SECP chairman, five officers appear before JIT

ISLAMABAD: Security and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi and five senior officials appeared before the Joint Investigation Team (JIT) and presented record of business concerns including Chaudhry Sugar Mills owned by the Sharif family, the sources told The News here on Friday.

"The senior officials including executive directors presented record of Chaudhry Sugar Mills that had been compiled by SECP's wings such as the Registration Department, Company Law Division and Company Registration Offices," the sources said.

The JIT considered summoning Minister for Finance Ishaq Dar for recording his statement. It also pondered over summoning Federal Board of Revenue (FBR) record pertaining to tax details of Sharif family. 

In his official statement issued on Friday, the SECP chairman said, “I have explained my position to the FIA team, which was also reflected to some extent in a section of press. Since the inquiry proceedings are continuing, I am not supposed to give any version publicly. However, once the inquiry completes, I will definitely explain my position publicly to my countrymen.”He said, “Here I would merely say that anti-money laundering proceedings and the proceeding under section 263 of the Companies Ordinance 1984 are entirely different matters and should not be mixed.”

“Secondly, head of any organisation cannot be supposed to be aware of any deficiency or shortcomings in a particular case file nor he can 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 organisations”, he said.

Meanwhile, the sources said the JIT in its meeting also thoroughly reviewed the reports -- one prepared by former interior minister Rehman Malik and other by National Accountability Bureau (NAB) -- about alleged money laundering through Hudaibiya Paper Mills and ascertain whether this money had any kind of link with money trail of London Mayfair apartments.