UK refused to share info about Rs680m transaction

ISLAMABAD: The Security and Exchange Commission of Pakistan (SECP) on Thursday informed the parliamentary panel of the Lower House that the United Kingdom (UK) had refused to share information about suspected transaction of Rs680 million by Chaudhry Sugar Mills so this case was closed down back in 2008.

The UK authorities had refused to share this information with the SECP on the ground that they would not share such information about politically- exposed persons.  This issue surfaced during the proceedings of the National Assembly Standing Committee on Finance which met under the chairmanship of Qaiser Sheikh here on Thursday. Asad Umar belonging to the PTI raised this question before the SECP high ups and asked them whether they had written any letter to UK for getting information about alleged suspected financial transaction done by Chaudhry Sugar Mills.

It is relevant to mention that this sugar mill is owned by the country’s ruling elite Sharif family. The SECP had taken up the issue of Rs680 million transactions by the Chaudhry Sugar Mills with the UK financial authorities, said Tahir Mehmood, Commissioner SECP while responding to a question raised by MNA Asad Umer. “It is an old issue and we had written a letter but we could not get the requisite information”, said Mehmood. He said that it was an issue of Rs680 million suspected financial transaction of 2008. He, however, clarified that the regulator never launched a formal investigation against the company.

He further stated that the Chaudhry Sugar Mills officers had explained the case well so the SECP decided to close the matter.  Asad Umar insisted upon the SECP to share the response of the UK authorities and other details of the case in the next meeting.

However, the Chairman of the Standing Committee, Qaiser Ahmed Sheikh of the PML-N, said that the documents could only be sought, if the matter is brought on the agenda of the committee meeting. Umar would now formally move a request to put the issue on the agenda of the meeting.

The PML-N’s Talal Ahmad Chaudhry apprehended that the information might be used for political purposes. Mian Abdul Mannan of the PML-N suggested that the SECP should share the details of all such cases with the standing committee instead of signaling out a company related to PM Nawaz Sharif. 

The standing committee also took briefing on the inquiry status of National Bank of Pakistan (NBP) Bangladesh scam worth Rs18.5 billion. The Committee showed its displeasure over the performance of National Accountability Bureau (NAB) with regard to the delay for investigation against officers and officials involved in NBP Bangladesh scam.

The Director NAB informed the committee that the NAB would soon complete the investigations launched in April this year. However, the committee was not satisfied with the response, saying, the NAB has given similar assurances before too, therefore the committee asked for an interim report by next meeting.