ISLAMABAD: The paperwork and minutes of the assembly of SECP fee’s totally different conferences, obtainable with The Information, have revealed some new information however the query arises that who’s spreading misinformation about Chinese language firm’s alleged cash laundering challenge.
The fee was not solely stored abreast about each element of the case however gave approval of handing over the SECP findings of this case to CSRC, reveal the paperwork.
SECP official Bilal Rasool — the person whose identify got here from Supreme Courtroom for Joint Investigation Staff (JIT) constituted for Panama Papers Case — ready minutes of the assembly of all SECP fee’s deliberations relating to the Chinese language firm’s case. All the case of Chinese language firm’s cash laundering was mentioned in his presence and actually he ready the minutes of the assembly till he turned the member of the JIT.
The Information has obtained some new paperwork which current true image of this case. These paperwork are clearly contradicting the details being propagated within the media particularly in digital media that the SECP former chairman stored this case hidden from everybody together with his commissioners. Nevertheless, the minutes of the fee’s assembly mirror that the highest officers of the SECP knew each improvement of this case.
The media is constantly propagating and presenting false details of this case that the Punjab chief minister was allegedly concerned in cash laundering to China. In line with these paperwork, it has been disclosed by Yabaite in its 2016 annual report that it accomplished the development of the Multan Metro Bus venture earlier than December 31, 2015 making a revenue of 201 million RMB. It’s pertinent to notice right here that Multan Metro Bus Challenge was commenced in Might 2015. The query arises right here that how Yabaite accomplished the undertaking in simply 5 months whereas the very fact is Multan Metro Bus challenge was accomplished in January 2017. Equally, Yabaite was paid $19.fifty eight million not $17 million by Capital Development by means of sixteen third celebration corporations from Hong Kong, Dubai, USA, Malaysia and different areas in small sum.
As per the paperwork, the SECP fee assembly held on February 21, 2017 mentioned the matter of Chinese language firm’s alleged cash laundering. The SECP fee for the primary time was knowledgeable that China Securities Regulatory Fee on December sixteen, 2016 wrote a letter to SECP and sought some paperwork and knowledge within the matter of CRSC’s investigation of Yabaite Know-how Pvt Ltd for its alleged disclosure violations. The CSRC knowledgeable the SECP via its letter that Yabaite remained a sub-contractor in Multan Metro Bus Undertaking which was awarded to Habib Rafiq Pvt Ltd. The HRL then subcontracted some tasks deliverables to Capital Engineering and Development Co Ltd which additional subcontracted the challenge to Yabaite.
The CSRC letter written to SECP additional said that Yabaite in its 2016 annual report disclosed completion of the development of the above undertaking earlier than December 31, 2015 making a revenue of 201 million RMB. The CSRC letter additional knowledgeable that as of March 2016, Yabaite was paid $19.fifty eight million by Capital Development by means of sixteen third celebration corporations from Hong Kong, Dubai, USA, Malaysia and different areas in small sum. The CSRS requested for SECP help in acquiring contract settlement and tender paperwork and knowledge pertaining to Multan Metro Bus Challenge.
As per the doc, the fee was knowledgeable that SECP within the mild of CSRC help request, the SECP’s Company Database, CRO Lahore gathered info from HRL, Matrocon Pakistan Pvt Ltd, Chief Secretary Punjab, Pakistan Engineering Council, FBR and State Financial institution of Pakistan. The CRO Lahore immediately comes underneath SECP commissioner Tahir Mehmood and all of the related info despatched to SECP have been additionally copied to the stated commissioner.
In one other assembly of the SECP fee held on March 21, 2017, the SECP as soon as once more took up the matter and mentioned the updates and improvement made within the Yabaite’s alleged cash laundering case. The fee was knowledgeable that the SECP had acquired info from workplace of the Punjab Chief Secretary in addition to it had issued comply with up letters to SBP and FBR as each the organisations had not responded but. Although State Financial institution of Pakistan knowledgeable the SECP that they have been amassing the required info from banks and shortly they would offer the required info. The SECP fee gave approval of sharing the knowledge to CSRC. Nevertheless the whole media is propagating that the previous Chairman Zafarul Haq Hijazi stored all the SECP into darkish about this pertinent case and hid it from the opposite commissioners.
The SECP as soon as once more mentioned the matter of Chinese language firm’s case in its fee assembly held on July 7, 2017. The paperwork out there with The Information reveal that the fee was knowledgeable that the CSRC approached the SECP as soon as once more concerning the Yabaite’s alleged cash laundering case.
The CSRC in its letter written to SECP knowledgeable that the investigation of the case had been accomplished and the CSRC was now going via administrative proceedings by which the knowledge offered by the SECP can be used as proof. The CSRC additional wrote in its letter that as the executive listening to proceeded, Yabaite had submitted extra paperwork in help of its alleged participation in Multan Metro Bus Venture and the CSRC wanted additional help of SECP. The CSRC additionally enquired if the SECP had succeeded in contacting the Capital Development or not.
The official paperwork additional reveal that there’s just one firm resembling the Capital Engineering and Development Firm however it’s dormant because it has not filed any tax returns.
The stated firm was registered in December 1998. Nevertheless there isn’t a such firm with the identify of Capital Engineering and Development Firm. The SECP officers visited the tackle of Capital Engineering offered by CSRC however no such firm existed on the talked about handle.
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