KARACHI: The appointment of Hafiz Yousaf, Senator Osman Saifullah and other employees of the Securities and Exchange Commission of Pakistan (SECP) in the policy board of SECP has come under investigation of the National Accountability Bureau (NAB), Pakistan Today learnt on Wednesday.
Hafiz Yousaf and Senator Osman Saifullah were close aides of the former finance minister Ishaq Dar, who before going on an indefinite leave on November 23, 2017, appointed both of them to the board of the SECP in violation of the code of conduct.
People with a political background cannot be appointed to the SECP Policy Board. Osman Saifullah’s appointment while being a senator is a clear violation of this rule. Moreover, Saifullah’s family members were found to own the highest number of companies in Panama and Paradise leaks, which makes his appointment to the board even more questionable.
On the other hand, Hafiz Yousaf is a close friend of Ishaq Dar. When Dar became finance minister in 2013, he appointed Yousaf to the SECP policy board. Later Yousaf was also made a member of the State Bank of Pakistan’s (SBP) Board in March 2013. Dar also shortlisted Hafiz Yousaf to appoint him SECP commissioner but was unable to do so due to unfavourable circumstances that forced him to go on leave.
Prior to his appointment on the SECP Board in 2013, Yousaf had been involved in litigations with his audit firm partners under various cases in the SECP. However, after getting appointed to the SECP Board he got all the cases closed.
The sources further disclosed that the NAB may further investigate the illegal appointments made during the tenure of ex-chairman Zafar Hijazi in the SECP.
Zafar Hijazi, as the chairman of the SECP hired a total 125 persons in his 2 years tenure. It is important to note that before Hijazi, the total number of SECP’s regular employees was 380 which increased to 500 in two years, putting additional burden on SECP’s budget. Most of these appointments were politically motivated.
These appointees include Abdullah Umer Siddiqui s/o a Justice Shaukat Siddiqui and Ali Farooq s/o Pakistan Muslim League Nawaz (PML-N) member Saddique ul Farooq, the sources claimed.
Hijazi hired Abdullah Umer Siddiqui as assistant director in the law department. Mandatory medical tests were conducted before the appointment which pointed out severe psychological issues with Abdullah. However, Zafar Hijazi still got him appointed.
The sources also alleged that Hijazi distributed jobs and commission funds between his friends and relatives.
They also alleged that all the advisors hired in SECP in the last 2 years are close friends of Hijazi and all are above 65 years of age. These include Syed Nazir Bokhari, Jafery, Ghouri, Shaukar Hussain etc. Their personal relationship with Hijazi can be established beyond doubt if an independent enquiry is conducted, they claimed.
Beside, hirings in SECP, Hijazi also forced the SECP Executive Directors to get his favourites employed in big listed companies which the SECP regulates, which is clearly against the SECP Commissioners Code of Conduct.
