Dar's trust, foundation not registered with SECP

Hajveri Trust and Hajveri Foundation - non profit organizations - with Finance Minister Ishaq Dar as the sole donor, are not registered with the Securities and Exchange Commission of Pakistan (SECP) and their certification from Pakistan Centre for Philanthropy (PCP) expired in 2008.
Sources told Business Recorder that Social Welfare and Bait-ul-Maal (SW&BM) Punjab has informed National Accountability Bureau (NAB) Lahore that the two welfare organisations - Hajveri Trust and Hajveri Foundation - are no longer registered with it.
Hajveri Trust has not applied to Islamabad-based PCP for renewal of its certification that expired on 9 March 2008. The PCP had certified and validated the declared charter of the association covering governance, financial management and evaluation. However, it was not binding on the Trust to disclose reasons for seeking certification from the PCP. The certification may be used by the trust for achieving any of its desired objectives including welfare activities and/or tax credit, PCP officials told Business Recorder.
The SECP confirmed to Business Recorder that PCP is registered with SECP, licenced under section 42 of Companies Ordinance and designated to act as a Certification Agency; however its component members, including Hajveri Trust and Hajveri Foundation, are not registered with it, SECP clarified.
Dar was appointed as the Minister for Finance on 31 March 2008 and resigned on 13 May 2008. In August 2017, a 'Combined Investigation Team' (CIT) of NAB wrote a letter (No. 1 (61) HQ/910/40/CIT/NAB-L-23) dated 23/8/2017 to SW&BM Punjab seeking information of Hajveri Trust and Hajveri Foundation under Section 19 of the National Accountability Ordinance 1999 for his alleged accumulation of assets beyond his known source of income.
NAB also requested SW&BM Punjab to carry out general research of non-government organisations (NGOs), charities, trusts, organisations, welfare societies and others owned by Muhammad Ishaq Dar. In response to the letter, SW&BM revealed that Hajveri Trust and Hajveri Foundation are not registered entities with SW&BM Punjab.
According to information available on the website of PCP, Hajveri Trust was last certified on March 9, 2006 which expired on March 9, 2008. "Certificate validity has expired and so far, no renewal application has been received from the said trust," sources added.
A representative of PCP informed Business Recorder that scrutiny of record/documents of trusts is carried out randomly for certification needed for tax credit. However, he stated that he was unaware whether an audit of Hajveri Trust had ever been carried out. On the website of PCP, Syed Mansoor Rizvi is designated as administrator of Hajveri Trust. Talking to Business Recorder, Rizvi confirmed that Ishaq Dar alone has been funding the Trust and Foundation.
Rizvi acknowledged that the Trust and Foundation have no web presence however he insisted that the Hajveri Trust is registered with PCP which entails organization verification for tax exemption certificate or other benefits. He further said that Hajveri Foundation has no office or staff and is run by Hajveri Trust and Ishaq Dar's salary as the Finance Minister is directly remitted to the Trust's account to meet employee-related expenditures.
A visit to the 'Hajveri Trust' Lahore revealed that the 'Trust' is being run under the name of Saaya Hajvery Trust instead of the actual name mentioned on its website.
Rizvi further claimed that Dar has been financing an orphanage in Lahore, in which around 100 children aged between 5-16 years reside and their boarding, lodging, health and education is being funded by the Trust. A caretaker of the Trust, Muhammad Amin confirmed to Business Recorder, that 100 orphans are accommodated in the orphanage. When asked the whereabouts of Syed Mansoor Rizvi the caretaker said he was out of town for reasons not known to him. The Twitter account of the Trust is 'dysfunctional' under the name "Zulfiqar462691", according to information gathered from the Trust's Facebook page.