ISLAMABAD: Incumbent chairman Securities and Exchange Commission of Pakistan (SECP) Tahir Mehmood has confessed before FIA (Federal Investigation Agency) of doing secret business under illegal use of powers.
In his confessional statement to FIA, Tahir Mehmood said he assisted Tahir Siddique and Sheikh Barkat Ullah in establishing companies through suspicious means in 2002.
Tahir Siddiqui was a blue-eye man of business community and had deep relations with Mehmood. Mehmood had also relations with the then time EOBI Chairman Sheikh Barkat Ullah.
The troika of these three persons established several other companies and in 1999 when present chairman SECP was a trivial employee had involved in aiding these two people in under-handed matters and also involved in sending money.
It has been further said that Sheikh Barkat Ullah had established a firm named as FINCOM for which he needed support of Tahir Siddiqui. FINCOM under the agreement brought amount worth Rs 400 million from prudential investment bank.
FINCOM alongwith EOBI brought money amounting to Rs 400 million from Pakistan’s industrial and commercial leasing and Tahir provided assistance for settlement of matters with the Chairman.
After preliminary dealing, Barkat Ullah complained of not giving commission to Numan and Saad and two other persons upon which Mehmood while using his powers make sure payment of commission to them.
Moreover, Barkat Ullah insisted on cash payment instead of cheque that was accepted and money was being transferred on the name of Barkat Ullah.
In the statement to FIA, Tahir Siddiqui said during work with EIOBI he introduced the method of repo dealing on the basis of security that was new thing for both Tahir Mehmood and Sheikh Barkat Ullah.
Tahir Siddiqui in exchange of a deal gave an offer to Sheikh Barkart Ullah on the basis of 1 to 1.25 percent security.
It has been said in the confessional statement that Tahir Mehmood used his powers for secret dealing between Sheikh Barkat Ullah and Tahir Siddiqui and make a way smooth for dealing of Rs 600 million under which payment amounting to Rs 300 million had been done to Sheikh Barkat Ullah.
It has also been said that that in what manner Tahir Mehmood wished to do latter base deal of Rs 300 million on the basis of security when Tahir Mehmood was an employee in the EOBI. However, he didn’t follow the rules.
On the other hand, SECP chairman confessed that EOBI did a deal according to the wish of Siddiqui as a result of which Siddiqui awarded with deduction money. In this whole case role of Barkat Ullah was very important because he was the part of EOBI.
Siddiqui wanted that security loans of that time should be transferred in his own companies RWS and RCL from PCBL while Tahir Rashid was directly involved in all this. On the occasion Tahir Siddiqui offered a profitable post to Barkat Ullah and tariff of deduction of 1 to 1.25 remained as it is.
Proposal after money transferred to companies of Tahir Siddiqui was not happening through EOBI, however, Tahir Mehmood played in important role in removing all hurdles from the way.
Tahir Mehmood did drafting in all this black door deal and when Barkat Ullah was on leave, money was being transferred in the companies of Siddiqui. It was informed to Sheikh Barkat Ullah that bank of Ceylon will be used for the security because Tahir Siddiqui had friendly relations with the owners of the department.
It has been further said in the statement that Tahir Siddiqui established several companies after using illicit means including Total securities, Universal Forex, Awais International, Hospital management, Sky soft, National Debt Management, TS Institute of information technology, Sidren communication, National Capital management, and Progressive securities.
Tahir Mehmood further said that Tahir Siddiqui offered him to make part of these companies besides investment of Rs 5 million through his brokerage house.
