ISLAMABAD: Transparency International Pakistan has invited attention of Chief Justice of Pakistan to the allegations of collusion between state institutions including SECP, NAB, FIA and NBP, and has asked for constitution of a Joint Investigation Team (JIT) into a mega stock exchange fraud in country’s history.
In a 50-page letter, with all background and related documents, to registrar Supreme Court on July 11, TI Pakistan Chairman Sohail Muzaffar has invited attention of the Chief Justice through the Human Rights Cell of the court and requested for constitution of a JIT.
“The Honorable Chief Justice, Supreme Court is requested to take notice of the role of SECP, NAB, NBP, SBP and FIA of suppressing documents from Supreme Court and Sindh High Court, falsifying/tampering records and not prosecuting the accused of corruption and money laundering, and form a joint investigation Team to investigate records of the SECP, NAB, NBP, SBP and FIA and forensic audit of cell phone data and SECP, FIA and NAB records, as these crimes were committed mostly 9 years ago in 2008 and 2009, and culprits are not punished through most of these cases have been referred to NAB by the Supreme Court in HRC No 14249/S of 2013,” the letter said.
“Transparency International Pakistan is striving for across the board application of rule of law, which is the only way to stop corruption,” the chairman said in his letter.
According to the details, on 13th May 2013, a request for taking up a Suo Moto action was sent to the Supreme Court by TI Pakistan, which pertained to collusion between SECP and stockbroker companies of fraudulent jack in up the share prices and also allegations of money laundering and the insider trading in Azgard Nine limited shares trade and PICT. Shares, and loss to exchequer by JS secure Fund, illegal payment of fee of US $ 4.2million to a Director in 2013 in trading of PICT shares by JSCL on which SECP itself has made investigation and found suspicions of shares manipulation, insider trading and money laundering, by itself selling the share in Pakistan and also itself buying the shares through a Bank Julius Bear in Switzerland, it added.
The Honorable Chief Justice of Pakistan took up the notices, which were sent to SECP and NAB under HRC no 14249/s of 2013, seeking their comments.
Though NAB has taken up the complaint and started inquiries in 2013, but subsequent events indicated that NAB, SECP, NBP and FIA are not ready to take action against the responsible parties, it appears that these agencies are also involved in record tempering, record suppressing and hiding reports from the Honorable Supreme court and Honorable Sindh High Court, and by their collusion, these agencies were able to take order from Honorable Sindh High Court, which amounts to ignoring the Honorable Supreme Court Orders in NICL case, and that FIA, SECP and NAB submitted false statement in SHC in Feb 2015, that a joint investigations conducted by the three agencies has found no irregularities in NICL Rs.2 billion illegal investment in JS Principal Secure Fund.
TI Pakistan has already informed the Honorable Supreme Court about the ambiguities created by SECP, NAB, FBR, SBP and FIA vide its letter to SECP and copy Supreme Court dated 2nd June 2016, and letter dated 3 June 2016 sent to Honorable Chief Justice. These letters include the documentary proofs as well.
