Daily Times

ISLAMABAD: The Senate Committee on Finance on Friday gave Securities and Exchange Commission of Pakistan (SECP) seven days to answer its 10 questions over alleged corruption in the Multan Metro Project.

Pakistan’s corporate watchdog has been in the headlines after its former chairman Zafar Hijazi became the first casualty in the Panama case against former PM Nawaz Sharif. Hijazi was indicted on Friday with charges of record tempering in favour of the Sharif family. He, however, pleaded innocent by not accepting any charges leveled against him.

“Is it a coincident that the matter [of Multan Metro Bus Project] was referred to the Federal Investigation Agency (FIA) only after the suspension of Zafar Hijazi,” stated a strongly-worded letter sent to the SECP by the Senate’s Standing Committee on Finance chairman.

According to the letter, a copy of which is available with Daily Times, the chairman has asked the commission to furnish in seven days copies of all working papers, annexures, minutes of meetings relevant commission meetings and complete information as in replies to the questions. Expressing displeasure over the previous SECP reply over alleged corruption in the Multan Metro Bus Project wherein Chinese assistance was also involved, the chairman observed that SECP had given inordinate answers and also concealed relevant information. The Senate body also expressed unhappiness over the sluggish handling of the case by SECP especially in sharing it with the relevant investigation agencies.

“When had the SECP received the very first request from China Securities Regulatory Commission (CSRC) regarding Yabeite? Did that include details as reported in the news, including a statement from the directors and chief executive of the Capital Engineering that the company was owned by the Sharif Family?,” are some of the questions raised in the letter sent to the SECP.

The upper house’s committee on finance has also asked the corporate watchdog to provide complete records of the correspondence with its Chinese counterpart, CRSC, along with its reply sent on October 27, 2017.

“Is it true that very request from CRSC indicated serious crimes, including cross border money laundering in multiple jurisdictions. Then what reasons kept SECP from conveying this information to the relevant investigation agencies,” is another key question raised before the senators. The senators have also asked for names of the officers who dealt with and kept custody of documents received from CRSC and details of their professional experience in handling such investigations.

Published in Daily Times, October 28^th 2017.