ISLAMABAD: After quizzing the chairman of the Securities and Exchange Commission of Pakistan (SECP), the Federal Investigation Agency (FIA) is expected to argue against extending the bail granted to Zafar Hijazi.

Mr Hijazi is currently on interim bail until today (Friday) and is due to appear in the court of a special judge for the extension or confirmation of his bail.

The FIA investigation team had, earlier, asked Mr Hijazi to present certain documents to prove his innocence in connection with allegations of record-tampering.

Consequently, the SECP’s law department had a busy day on Thursday, due to the possibility of the chairman being remanded to FIA custody.

The investigation into tampering in the records of the Chaudhry Sugar Mills is being conducted by a three-member team, headed by FIA Director Maqsoodul Hassan.

An FIR has been registered under sections 466 (forgery) and 471 (using of forged documents as genuine) of the Pakistan Penal Code (PPC), read with Section 5(2)47 of the Prevention of Corruption Act, at FIA’s Special Investigation Unit (SIU) in Islamabad.

However, an official from the SECP law department expressed confidence that Mr Hijazi would be granted bail due to his fragile health and his cooperative attitude with the FIA.

“Despite obtaining bail from the courts, Mr Hijazi has appeared before FIA investigators whenever he was called and extended complete cooperation in all respects,” the official added.

The SECP chief has appeared before the FIA team on July 18, and again on July 19.

A senior FIA official said: “We asked Mr Hijazi if he had directed the IT department of SECP to obtain the email history of Maheen Fatima on July 11, after he obtained protective bail from the Islamabad High Court.”

The official added that Mr Zafar Hijazi has assured the team he would produce documentary evidence to prove he had not sought to harass Ms Fatima, or intrude into her email.

“It is the responsibility of the agency to protect key witnesses,” the FIA official added.

He was referring to three SECP officers, who have turned witnesses against Mr Hijazi in the record-tampering case, telling the FIA that the case was closed in 2016, but the date mentioned was 2013.

These officers include are Company Law Division Executive Director Abid Hussain, Insurance Division head Ali Azeem Ikram, and Internal Audit and Compliance Department head Maheen Fatima.

Sources said Mr Hijazi, who claims that the retrospective adding of the closing note was due to a discrepancy in the case file, was also asked how he came to know that the case had yet to be finalised in 2016, nearly two years after his appointment.

“There are also other complaints against Mr Hijazi over irregular appointments in the SECP, some of which look controversial,” an FIA official said, citing the appointments of Ali Farooq, son of PML-N leader Siddiqul Farooq; Abdullah Umar Siddiqui, the son of a sitting IHC judge; and the son of Mr Hijazi’s family lawyer Riasat Gondal.

Mr Gondal is currently on the SECP’s legal panel. Hired by Mr Hijazi, he also previously represented Arsalan Zafar – Mr Hijazi’s son – in a custody battle. Mr Zafar also works in the SECP law department.

When contacted, SECP spokesperson Usman Hayat said: “It is not appropriate for us to comment on the personal matters of any official.”

He said that there was no bar on any official on engaging the law firm that was on the SECP panel, in their personal capacity.

“There is also no restriction on any law firm on SECP’s panel from representing any company against SECP,” he added.

Published in Dawn, July 21st, 2017