SECP chief distances himself from ‘wrongdoings’ of staff

Says organisation’s head can’t be held responsible for such shortcomings

ISLAMABAD: Rejecting claim about his alleged involvement in tampering records related to Sharif’s Chaudhry Sugar Mills, the Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi on Friday distanced himself from any possible ‘deficiencies or wrongdoings’ of ‘subordinates’.

“A head of any organisation cannot be supposed to be aware of any deficiencies or shortcomings in a particular case file nor can he be considered responsible for any such deficiency or wrongdoing.

“If this precedent of allowing subordinates to apportion blame for their omissions or wrongdoings is allowed to be set, every subordinate officer may attribute his failings to the heads of organisation,” Hijazi was quoted as saying in an official handout issued by the SECP on Friday.



The statement came in the backdrop of a news report that on Friday – quoting some unnamed sources – claimed that the SECP officials did tamper with the documents of the Chaudhry Sugar Mills on SECP chairman’s orders.

The joint investigation team (JIT) – probing into Sharif family’s offshore assets  in line with the apex court’s April 20 verdict in Panamagae case – had earlier alleged that the SECP tampered with records of the sugar mills.

The Supreme Court three-judge special bench – overseeing implementation of the Panamagate verdict – had later directed the Federal Investigation Agency (FIA) to probe the allegation and Hijazi and some other senior SECP officers appeared in this connection before the four-member FIA team on Thursday.



“I have explained my position to the FIA team… I am not supposed to give any version publicly. However, once the inquiry is completed, I will definitely explain my position publicly to my countrymen,” Hijazi’s statement added.

The news report claimed that investigations into alleged money laundering by Chaudhry Sugar Mills was closed in 2013 but it did not reflect in files of the SECP and that later in 2016 the SECP chairman Hijazi forced his subordinates to tamper old files to show closure of inquiry in backdates, that is, in 2013.

An FIA team – headed by its director Maqsoodul Hassan and comprising deputy directors Hazrat Ali, Tahir Tanveer and Ayaz Khan – is currently probing the allegations.



One of the members of the FIA team on Friday confirmed to The Express Tribune that investigations were in progress and that so far the team had recorded verbal statements of the SECP officials including its chairman. He, however, said it would take some time to conclude the probe.

Besides Hijazi, the other SECP officials who gave statements before the FIA team include Ali Azeem, Maheem Fatima and Abid Hussain, the official said.

JIT receives record

An SECP team, headed by its additional registrar Liaqat Ali Dolla, on Friday submitted record related to some business entities of the Sharif family before the JIT probing Sharif’s offshore assets.

Dolla – the additional registrar of SECP’s Company Registration Office in Lahore – arrived at the Federal Judicial Academy, the temporary secretariat of the JIT, to hand over the record.



The JIT had sought record related to Ittifaq, Chaudhry and Haseeb sugar mills owned by the Sharif family. The record related to Hudabiya Paper Mills has also been provided to the JIT by SECP.

Probe into Chaudhry Sugar Mills was initiated back in 2011, during the PPP’s last tenure, but it was later closed for some unknown reasons.

A former FIA official Inamur Rehman Sehri, who had earlier claimed that he had conclusive evidence about Sharif family’s involvement in money laundering, also submitted relevant record with the JIT.

There were rumours that the SECP chairman had also appeared before the JIT to give his statement. However, an SECP spokesperson called the news incorrect and said the chairman had not been issued any summons by the JIT.