Multan metro bus project: Senate body slams SECP for ''''concealing'''' corruption

Senate Standing Committee on Finance Friday expressed serious concern over Securities & Exchange Commission of Pakistan (SECP) for concealing relevant record of alleged corruption in Multan Metro Bus Project for long. When contacted, Chairman Senate Standing Committee on Finance Senator Saleem Mandviwalla told Business Recorder that the SECP is protecting the alleged corruption in Multan Metro Bus Project. The SECP is doing weird kind of things by not providing relevant record to the committee which is not understandable, he maintained.
A commissioner of the SECP is involved in giving protection to the alleged corruption in this project, the chairman of the Senate Standing Committee on Finance alleged. Senator Saleem Mandviwala, Chairman of the Committee has expressed displeasure in the letter written to the SECP for not only delaying the respond to queries forwarded by the Senate body but also deliberately concealing the relevant details asked by the Committee.
According to a communication of the committee to the SECP here on Friday, the chairman committee has shown displeasure that SECP of Pakistan not only responded with inordinate delay of more than 20 days but deliberately concealed the relevant details asked by the committee. While doing so irrelevant papers have been enclosed but not those which had been asked by the committee. The SECP is requested to provide the following complete information and documents:
First, when did the SECP receive the very first request from China Securities Regulatory Commission (CSRC) regarding Yabeite? Does that include details as reported in the news reports like a so-called statement from the director and chief executive of Capital Engineering that this company is owned by Sharif family?
Second, complete set of all documents and correspondence exchanged with CSRC be provided including emails. Third, reasons for neither probing nor forwarding it to relevant agency like FIA despite the fact that company was not registered and addresses given were fake; as such SECP had no jurisdiction on individuals playing such a fraud on government.
Fourth, is it true that very first request from CSRC indicated serious crimes including cross-border money laundering in multiple jurisdictions but still SECP opted not to refer it to competent agency?
Fifth, names of officers who dealt and kept custody of documents received from CSRC and had they ever conducted investigations of while collar crimes?
Sixth, what were the reasons behind keeping it to only three officers including the then chairman despite the fact that one of them was lawyer and the other one was head of international affairs with no investigation experience?
Seventh, what are the reasons for non-action by the SECP for the last nine months?
Eighth, is it true that for providing proper assistance to requesting authority, the information received from requesting authority can be shared with other departments so that proper and accurate assistance is rendered? But the SECP failed to do this and kept sitting on this for over 8 months. These cast so many suspicions on SECP for its intention behind this negligence.
Ninth, did SECP disclose facts related to case while seeking information from Multan Development Authority and other departments of Punjab? If not, why such serious allegations were not shared with concerned provincial government?
Tenth, is it a coincidence that matter was referred to FIA only after suspension of Zafar Hijazi?
It is, therefore, requested that the copies of all working papers annexure, minutes of relevant commission meetings and complete information/reply in all aspects may kindly be furnished to this office within seven working days from the date of this committee''''s letter as the matter has already been delayed considerably by the SECP, the Senate Standing Committee on Finance added.