Multan metrobus: Senate panel rejects SECP documents on project as confusing

The Senate Standing Committee on Finance has noted with dismay that thousands of documents submitted by Securities and Exchange Commission of Pakistan (SECP) to the committee on Multan Metro Bus Project have confused the parliamentary panel. According to a communication of the Senate Secretariat on behalf of the Senate Standing Committee on Finance to the SECP here on Wednesday, the contents and enclosures the SECP submitted have been examined and it is noted with dismay that thousands of documents have been sent apparently to confuse the committee.
The SECP was duty-bound to examine these documents and attach a brief for the sake of convenience but the same has not been done, it added. The SECP is hereby directed to clarify that during the proceedings of the committee meeting the stance of SECP was that no report or documents were shared by China Securities Regulatory Commission (CSRC) while seeking assistance.
The examination of documents now supplied after much resistance reveals that in its very first request letter dated 16th December, 2016, the CSPR attached considerable evidence which included the interview sheets of the directors of Capital Constructions and Engineering Co Ltd. They not only claimed that his company is actually owned and controlled by Sharif family but also that in addition family has control over Habib Rafiq Limited, the main contractor of Multan Metro, the finance committee said.
"To our surprise SECP opted to remain silent on such a serious allegation. "The SECP neither referred it to any investigation agency nor said anything in its response to CSRC on such a serious matter. "The matter was only referred to FIA after departure of Zafar Hijazi (former SECP chairman)," the letter from Senate Secretariat said.
In addition to this, CSRC shared sufficient banking information and numerous other documents, mostly in Chinese language. What efforts were made by SECP to properly assist CSRC in this money laundering crime pointing towards Sharif family?, the committee raised question.
The committee asked if SECP obtained translation of Chinese documents for proper evaluation. "The documents sent by CSRC also mentioned China Railway Limited which was admittedly one of the contractors in Multan Metro. "What efforts were made to probe this relationship?" the committee raised question.
Very interestingly Khalida Habib in her very initial response to CSRC via her email, dated 26th December, 2016, pointed out that information asked and details required fall outside the regulatory ambit of SECP. Despite this, the SECP opted not to pass it on to relevant agency, the committee questioned. The committee further asked if the SECP brought the matter into the notice of Sharif family.
"Did the SECP examine the huge banking record it obtained from State Bank of Pakistan to check the relevant remittances, if any, made by Habib Rafiq or Mamoon?" the committee further asked. The SECP is requested to clarify the above points within a period of seven working days ie on or before 15th December, 2017 positively, letter from the Senate Secretariat added.