ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is in a fix over how to answer questions raised by Senate’s Standing Committee on Finance regarding alleged corruption in the Multan Metro Bus project. Last week, the Senate body, through a letter dated October 27, had given seven days to SECP to answer 10 questions about the metro bus project. The SECP has not yet finalised the answers to the questions, well-placed sources told Daily Times on Sunday. According to sources, the letter was addressed to the acting SECP chairman and relevant commissioner. “They are not on the same page on the issue of answering the questions raised by the Senate body,” sources said. Former SECP chairman Zafar Hijazi, who was suspended after being booked in the Panama case, has already been indicted with record tampering in favour of former PM Nawaz Sharif and his family. The Senate body letter had criticised SECP for not referring the case to the relevant investigation agencies after receiving information from the Chinese regulator about the Multan Metro Bus project. “Is it coincident that the matter (of Multan Metro Bus Project) was referred to the FIA (Federal Investigation Agency) only after suspension of Zafar Hijazi,” the letter stated. The Senate body had also required the commission to submit the entire record related to the Multan Metro Bus project and its communication with the Chinese counterpart regarding the alleged corruption in the project worth billions of rupees, including Chinese assistance. “You are required to furnish in seven days copies of all working papers, annexures, and minutes of meetings relevant to the project along replies to the questions,” the letter stated. The Senate body had also expressed displeasure on the previous reply from the commission, regarding alleged corruption in the Multan Metro Bus Project. In the letter, the committee chairman had observed that SECP had given inordinate answers and also concealed relevant information. The Senate body was also not happy with the sluggish handling of the case by SECP, especially in sharing it to the relevant investigations agencies. “When did SECP receive the very first request from China Securities Regulatory Commission (CSRC) regarding Yabeite? Does that included details as reported in the news like a so called statement from the directors and chief executive of Capital Engineering that this company was owned by Sharif family?” the letter had asked. The upper house’s committee on finance had also required the corporate watchdog to provide complete record of the correspondence with its Chinese counterpart CRSC along the reply of the letter. “Is it true that very request from CRSC indicated serious crimes, including cross border money laundering in multiple jurisdictions? If yes, then what reasons kept SECP from conveying this information to the relevant investigations agencies,” the letter stated. The senators have also asked names of the officers who dealt with and kept custody of documents received from CRSC and their experience details whether they had ever handled such investigations before or not. The officials were also asked “show cause” for not taking any investigating action into the matter even after receiving the communication from CRSC. “This Chinese company Yabeite was not working in Pakistan. It made up some fake letters to cheat government and was punished,” Chinese Embassy Deputy Chief of Mission Zhao Lijian had tweeted last month with reference to the Multan Metro Bus project. Published in Daily Times, November 6th 2017.