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Enhancement in number of commissioners in SECP challenged in LHC

Enhancement in number of commissioners in SECP challenged in LHC

LAHORE: Enhancement in number of commissioners in Security and Exchange Commission of Pakistan (SECP) has been challenged in the Lahore High Court (LHC).

In his appeal, Munir Ahmed said that the number of commissioners in SECP has been enhanced from four to seven. He said that the number was extended during the tenure of former Chairman Zafar Hijazi. Ahmed said that Hijazi took this step to protect the alleged corruption of the Sharif family. The SECP did not take approval from the federal cabinet, he said.

He appealed before the LHC that illegal raise in the number of commissioners may be declared null and void.

Hijazi was taken into custody by the Federal Investigation Agency earlier in July after a report released by the joint investigation team, probing fromer prime minister Nawaz Sharif and his family’s wealth, alleged that he had altered records related to Chaudhry Sugar Mills. However, the suspect has also moved the Islamabad High Court, seeking quashment an FIR against him.

IHC judge Mohsin Akhtar Kayani had taken up the petition and deferred the hearing till September 27 after issuing notice to the FIA.