Govt likely to reappoint Shauzab Ali as SECP commissioner

ISLAMABAD: The Ministry of Finance is mulling over reappointing Shauzab Ali as Securities and Exchange Commission of Pakistan (SECP) commissioner for a term of another three years. 

Sources said that the commission itself recommended the Ministry of Finance to extend the official’s tenure for another term in this regard. 

It may be recalled that Ali, along with Shaukat Hussain, had also been appointed to the same post by the Pakistan Muslim League-Nawaz (PML-N) government on March 27, 2018.

Sources said that Shaukat Hussain, at the end of his three-year term as commissioner took along his official laptop carrying sensitive information, data, reports, investigations and draft of various policy documents.

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SECP is an apex regulator of capital markets and Hussain, by virtue of his position had access to important official internal and private data as well as sensitive information.

Sources said that Hussain breached policies by not returning the official laptop which all employees are required to return along with other equipment, to the organisation’s information technology (IT) department on the expiration of tenure.

It is pertinent to mention here that Shaukat Hussain had been promoted from the post of director to the post of executive director on January 10, 2018; however, Shahid Khaqan Abbasi had appointed him as commissioner and then SECP chairman before the completion of his probation. 

It was due to these allegations that Prime Minister (PM) Imran Khan on October 3 the same year ordered the removal of Hussain.

However, although Hussain tendered his resignation from the post of chairman, he continued to work as commissioner in SECP at a monthly remuneration of over Rs2.5 million.

 

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Shahzad Paracha
The writer is a member of Pakistan Today's Islamabad bureau. He can be reached at [email protected]

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