Now there is news. Before I give you the link, let me share the summary and some comments: Apparently the shareholders can have a say about the buyback according to the PSX Rule book. So they have totally rejected the proposal and accused PakSuzuki (PSX: PSMC) of faking the account books in order to be able to extract profits out of the country. This doesn’t come as a shock, as it is the same as what CSPk in general and Ali Khan’s articles & comments in special have always suspected about the Japs – overpriced and under-featured unsafe obsolete cars at high prices, just to milk the Pakistani public. The policy-makers aren’t innocent either. On one hand the individual buyer of a single used imported car has to go through hoops to make an overseas payment through USD earned from abroad, on the other hand the Japanese conglomerates and their local JV partners have been hurting Pakistan’s economy all the way by their tactics. Like many things East Asian, Japanese “business honesty” and “fair practices” is also a charade and facade, mercilessness barely hidden behind all that propaganda.

For the past year, the government has been persecuting Pakistanis and Afghanis over the egress of USD from the country, when will the Japs face the music?

Read more here:

Pak Suzuki Faces Shareholder Backlash And Legal Riskshttps://www.pakwheels.com/blog/pak-suzuki-faces-shareholder-backlash-and-legal-risks/
Jan 31, 2024

As is usual of PWB, the article reports fairly correctly but in the last paragraphs, writes some thing that tells that the writer doesn’t even understand it correctly “This shareholder backlash leaves Pak Suzuki at a critical crossroads, not only grappling with the imminent threat of delisting……..“. Pak Suzuki itself applied for voluntary delisting so how is it a threat for them?

“How the company addresses these concerns will undoubtedly leave a lasting imprint on its trajectory and influence corporate governance practices in Pakistan.” Uh, these concerns aren’t directed towards the company and the company doesn’t and even can’t respond. The concerns have been submitted to PSX and it is PSX that has to see things according to the Rule book.