Daily Times

ISLAMABAD: Just before officially taking leave of absence as finance minister, Senator Ishaq Dar appointed two of his cronies on Policy Board of the Securities and Exchange Commission of Pakistan (SECP) in violation of the relevant code of conduct.

According to sources in the Finance Ministry, just days before Dar was to proceed on leave, the ministry on his behest re-appointed two of his close aides to the Policy Board of SECP in haste and in violation of its code of conduct. A Finance Ministry notification, dated November 21 (Tuesday) was issued late Wednesday (November 22) evening. It reappointed Hafiz Muhammad Yousaf and Senator Osman Saifullah on the policy board of the SECP for a further term of four years. According to the notification, the two have been appointed as private members to the SECP Board. The sources said that the notification was issued immediately after Prime Minister Shahid Khaqan Abbasi, officially, accepted Dar’s application and placed him on leave as the federal finance minister. The previous four-year terms of two members had expired on September 3, 2017. Sources told Daily Times that both the appointments were in violation of the SECP Policy Board’s Code of Conduct. “Osman Saifullah is a senator. Unde the rules, no person with a political background can be appointed to the SECP Policy Board,” sources said. “Moreover, the Saifullah family has highest number of companies in Panama, Bahama and Paradise leaks. He has serious conflict of interest since SECP is to investigate all such matters,” he said. “Secondly, Yousaf is a close friend of Ishaq dar. Immediately, after becoming finance minister, Senator Dar had appointed Yousaf to the SECP Board. Later, when his tenure expired at SECP Board on September 3, 2017 he was made a member of the State Bank Board,” sources said.

According to sources, prior to his appointment at SECP Board in 2013, Yousaf faced litigations in various cases while in the SECP. “He managed to get all the charges wiped out when he was made a member of the SECP Policy Board for the first term,” sources said. Interestingly, Yousaf was also a candidate for the post of SECP commissioner, advertised by the Ministry of Finance recently. “He was among the six shortlisted persons,” sources said. “It is strange that a persons who was to be interviewed for the position of commissioner, is suddenly appointed on the board,” sources said. “Obviously, Dar preferred to appoint him as Policy Board member when he found himself in no position to appoint him as a commissioner,” they said.

Published in Daily Times, November 24^th 2017.