SECP chief guilty of tampering records: FIA

ISLAMABAD: The Federal Investigation Agency (FIA) has found Securities and Exchange Commission of Pakistan Chairperson Zafar Hijazi guilty of closing the inquiry into the Sharif family’s Chaudhry Sugar Mills Limited by backdating.

In a report submitted to the Supreme Court, FIA has concluded that the file of Chaudhry Sugar Mills Limited remained opened till June 2016, until the matter was abruptly closed by Hijazi.

In the light of statements recorded, the report states Hijazi obtained the record of the mills and verbally ordered SECP officials Maheen Fatima and Ali Azeem Ikram — in the presence of Abid Hussain and Tahir Mehmood — for the backdated closure of the investigation. All the four mentioned are officers of the commission.

The note dated January 14, 2013 was prepared and sent on June 29, 2016 and June 30, 2016, by SECP Corporate Supervision Department Additional Director Tariq Ahmad via email to Internal Audit and Compliance Department Director Maheen Fatima , the report further states. Fatima was asked to close the investigation against Chaudhry Sugar Mills Limited, without being given any reason. The same email was retrieved from the official email server of the commission, provided by SECP Information Systems and Technology Department Executive Director Murshed Khan.

Therefore, FIA has recommended registration of criminal case against Hijazi under sections 466 and 471 of Pakistan Penal Code.

Section 466 suggests a seven-year imprisonment and fine for those who forge a legal document, while Section 471 punishes in the same manner for using as genuine a forged document.

Moreover, a departmental inquiry has also been suggested against Fatima and Ikram for complying with the illegal orders.