KARACHI - Pakistan Stock Exchange (PSX) Chief Executive Officer and Chairman Richard Morin, the first foreigner to head the country’s main bourse, resigned from the post on Tuesday after he was served a notice for allegedly running his own wealth management company in Canada.

According to TV reports, Richard Morin’s resignation has been accepted by the Board of Directors (BoD) of the PSX.

It was revealed that Richard Morin was served a show-cause notice for breaching the terms of his employment by simultaneously running his own wealth management company which is against the policy of the PSX. However, Morin despite answering the notices has tendered his resignation which was accepted by the BoD with immediate effect.

Morin’s resignation comes at a time when the stock exchange is under pressure because of the weakening rupee against the US dollar and decrease in foreign direct investments after the $6 billion bailout package signed by the government with the IMF which carries some tough conditions for the economy.

A notification of Morin’s resignation was shared on the PSX website. Morin, a Canadian national, was the first non-Pakistani CEO of PSX and had joined in January 2018 during PML-N’s tenure.

An emergency meeting of the PSX Board of Directors (BoD) was held on Tuesday during which Morin submitted his resignation. It was approved immediately by the board, according to TV reports.

As per speculation, Morin had developed differences with the board after the PSX board of director had written a letter to the Securities and Exchange Commission of Pakistan about Morin, alleging that while he was the CEO in Pakistan, he was running a company abroad.

During a Board of Directors meet on May 20, Morin had given a hearing on the show-cause notice served to him for alleged breach of employment contract by simultaneously operating his own wealth management company while being employed by the PSX.

Wealth Management, a Montreal-based firm that identifies itself as independent financial advisers’ had Morin as the CEO of the company and chairman of its board.

Morin has said that there was no wrongdoing and he had declared his interest in Archer Wealth Management at the time of taking up his position at the PSX.

Morin who has held several top positions in financial and investment houses is the second foreigner to resign as CEO of a major Pakistani institution. In the past, a German CEO of Pakistan National Airlines also left his job after corruption charges were brought against him.

Morin earned Bachelors in Economics in 1982 from University of Montreal and Masters in Business Administration in 1988 from McGill University. He also passed “Canadian Securities Course” in 1984 and “Partners, Directors and Officers Examination” in 2000 from Canadian Securities Institute. Recently, he has also passed “Chief Compliance Officer Examination”.