LAHORE: The Pakistan Muslim League-Nawaz (PML-N) government has devised a new strategy to get a clean chit from the Securities and Exchange Commission of Pakistan (SECP) to avoid a probe into the Panama Papers’ allegations, Tehlka TV reported.
The move came after the ruling family had made a plan to get the all-clear from the National Accountability Bureau (NAB) over allegations in the Panama leaks. Sources told Tehlka TV that five meetings had been held on the issue. The last meeting took place on Tuesday, which was attended by Finance Minister Ishaq Dar, Federal Minister for Law and Justice Zahid Hamid, Federal Minister for Commerce Khurram Dastgir Khan, Law and Justice Acting Secretary Naila Qureshi, Law and Justice Joint Secretary Muhammad Afzal, Corporate Supervision Division Additional Director Shahzad and other relevant officers of the SECP.
The SECP had started its work on the instructions from the government after the opposition announced its terms of reference (ToRs) for a commission to probe allegations against Prime Minister Nawaz Sharif and his family members. The SECP started its homework in the beginning of June, on a reference which was sent by the interior ministry to the law and justice ministry for wetting. After wetting, the reference was sent to the SECP through the finance ministry.
The SECP’s main responsibilities are to regulate corporate sector affairs in Pakistan. Under the existing laws, only the National Accountability Bureau (NAB) and the Federal Investigation Agency (FIA) can obtain information about any Pakistani from relevant agencies of other countries on money laundering under the Anti-Money Laundering Act for a probe. The NAB’s International Cooperation Wing on Mutual Legal Assistance can receive information about any Pakistani citizen or organization from 100 countries of the world under the United Nations (UN) Anti-Corruption Conventions. The NAB and the FIA can also manage red warrants for any accused and obtain information about them through Interpol.
However, the two organisations are keeping a criminal silence on the Panama leaks issue, despite the fact that they are mandated to act against the accused named in the leaks, but PM Nawaz and his family have stopped them from taking action. The Federal Board of Revenue (FBR), which should take action against the accused, is also not willing to act.
The NAB, after the criminal negligence of the FBR and the FIA, has failed to submit its reply to the LHC despite several assurances. Instead, it has made a plan to give the all-clear to the prime minister and his family in the Panama Leaks. A four-member team was also formed on the instruction of the prime minister to save himself and his family from any fallout of the Panama Leaks and the Minhaj-ul-Quran tragedy.
PM Nawaz’s close aide and his Principal Secretary Fawad Hassan leads the secret four-member team. Other members include PM’s adviser on law, justice and parliamentary affairs Zafarullah Khan, Attorney General of Pakistan and the Sharif family’s former lawyer Ashtar Ausaf and legal adviser to the federal law and justice ministry.
They have made a clean chit for the ruling family and a report would soon be presented in the Lahore High Court (LHC) that there was no proof of any wrongdoing against the prime minister and his family, despite solid evidences provided in the Panama leaks.
