Another controversial appointment likely in SECP

A summary for appointment of Tahir Mahmood as a Commissioner in the Securities and Exchange Commission of Pakistan (SECP) has been moved and a notification in this regard is currently under consideration by the Prime Minister.
Tahir Mahmood has been serving in the SECP since 1999. As a former Executive Director of Insurance Division, he is under investigation by NAB in the case of Beema Pakistan Co Ltd (BPCL) on SECP''s request, for taking bribes from the CEO of BPCL, in exchange for registration of incorrect documents and staying quiet about violations of the law, and unlawful issue of shares.
According to sources, most of the documentary manipulation which took place at the Company Registration Office was done during the tenure of Tahir Mahmood, who was Joint, and later Additional, Registrar of Companies at the relevant time.
Further, when he was subsequently appointed Executive Director of the Enforcement Division, no action was taken against the massive discrepancies in the accounts of BPCL, which was a listed company. His possible role in the entire scenario is also being examined in the already ongoing investigation by NAB.
It is common knowledge that he was recently investigated by the FIA in the case of illegal issuance of shares by Noorie Textile Mills. Tahir, in his capacity as Executive Director of Enforcement Division, has also been accused of having subverted prosecution against Hala Enterprises Ltd and its management at the behest of the Chairman, Salman Ali Shaikh (against whom a complaint for misuse of public office and corruption by Commissioner-Legal, is pending investigation).
In return for Tahir Mahmood''s assistance, SECP Chairman Salman Shaikh tried to reward him by unilaterally, and illegally, increasing his pay by 100 percent in the garb of salary rationalisation. This decision had to be reversed in the face of pressure by Commissioners when the news of this undue salary increase came to light, said sources.
These matters have been highlighted at the uppermost levels in the bureaucracy, yet no action is being taken against Tahir Mahmood, and Salman Shaikh, against whom SECP Commissioner (Legal) has levelled grave charges. Instead, a committee of individuals, personally linked with the Chairman of the SECP, who obviously favours Tahir Mahmood, has been put together to ''look into the affairs of the Commission''.
It appears that this has taken place in order to deflect public criticism by the Government and it is unlikely that there will be an impartial and independent enquiry.