The Rs54 billion HASCOL scam, explained | Profit Explains
HTML-код
- Опубликовано: 6 окт 2024
- The Hascol management were desperate and in a beg, borrow, steal frame of mind.
But the saga of the scam also reads like an indictment of the regulators, courts, auditors and even the banks that had lent the now disgraced OMC money.
#Hascol #Scam #Byco
For more background information, check out Profit’s earlier stories on Hascol:
profit.pakista...
profit.pakista...
profit.pakista...
Trust me, if all this information was written as an article, I would have never read it. You made all of this information tremendously palatable and engaging. Please keep it up!
Malik Bilal
It may seem like these video series aren't get a lot of traction right now but you should stick with it. These are refreshing and insightful.
Saari due diligence hamaray jesay chotay motay account openers and loan applicants k leay hi hoti hay. Great video!
Well explained.
Pls also advise in Crypto
واہ واہ مزہ آگیا اتنے بڑے فراڈ کی تفصیلات اس قدر دلچسپ انداز میں پیش کی گئی ہیں کہ براہ راست تیل کی منڈی اور بزنس سے تعلق نہ رکھنے والا میرے جیسا ایک عام شخص بھی اس ویڈیو سے ایک منٹ کے لیئے توجہ نہ ہٹا سکا !
Great Job 👍
اس پروگرام کی ساری ٹیم شاباش اور مبارکباد کی مستحق ہے۔
❤️🌹❤️
آڈٹ کمپنیوں اور بینکرز کی سستی غفلت یا ملی بھگت یا بھیڑ چال پر کیا خوبصورتی اور پیشہ وارانہ انداز میں روشنی ڈالی ہے۔
۔۔۔۔۔سانوں پیخے دیوو
باقی پیار محبت اسی ویخ لوواں گے۔۔۔۔۔
واہ واہ کیا خوبصورت انداز میزبانی ہے ❤️😀❤️👍
Wow you made it so soooo easy for an ordinary person who is unfamiliar with lots of financial terms and it's so fun as well. my fav new channel
I'm CA student and enjoyed your story very well🤣
An extremely fresh take on reporting, loved the report along with detailed explanation, humor, and friendly wibe ...
Best of luck for the future ... keep it up
Glad you enjoyed it!
Aha ! absolutely loved the way you explained it all. Please continue to make these type of videos 😀
Abdullah jo inhu ne explain kia wo alag magar auditor ka name ghalat lia
I was about to make a presentation on a specific fraud company which i have to present in my university in Europe and I got access to this video.Damn very well explained :)
THAT'S IT, FROM NOW ON THIS FORMAT OF VIDEO IS A MUST !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Props to this Bhai and whoever thought of this and as always NICE JOB Team Profit !
Phenomenal Video. Please don't stop making them, you will get traction Inshaallah
We need a series on this scam like Scam 1992.
Hahaha 🤣 Bollywood ny nujwano ka kya hal kr diya ha yar
This should be Scam 22.😂😂
Pakistan need more reports and organisations like Profit with quality reporting and videos like this one
Hope profit grows to cover all sectors, Inshallah
Very good video, the researchers and host needs a raise.
Wonderful.
The auditors must be appointed by the government, not by the clients themselves
But it should be an independent body like election commission overseeing and regulating LCs along with sb.
There is independent director by Govt in big companies
External auditor is appointed by shareholders and not by company management.....
Too good. Exceptional well explained each and every aspect of the case!!
This is the kind of brave content we need 😍
Thank you for making this🙌
you earned my subscription with your quality content. more power to you.
Great work and effort to explain the story. I would recommend one thing that there should be small captions in the videos something like bullets points which help to grasp important details
Excellent! please keep it up and we r waiting for these kinds of further knowelgable, educational, informative videos
Fastest sub I have ever made.best video sir g🙏
Dear Brother, I am a supply chain Logistics professional having plenty of experience dealing in exports/imports. No doubt LC's are all about documents and LCs are said to be the most safe and secure where credit is involved like in this case. So if the accepting bank has any doubts over LC opening bank / negotiating / paying bank they ask for irrevocable LC's which are further guaranteed by a third bank which has more sound and secure credit worthiness.
Secondly in every business where physical movement of goods is involved. there must be a proof of movement of goods from seller to buyer which is usually called Bill of Lading / Transport Document. That is the title document i.e. monetary value. and always be issued by a third party which is again has some international accreditation. And that is always the proof of the delivery of specified goods to buyer as per LC prescription.
Thirdly, although bankers are non technical persons (MBA shambiay kia hota hy) but they are dealing with money and they must take all the due process / steps to safeguard both seller / buyer interests including themselves from being hacked/scammed.
