ISLAMABAD -  Former chairman Securities and Exchange Commission of Pakistan (SECP) Muhammad Ali Ghulam Muhammad (MAGM) wanted by NAB in the OGRA scam is expected to leave for USA or Canada on coming Saturday from Karachi International Airport despite the fact that his name is placed on the ECL by the Ministry of Interior on the NAB request, well-placed sources told The Nation on Wednesday.
On August 20th the former chairman had succeeded to have one time waiver of three weeks from Sindh High Court where he prayed through a petition that he wanted to manage the admission of his daughter in a foreign university, the sources added.
When contacted spokesperson of NAB Ramazan Sajid to seek official version he said the Ministry of Interior did not intimate the NAB officially, regarding the appeal for waiver.
Due to the preventive letter written by the NAB Rawalpindi Bureau in April this year to keep the former chairman on watch list, the Ministry of Interior put his name on ECL and intimated the NAB as he was under investigation in the multi-billion rupees OGRA scam, the sources disclosed.
During last week of May this year, the former chairman had joined the course of interrogation in the OGRA scam as he was allegedly involved in stock manipulation and capturing the regulatory system of the SECP, the sources added.
During his chairmanship he never took any action against the big brokage houses involved in stock manipulation and he allegedly supported the stock manipulation as he himself owned two stock companies named Inbox Technologies and RI Enterprises the sources added.
On the intervention and direction of NAB in January, 2013 he hampered the inquiry regarding manipulation in the scripts of Sui Southern Gas Company Limited (SSGCL) and Sui Northern Gas Pipelines Limited (SNGPL) that was raised artificially following the decision of increase of Unaccounted for Gas (UFG) benchmark increased by the Tauqir Sadiq former chairman OGRA the sources added. It is pertinent to mention here that another commissioner of SECP Imtiaz Haider is also under investigation in OGRA scam and his name is also placed on ECL the sources added.