SECP to carry out audit of all foreign companies operating in Pakistan: Interior ministry

Islamabad: Securities and Exchanges Commission of Pakistan (SECP) on Tuesday was issued directives by Interior Minister, Chaudhry Nisar Ali Khan to undertake an audit of all foreign companies operational in the country.

A joint investigation team (JIT) had been constituted to probe into the kidnapping of a Chinese couple from Quetta, upon whose report this directive had been issued by the interior ministry.

This process will be carried out to determine and identify companies who aren’t filing their tax returns and are involved in illegal and illicit activities. In case of being found involved in circumvention of the laws, the license of those companies will get revoked.

As per stipulated regulations, a foreign entity is required to register itself with the SECP in order to be able to operate in the country. Interior ministry has instructed the corporate regulator to properly inspect the financial documents and all other particulars of any foreign entity, before conclusion of their formal registration.

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Federal Investigation Agency (FIA) has been tasked with the responsibility of leading a probe against SECP officials, who have been unaware of the practices of ARK Info Tech, the foreign entity that had employed the Chinese couple kidnapped.

The directive from interior ministry added that appropriate action will be taken against ARK Info Tech and the visas of all foreign nationals employed by the company will be revoked and expelled from Pakistan.

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