ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Tahir Mehmood has confessed taking advantage of his position and being involved in ‘secret businesses’, online news agency reported on Saturday.
In his confessional statement to the Federal Investigation Agency, Mehmood said he assisted Tahir Siddique and Sheikh Barkatullah in establishing companies through suspicious means in 2002.
Siddiqui was a blue-eye man of the business community and had deep relations with Mehmood, whereas the latter also enjoyed healthy relations with then Employees Old-Age Benefits Institution (EOBI) chairman Sheikh Barkatullah.
The troika of these three people established several other companies. In 1999, when Mehmood was only a trivial employee, he was involved in aiding the two accused in under-handed matters.
It has been learnt said that Barkatullah had established a firm named as FINCOM for which he needed the support of Siddiqui. FINCOM brought Rs400 million from Pakistan’s industrial and commercial leasing while Siddiqui provided assistance for settlement of matters with the chairman.
After preliminary dealing, Barkatullah complained of not giving commission to Numan and Saad and two other inloved. Upon this, Mehmood, while using his powers, ensured the payment of the commission to them.
Moreover, Barkatullah insisted on cash payment instead of cheque. This demand was also accepted by Mehmood and the money was transferred in the name of Barkatullah.
In the statement to FIA, Siddiqui said during his work with EOBI, he introduced the method of repo dealing on the basis of security which was a new thing for both Mehmood and Barkatullah.
Siddiqui, in exchange of a deal, gave an offer to Barkartullah on the basis of 1 to 1.25 per cent security.
