source revealed that the company involved in the violations was originally founded by Abdallah Albashir who is the president’s brother.
An employee with Ganosar company, which is part of Alzawaya group whom the president’s brother is one of its founders, defrauded clients in the stock-market.
Azhari Altayib declared that they withdrew the license of Ganosar company employee (Nazik), after numerous fraud charges were filed against her indicating that she admitted the appropriation of large sums of money totaling up to 9 million SDG.
Despite her admission, the prosecution never issued Nazik with an arrest warrant as talks are making the round that she is protected by influential officials.
Meanwhile experts criticized procedures in Khartoum stock-market as the accused employee who represents a suspended company would enter the markets premises and meet with clients on the trading floor, something that would never happen in international stock-markets.
And according to experts the stock-market isn’t subjected to adequate monitoring, accusing the director of disabling oversight which was enacted in 2016, and six months ago he appointed an oversight manager together with a deputy, but they never signed their contracts to this very day. An expert who spoke to Altaghyeer on the condition of anonymity said “the administrative structure of the oversight authority was announced but they never signed their contracts and were not given a working place for six months”. And the source added “money laundry is never excluded in cases of insufficient oversight”.
Khartoum stock-market is ranked among the weakest markets in the region and 96% of trading targets Shahamah certificates while 4% involves company stocks.