SECP to bring back defaulters

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is determined to bring back the sponsors and directors of ACE Securities Private Limited and Eastern Capital Limited to the country to ensure that the affected investors are adequately compensated.
“At the moment, SECP’s focus is on bringing the sponsors and directors back and for that a letter has been written to the chairman of National Accountability Bureau,” said Zafar Hijazi, chairman of the SECP, in a statement on Thursday.
Considering the seriousness of the matter, Hijazi met the NAB chairman to get the process expedited.
During the meeting, SECP chief suggested that assistance of an international agency may be sought for the extradition. “Every corner of the world would be searched to find the culprits,” he said.
“We are aware of the concerns being expressed in this regard.”
SECP chief said an internal inquiry is being carried out to determine if anyone at the Securities and Exchange Commission of Pakistan showed any laxity in the ACE Securities’ issue.
“If there is a flaw found in the system of the SECP or KSE (Karachi Stock Exchange), it would also be fixed without any delay,” Hijazi said. He has deeply appreciated the prompt instructions of the NAB chief to his team to immediately start taking necessary actions.