SECP submits record of Dar’s companies in NAB

LAHORE: The Securities and Exchange Commission of Pakistan (SECP) has submitted records of companies owned by Finance Minister Ishaq Dar, his wife, two sons and daughter-in-law in the National Accountability Bureau’s (NAB) Lahore office.

The records, required as part of the bureau’s investigation into Dar’s assets in light of the Panama papers verdict, were submitted by SECP Joint Director Ali Adnan to NAB’s combined investigation team.

The seven companies are: CNG Pakistan, Spencer Distribution Limited, Hajveri Holdings, Gulf Insurance, HDS Securities, Spencer Pharmacy, and Hajveri Modaraba Management. Records include Form 21, Form 29, certificates of incorporation and Memorandums of Association.

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NAB had requested for the records of Dar’s companies in a letter to the chairman of SECP on August 15.

In its July 28 verdict, the five-member Supreme Court bench disqualified the then prime minister and ordered NAB to prepare and file a reference in an accountability court within six weeks against members of the Sharif family and others, including Dar.

A reference was ordered against Dar possessing assets and funds beyond his known sources of income, "as discussed in paragraph 9 of the judgment".

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The accountability court was given six months to wrap up the proceedings.

NAB has been tasked with filing references against the Sharif family, Dar and Captain (retd) Safdar by September 8.