ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijaz said that he will go public to explain his position after the Joint Investigation Team (JIT) completes its investigation on Friday.
His comments came after controversies have surfaced over the SECP’s role during the JIT’s inquiry into the Panama Papers. “I have explained my position to the FIA team, which was also reflected some extent in a section of the press. Since the inquiry proceedings are continuing, I am not supposed to give any version publicly. However, once the inquiry would be completed, I will definitely explain my position publicly to my countrymen,” he said in a statement.
He said that Anti Money Laundering proceedings and the proceeding under section 263 of the Companies Ordinance 1984 are entirely different matters and should not be mixed.
“Secondly, ahead of any organisation cannot suppose to be aware of any deficiencies or short comings in a particular case file nor he can be considered responsible for any such deficiency or wrong doing. If this precedent of allowing subordinates to apportion blame for their omissions or wrong doings is allowed to be set, every subordinate officer may attribute his failings to the heads of organisation,” he said.