So to make sure everything is not just on papers but actually taken place, they involve a Independent Audit Firm /Inspecting Agency which issues an Inspection / Audit report to bank / buyer along with other necessary documents which confirm quality, qty, prices, delivery date etc. of the goods (after physically confirming this info). That Inspection Certificate / Audit Report proofs legitimacy / authenticity of the goods/shipment. Although they are paid by seller but they are always nominated / selected by buyer. Int''l agencies like SGS, BVQ, Contecna, CA and EY, AGF, KPMG, are the kind of of agencies, visit seller premises, check/inspect goods, and handover shipments to shipping companies. Which are further insured by marine/air/land insurance consortiums.
Furthermore, documents go into buyer's bank and not directly to buyer who never hands over the documents to buyer before he get paid. So the whole process is safe and secure / works fine, saves everybody's interests.
And last but not the least, after every shipment is made, stocks are checked, audited and LC amount are amortized (in deferred LC especially), before moving to next transaction so that LC should not be exceeded its limit.
These are pretty basic measures / SOPs which are always in place and required to be checked / ticked even for a as little as US$10,000 value Lc. These are laid down principles set by ICC / UCP rules under which business and trade is taking place world over without any scams and malfunctions. There is a mail (dirt) in the hearts and minds of the culprits behind this case and not in the system which to me is simply by passed.
thanks and lets hope and pray for the best.
Very well summed up.. brother
Yet another best way to further explainn...useful
According to International standards of auditing ISA705, 706 Audit firms anywhere in the world can withdraw from audit, If they are unable to obtain sufficient and appropriate evidence or any suspects any material misstatement,
Withdrawing from audit is defaultly understood that there are some material misstatements in financial statements of company, And in Pakistan if any audit firm withdraws from audit, Then SECP comes to action and investigate reasons for withdrawing from that respective firm and then SECP appoints a new auditor itself rather than company for proper investigation
SO Ernest and young Chartered accountants(EY) didn't do anything wrong, They followed International Auditing standards
Upon detecting any fraud, Audit firm can give four opinions : Unmodified opinion, Qualified opinion, Adverse opinion and Disclaimer of opinion.
And withdrawing from audit is the biggest whistle blowing of onw of it's own kind after which SECP can take action
Bhai CAF ky student ho ya CFAP ky? 😅 Comment sy tu abi CAF ky Nu jawan leg rhy ho
What he mentioned was absolutely right that dependece of auditor for it's fees on it's client creates a genuine threat and practically firms do face a conundrum of protecting the revenue or integrity, don't why you copied and pasted a long paragraph in defence of nothing!!!
@@muhammadzaighum2690
Bro mai CAF ka student hi hon 😁
Lekin Fee wali bat theek hai par AUDIT withdraw krny py koi harj nhi hai aur na hi is mai koi ethical issue hai
Wo jo mera comment oper hai wo khin se copy nhi kia, Han magr for you clarification i am sharing the exact words of standard with you
Here they are
"If the auditor concludes that the possible effects on the financial statements of undetected
misstatements, if any, could be both material and pervasive so that a qualification of the
opinion would be inadequate to communicate the gravity of the situation, the auditor shall:
Withdraw from the audit, where practicable and possible under applicable law or
regulation" ....is liye withdraw krna zyada achi bat hai bjai isky k fee le kr Unmodified opinion de diya jai
Aur wesy b fee engagement letter mai confirm ho jati hai advance basis par
@@tayyab-sheikh Carryon The Grind Man ♥️
@@muhammadzaighum2690 😅
Excellent presentation...very thoughtfully scripted amd silple explanation...
What a creative way to explain such a Convoluted topic!
The Style Of This Video Is Classic
ok
Great analysis. Whenever in pressure E&Y resigns , they don't take stand .Same thing they did in our company a few years before.
Magnificent vlog. You nailed it with a straight and easy language. Keep it up
The way to explained is turly awesome such a deep study stay blessed
Amazing quality content. Maza a gia. Harshaad Mehtaa ka scam yad a gia itna zabardast explain kia ha.
Excellent V log....I have no words for your Ramarkable reporting....
Bohut umda channel, best of luck for the future. Sirf aik input dena tha hosakta hai main nay theek say na suna ho ya main ghalat bhi hosakta hun I think aik jaga aap nay "thuk laganay" kay alfaaz use kiye thay in my opinion they fall under bad language.
Thank you
WOW.....Love it.
Excellent report and reporter Please keep posting.
Amazing. I’m subscribing. Good to channels like this exist.
