ISLAMABAD - The six-men Joint Investigation Team (JIT) asked to probe the offshore wheeling and dealing of former ruling family had suggested launching a probe against Tahir Mahmood, the incumbent chief of Securities and Exchange Commission of Pakistan (SECP).
According to the findings of the JIT, Mahmood was actively involved in the closure of inquiries against the members of Sharif family, however, no action has been taken against him till now.
A letter forwarded by Maheen Fatima, a SECP official, asked the British authorities to shelve the request made for the Mutual Legal Assistance (MLA) against Hassan Nawaz and others for alleged money laundering.
The letter- a part of JIT record - forwarded by SECP on May 21, 2013 asked the UK authorities to consider the request withdrawn in this regard.
Withdrawal request by SECP
The MLA request was made in 2011, however, days after the general elections in 2013, the request was withdrawn.
The dubious role of SECP is further exposed owing to another letter regarding the fraudulent transactions for which the commission had asked UK authorities to consider the request withdrawn; the said letter was forwarded in July 2013.
Ironically, the requests for MLA were forwarded in 2011 by Maheen Fatime and the same official, serving then as the director enforcement, requested the UK authorities that the request stood withdrawn.
In the original request, SECP had categorized Chaudhry Sugar Mills and had expressed suspicions regarding an amount Rs 699.9 million to have been 'laundered'.
SECP also mentioned some individuals as Hassan Nawaz, Waqar Ahmed, and three firms including Flagship investment and sought the record of British authorities in this regard so that SECP could initiate proceedings, if any.
Maheen Fatima, through the official letter, had also requested the UK authorities to provide SECP with any record regarding alleged money laundering and criminal cases lodged against Hassan Nawaz or his firms, however, the request was withdrawn in 2013.
Letter Forwarded by SECP in 2011
SECP also requested the certified photocopies of annual audited accounts of Hassan Nawaz and other firms owned by him but the withdraw request casts doubt over the motives of the body.
The JIT findings about the conduct of Maheen Fatima also point toward the shady role played by SECP as the six-men team, in its conclusions, stipulated that Maheen tried to be evasive.
Fatima appeared before the panel on May 27, 2017 and as per the conclusions of Joint Investigation Team (JIT), Fatima was found untruthful and concealed facts, either under pressure or apparently under directions if Zafar Hijazi.
Mrs Maheen Fatima is a dicey character, who confessed to have opened a fictitious case on the flimsy ground against Chaudhry Sugar Mills in 2011 on the instructions of Mr Ali Azeem Ikram, under influence of then chairman SECP.
The circumstantial evidence also indicates that during 2016, she maliciously closed said case in back dates (i.e 8 July 2013) again under influence; this time by the incumbent Chairman SECP. This besides reflecting the character of Ms Mahaen Fatima, M Ali Azeem lkram, Mr Hijazi (Chairman SEC?) and few others, also mirrors the fact that the institution is highly politicized, concluded the JIT.
Tahir Mahmood, who now serves as the chairman of SECP, was termed to have been sailing the same boat in the closure of case regarding the Chaudhry Sugar Mills by the Islamabad High Court in its ruling to grant bail to Zafar Hijazi.
The role played by Tahir Mahmood also caught the attention of JIT which had called for a probe against the individual, however, it seems that the official is evading any investigation to save his skin and position.
Let it be known that Tahir Mahmood confessed involvement in multiple underhanded dealings back in 11999 in collusion with then EOBI chairman Shaikh Barkatullah and a tycoon Tahir Siddiqui.
Letter Forwarded by SECP in 2011
