Stolen funds

I wish to draw the attention of those in authority to the apathy of state officials towards the plight of those affected by the business practises of fugitive stockbroker SMC Private, the owner of which disappeared discreetly two and a half years ago with our life savings and hard-earned money. Those affected are over 600 innocent and vulnerable dependants who have not gotten their justice. During this period, the affected were called by the PSX and NAB to record their claims with supporting documents. Sometime later those affected were informed by the PSX that the total verified claims amounted to Rs1.2 billion and the process of recovery and refunding would start soon. Regrettably, very little progress has been made so far and the victims continue to suffer. As regulators and guarantors, both the SECP and PSX have failed in their duty to safeguard the interests of the investing public. So far, a miniscule compensation of around two percent of the approved claim amounts has been made by the PSX out of its Investor Protection Funds. It advised the affected to continue pursuing other state agencies like NAB in getting the fugitive broker apprehended for recovery of their balance claimed amounts.

The affected have been visiting the NAB Lahore office for updates, but without much luck. According to the DG of NAB, an FIR was lodged against the broker with the local police and a case registered against him to apprehend him from the UK, where he has been hiding since his disappearance. This has been referred to the IFM to initiate the necessary procedure for his extradition. Months have passed since this last update and nothing seems to have happened so far. We would like to request that the authorities please put more effort towards solving this issue so that the victims may receive recompense. We appeal to the PM and the CJ of Pakistan to come to our help by bringing back the criminal who wronged us to Pakistan to face justice and arrange for the recovery of our hard-earned money.

Naveed Athar Sheikh

Lahore