محترم جناب بہت ہی بہت ہی معلوماتی حقیقت پر مبنی ہے۔لگتا ہے بھائی لوگوں نے اسکیم 92 جو کہ انڈیا کی تاریخ کا سب سے بڑا اسکیم تھا۔ جس کو بعد میں ایک فلم کی شکل میں دکھایا گیا ہے۔ وہ فلم دیکھ لی تھی۔
نوے فیصد کہانی ایک جیسی ہے
Honesty Need to be positively GOD BLESS EFFECTOR
Hascol is like a Harshad Mehta of OMCs.
Absolutely this is really similar to that specially the core of this fraud is based on bank guarantees which harshad did as well but it just here whole company is involved and also floating it’s company financial statements
،😀😅 wah wah
Very well explained, especially for a common person like me.
Excellent description 👌
Subscribed quick due to style of explaination..thumbs up !!! 👍
Bhi ap ny jis tarhan expain kiya ha, "Hats off to you ". Maza aa gya.
Byco has long story of many scandals .
Very well explained
The main accused was Banking and Auditor's Expert!
One additional point to be considered that Hascol also has some joint storage facilities with other big names of petroleum sector... this game seems to be much bigger.....
Very nice reporting yeh btain gov NY recovery kitni ki...
JazakAllah
Very informative and good analysis. Question remains that can a business be run with honesty under the prescribed rules and regulations with the aim of earning profit ????
yes that's the point
Great to see such channel in Pakistan. also please stop changing the background repeatedly it divert attention
Good analysis with sense of humour. Well done 👍
Excellent report .... fresh and fine
trust me brother u are good man u explaination is very good keep it up we will help u achiieve ur first million subscribers target
Informative video Good job
Aoa
Best of luck for future . inshallah .
Good work
Very informative
Keep it up
Weldon Good Job Keep it up, you must make videos on Edden Housing society, and lot of other issues. Weldon
Very informative
Interesting reporting Babur. Well done.
Uper sy guzar gaya laikin maza aya. Well explained.
Yar i loved your video keep up the humor with info great work
سادہ الفاظ میں یوں سمجھ لیں۔۔۔ کہ کمال ہے جی
Bohat mehnat se video B'nai jnb ne❤
Great job v well done brother
good research
most underrated channel
Perfect, great content, keep it up
Great Work..
Mind blowing
Wonderful
Great job
Nice Explaine .......
greatest content
nice investigative videos. keep it up.
There is huge corruption in oil purchasing.......one ship oil ...millions of dollars corruption.....drill down please....means do Audit.....Thanks...RGS
Brilliant Babar
Dear what about illegal omc and illegal petrol filling station
Please also tell us the expected future of Hascol and Byco. Thanks
مطلب تیل کی ذخیرہ اندوزی اور اسکے اثرات......
It’s the same like harsad metha scam he did in 1994
Good analysis
Very well explained. I am using this as a case study to prepare lecture slides for my SV to engage high officials of the O&G industry in Malaysia.
Why people join hand in such scam? Answer is very simple. No one in our country is punished if he can hire an advòcate whoes fees are in million of dollars . Usually these advocates are well connected with presiding officers. Stays are granted and cases are forgotten.
Shame for all of us and our society and our systems.
Very good bro. Keep it up👍🏼
زبردست
Thanks bro..keep the good work up
Good one brother
Hand them over to the Chinese judiciary. I am sure they will fix it to everyone's satisfaction!
Nice video keep it up
According to ISAs if the auditor cannot comply with all the standards of ISAs then they cannot write in their report that they have audited the FS in accordance with ISAs. Thus if the client is creating scope limitation then auditor may disclaim the opinion or withdraw from the engagement
I think this was not a scope limitation rather it was an issue of integrity of management which requires the auditor to withdraw from engagement which is what ey did
GOOD WORK
Zaberdast, first of its kind content in Pakistan. (1 kaamyab mard k pechay 1 aorath ka hath hota hai or 1 corporate scam k pechay ICAP or charted accountant ka hath hota hai). Thanks bro for uploading.
Zabardast
good explained
Pakistan is under attack of mafias, regulatory authorities also a partner of crime . Allah he hafiz ha is mulk ka.
Great bro
Under the leadership of Nawaz Maryam zardari in 40 years such things do happen with the help of that time governments departments , Banks and state Bank 🏦 and accountants and off course companies with criminals minds Alhumduillah.
Best explained👍
Thank you 🙂
Excellent
❤️❤️❤️ beautiful video ❤️❤️❤️
بھائی جان سو باتوں کی ایک بات,
"لالچ بری بلا ہے."
Brother, Mene aj petrol dalwaya hascol pump se mere sath kuch aisa hua:
Yaha Per litre price ha: 215.53
Mene dalwaya 450 ka.
To meter per ana chahye tha 2.1 litre, right?
Lekin dispenser meter per price to poora likha aya 450 jo mene bola tha lekin quantity 2.00 !!
To mtlb 100 ml kam mila na mujhy?