Who benefited from Hijazi’s ‘fraud’, asks Khursheed

Says why departmental action not taken against the SECP chairman when the FIA had proved his crime

ISLAMABAD: Opposition Leader in the National Assembly Syed Khursheed Shah has stressed the need to establish as to who is the beneficiary of the ‘fraud’ committed by the chairman of the Securities and Exchange Commission of Pakistan (SECP).

Zafar Hijazi, the SECP chairman, was arrested on Friday after the special judge central rejected his pre-arrest bail. A Federal Investigation Agency (FIA) inquiry team had found him guilty of tampering with the records of companies owned by the Sharif family.

“Hijazi’s arrest is a true reflection of his crime, but there is a need to see who had benefited out of the offense committed by him,” the opposition leader said in statement on Friday.



The PPPP had also submitted a resolution in the National Assembly, seeking Hijazi’s sacking as SECP chairman.

“It is regrettable and condemnable that during the tenure of the present regime, institutions have forgotten to play their due role,” said Shah. “Due to this dilemma the job of state institutions is also being done by courts.”

The opposition leader also questioned why departmental action was not taken against Hijazi when the FIA had, in its inquiry report, proved his crime.

“Why is Hijazi still working as SECP chairman?” said Shah. “This sort of favour reflects that in every wrongdoing the government is itself involved.”

Last month, the six-member Joint Investigation Team probing the Sharif family’s offshore assets had told the Supreme Court that while some government departments showed reluctance in handing over the record required for investigation, some records had also been tampered with, specifically naming Hijazi in the context.



On July 10, the FIA had lodged an FIR against Hijazi on the directives of top court for tempering with the official record. Subsequently, Hijazi was booked under Section 466, 471of the PPC read with 5(2)47, the Prevention of Corruption Act (PCA).

A chartered accountant by profession, Hijazi had been appointed SECP chairman on Dec 19, 2014. He previously served the organisation from Jan 1, 1999 to Dec 31, 2003 as commissioner company law, administration and enforcement division.