SECP freezes Hassan, Hussain’s 1.9m shares

ISLAMABAD – The Securities and Exchange Commission of Pakistan has frozen 1,947,000 shares of 12 companies of ousted prime minister’s sons Hussain and Hassan Nawaz, The Nation has learnt.

Sources said the SECP took the action against companies owned by the ousted premier’s sons in the light of the accountability court’s decision of 31st October 2017 in the Flagship Investment Limited corruption reference.

They said that the SECP Chairman Zafar Abdullah had also passed instructions to the commission’s company registration office in that regard.

The sources claimed that the National Accountability Bureau (NAB) had also written a letter to the SECP for the implementation of court order.

According to the copy of court’s decision available with The Nation, “whereas a reference has been filed before me that Hassan Nawaz has committed the offence of corruption and corrupt practices as defined under Section 9 punishable under Section 10 of the NAO, 1999 and it has been returned to warrant of arrest whereupon issued that the said Hassan Nawaz accused has absconded and cannot be found.”

It also says, “Whereas it has been shown to my satisfaction that the said Hassan Nawaz accused has absconded to avoid the service to said warrant, and thereupon proclamation has been issued and published requiring the said accused Hassan Nawaz to appear to answer the said charge within 30 day; and whereas the said accused Hassan Nawaz is possessed the following shares.”

It mentioned that two companies of Hassan Nawaz including Muhammad Buksh Textile Mills Limited and Hamza Spinning Mills Limited hold 146,000 shares.

The court order says, “you are hereby required to attach the said shares of the companies stated above, and to hold the same under attachment pending the further order of this court, and to return the warrant with an endorsement certifying the manner of its execution.”

According to court order, 10 companies of Hussain Nawaz hold 1.81 million shares including 10 companies of Hussain Nawaz including Muhammad Buksh Textile Mills Limited, 482,100 shares; Ittefaq Brothers (Pvt) Limited 4,416 shares; Brothers Steel Mills Limited 500 shares; Hudaibiya Papers Mills Limited, 896,600 shares; Hudaibiya Engineering (Pvt) Limited, 24,540 shares; Ittefaq Textile Mills Limited 6,000 shares; Hamza Spinning Mills Limited, 163,100 shares; Brothers Textile Mills Limited, 1,855 shares; Ramzan Buksh Textile Mills Limited, 225,000 shares; and 1,500 shares of Khalid Siraj Industries (Pvt) Limited have been frozen. 

The accountability court had endorsed the NAB’s requests to freeze Ishaq Dar’s assets.



SECP freezes Hassan, Hussain’s over 1.9m shares

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