Three out of seven entities sanctioned by US not registered with SECP

Three entities out of the total seven sanctioned by the Trump administration allegedly for engaging in nuclear trade are not registered with the Securities and Exchange Commission of Pakistan (SECP). Sources told Business Recorder that the three entities not registered with the SECP - Akhtar & Munir, Pervaiz Commercial Trading Co. (PCTC), and Engineering and Commercial Services) - as well as another four Pakistani entities that are registered with SECP were added by the US Bureau of Industry and Security to the list of foreign entities that 'pose a significant risk to the national security and policy interests by engaging in nuclear trade.'
The four entities that are registered with SECP include Marine Systems Pvt. Ltd, Mushko Electronics Pvt. Ltd, Proficient Engineers under the name of Proficient Engineering Services (Pvt.) Limited, and Solutions Engineering (Pvt) Limited.
When contacted, SECP spokesperson said that it registers and regulates the corporate affairs of companies as per the provisions of the Companies Act 2017 and the rules and regulations made thereunder. The law does not empower SECP to regulate the business/commercial activities of companies incorporated thereunder. If a company is found to be involved in unlawful activities, the matter is handled by the relevant law enforcement agencies.
"Moreover, we have not yet received any information regarding this development through any official channel. The SECP would act according to the relevant laws, if any instructions are received from the government in this matter," SECP spokesperson added.
A spokesman for Pakistan Nuclear Regulatory Authority (PNRA) told Business Recorder that the jurisdiction of authority is limited to regulatory framework of nuclear technology within country.
Commenting on the move, Foreign Office spokesperson Dr Mohammad Faisal said: "We have seen reports regarding the addition of seven Pakistani entities to the Entity List maintained by the Bureau of Industry and Security (BIS) of the US Department of Commerce".
He said that the entities in question are private sector companies. Being added to the Entity List means that these companies will be subject to additional licensing requirements for access to certain US-origin items, he added.
"We shall be seeking information from the US as well as these companies to better understand the circumstances which led to the listing", he said.
Pakistan believes that there should be no undue restrictions on the access to dual-use items and technologies for peaceful and legitimate purposes, he said, adding that Pakistan has always been transparent and willing to engage with the suppliers of the dual-use items, including from the US, to extend guarantees regarding non-diversion through end-user assurances as well as arrangements for post-shipment verifications.
He said that Pakistan has arranged for such post-ship verifications by certain other international suppliers of dual-use items to their complete satisfaction.
Pakistan's efforts in the area of export controls and non-proliferation as well as nuclear safety and security are well known, he said, adding that Pakistan and US have a history of cooperation in these areas.
He stated that it is well-known that the Entity List maintained by the US Department of Commerce is a dynamic list where entities and businesses from several countries, including from NSG member states, are added and removed based on the national technical determination made by the relevant US authorities.
"As such, we caution against unnecessarily politicizing the issue. We reject attempts by Pakistan's detractors to exploit these listings to cast aspersions on Pakistan's non-proliferation credentials. Such attempts give rise to doubts about the motivation and timing of these measures which will be seen as being politically-driven" the spokesperson cautioned.