ISLAMABAD: Investors of stock market on Wednes­day blamed the Securities and Exchange Commission of Pakistan (SECP) as well as the National Account­ability Bureau (NAB) for deliberately delaying the settlement in default of Ace Securities.

After facing failures from the regulatory end, the investors had approached the Senate Standing Commi­ttee on Finance for support.

Briefing the Committee, senior stockbroker Haji Ghani Haji Usman, and investor Shiraz Lalani have suggested an out-of-the-court settlement as a solution to this crisis.

“NAB has failed to do anything in this case so far whereas SECP officers only promised to play a supportive role in April 2017, but to no avail,” Mr Lalani said.

“They conveniently provide the excuse that the matter is subjudice but obviously they are not willing to resolve this issue as far as their role in the matter is concerned.”

Whereas, Haji Ghani Haji Usman said that one of the accused has expired and the other one has fled to Canada. “If he too dies, how will the matter reach any settlement?” he asked.

“I have mediated several cases in my life but here NAB and the SECP are not cooperating,” he added.

The complainants informed the committee that the default case relates to 2015 and an application for plea bargain was filed in 2016, but both the SECP and NAB were only interested in filing a reference in the court and not to settle the amount.

Mr Lalani said that out of 400 claimants, around 198 persons had investments of up to Rs100,000.

“These cases can be settled as they are small investors and we can move ahead to clear dues of amounts higher than this,” he added.

Senators Saleem Mandviwalla, Mohsin Aziz and Saud Majeed said that the case of Ace Securities was more a matter of default than corruption. The Committee has directed NAB and SECP to meet the investors before the next hearing and file an application in the court for an out of court settlement.

It also took up the issue of alleged Multan Metrobus money laundering case as soon as the SECP officials left the Committee room, and after considering the reply submitted by the SECP over the matter, the senators decided to call the same officials for explanation.

“This reply looks like an eyewash, we should call them in the next meeting, so that they can clarify their point,” Senator Mohsin Aziz said.

The Committee was also briefed by the officials of NAB over developments in release of Rs480 billion in one go to clear the circular debt.

The senators directed NAB to inquire who paid the amount in one go and who finalised the amount of Rs480bn in terms of circular debt.

Published in Dawn, March 1st, 2018