SECP confirms Chinese CSRC probe into Multan Metro Bus project corruption case

SECP confirms Chinese CSRC probe into Multan Metro Bus project corruption case

The Securities and Exchange Commission of Pakistan has confirmed that the Chinese CSRC has requested SECP for provision of information as tender documents, contract, agreement and information relating to Multan Metro Bus Project.

SECP is empowered by SECP Act 1997 to share such information with international regulators subject to confidentiality as per the International Organization of Securities Commission.

The SECP , after seeking authorization to share certain portions of CSRC request, gathered information from concerned authorities/companies such as Punjab Government, Pakistan Engineering Council, State Bank of Pakistan, Federal Board of Revenue, Yabaite Pakistan, Habib Rafique and Metracon Pakistan. SECP thanked all concerned for fully cooperating with regard to provision of the requested information.

The SECP stated that Yabaite China produced two letters before CSRC in July 2017 as proof of their involvement in the Multan Bus Metro Project. These letters were allegedly written by Punjab Chief Minister, Senator Kalsoom Parveen and Senator Mushahid Hussain Syed duly attested by Pakistan Foreign Office.

The SECP said that CSRC requested SECP for authenticity/validity of the letters. Henceforth SECP communicated with Chief Secretary Punjab, Senator Kalsoom Parveen, Senator Mushahid Hussain and Secretary, Ministry of Foreign Affairs regarding the authenticity of the letters.

All denied having written/signed such letters and termed them as forgery. The findings of SECP in this regard were shared with CSRC.

CSRC informed the SECP on Wednesday (August 30) that the inquiry is still ongoing and they may not share any information with SECP before final decision is reached and made public and considering the confidentiality and independent nature of CSRC investigation process, they may not share investigation report at any stage.


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