A letter from SECP

We the employees of Securities and Exchange Commission of Pakistan
with great sorrow and regret want to point out the gross illegal and
dishonest actions of Mr. Razi Ur Rehman, Chairman Securities and
Exchange Commission of Pakistan and his close companions. We request
you all in the name of justice and National interests to arrange
thorough investigation against them. We making witness to the God
assure you that all the under-mentioned allegations are hundred
percent correct and based on facts and realities and there is no
personal prejudice in submitting this complaint.

However, we are hiding our identity because of expected revengeful
actions by Mr. Razi Ur Rehman against us as he works like a gangster
and can do anything whether it is illegal or un-ethical. Although you
will find a long list of his financial crimes, favoritism, dishonesty
and mal-practices if investigation will be held, but some of those are
as under:

A) Mr. Razi Ur Rehman is distributing millions of rupees / dollars
of public money among his favorites and illegal business partners
lavishly with both hands in the form of Advertisements in newspapers,
Consultancy fee and fee to lawyers / Financial Experts etc because he
is getting kick backs / illegal shares from them in return. It is
known by everyone that he is also getting kick backs from all the jobs
of purchases, renovations and consultancies etc.

B) Mr. Razi Ur Rahman got approved the Promotion Procedure from the
Commission and did not get it approved from the SEC Policy Board,
which was mandatory as per Securities and Exchange Commission Act. He
also continued amendments in the procedure, in order to accommodate
his blue eyed employees for promotions. He implemented the illegal
Promotion Procedure in haste and promoted his blue eyed officers
without taking into account the generally recognized principle of
“Seniority cum fitness”. He promoted his favorites who were very
junior in seniority in the ranks and also paid a full gross salary as
promotion bonus illegally. Although there is no provision of Promotion
Bonus in the Rules and Laws of SECP. Similarly he has also promoted to
junior employees without applying the principle of “seniority-cum-
fitness” after making amendments in their Promotion Procedure in haste
and without approval of these amendments from the SEC Policy Board,
giving it effect of back date (June 2007) when Dr. Salman Shah was not
Chairman of the SEC Policy Board, but circulated on July 19, 2007,
which should be taken into account by the Chairman and members of the
Policy Board.

C) The salaries of all the junior employees have been raised at the
rate of 3 increments each from August 2007, following the announcement
of the Government in the Annual Budgets for the years 2006-07 and
2007-08, but no raise has been given to the regular officers of the
SECP discriminately although the price hike has affected to everyone
equally. The reason is that Mr. Razi Ur Rehman only likes to those
officers who are working on contract basis and who easily bend to obey
his all illegal orders under fear of termination from service without
showing any reason at any time as per terms and conditions of their
contracts. So the salaries of regular officers of SECP should also be
increased and the contract officers be provided legal protection so
that they could not be black-mailed to obey his illegal orders.

D) MR. ASHRAF TIWANA (one of his favorites) was working as Joint
Director, who had been declared disqualified during the interview for
the post of Director (Securities Market Division of SECP) by the
Selection Committee some months back. However, in order to promote him
the post of Registrar Appellate Bench was upgraded to the level of
Director and he was appointed as Director/Registrar on double of his
previous salary from the back date and also paid 3 gross salaries as
honorarium. This created a lot of disappointment among the other
officers who were senior to him.

E) Mr. Razi also appointed MR. MUBASHAR HASSAN (Right hand of Corrupt
Mansur Ahsan Executive Director HR) as Deputy Director after only one
year his experience as Assistant Director. Surprisingly he was getting
only Rs. 11,000/- per month around one year before when he was working
as Junior Executive and now being paid Rs. 70,000/- per month now with
a Cultus Car. He is simply an MBA from a 3rd Tier Muhammad Ali Jinnah
University. On the other side those Assistant Directors (Post-
Graduates from top class Universities) who were appointed in SECP
after a competitive examination under the FAST TRACK Scheme are still
waiting for their promotions since many years.

F) Similarly Mr. Razi is also employing his favourites illegally
without following the legal procedure and formalities on very high
salaries some of the examples are as under:

i) MR. MANSUR AHSAN Executive Director (Rs. 3,40,000 per month
salary, whose deficiency of qualification has also been waived off at
the time of appointment by the Chairman SECP (although he was not
legally authorized to waive it). Mr. Mansur joined SECP on 01-09-2006
without any appointment order and his formalities were completed on
18-09-2006 giving effect from 01-09-2006. His one Degree is also fake
which has not been verified. He was appointed on Rs. 3,10,000/- per
month, but after only 3 months his salary was revised to Rs.
3,40,000/- per month. He is a known dishonest and corrupt person,
which can be verified from the employees of PTCL where he was serving
before joining SECP. His appointment reminds the ERA OF SICKHS.

ii) MR. ZAFAR ABDULLAH Executive Director has been appointed on Rs.
3,42,000 per month. He is supervising Securities Market Division
although he was working with regulatees before joining SECP. How he
can regulate his previous employers effectively.

iii) MR. PANJWANI Director SMD on salary of Rs. 2,00,000 per month and
even Deputy Directors have been appointed on Rs. 90,000/- per month
although regular Deputy Directors (who are doing same jobs) are
getting only Rs. 45,000/- per month without any car even the increases
announced by the Government in last two budgets have net been given to
the regular officers. The record of Accounts Department will provide
all the details of similar mal-practices. In short Mr. Razi is looting
the exchequer of Securities and Exchange Commission with both hands

If all the appointments made by Mr. Razi Ur Rehman, Chairman SECP are
reviewed, it will prove that he violated all the rules of selection
and by-passed all the required legal formalities and appointed his
favourites on very high salaries. He is also making appointments of
beautiful and ultra-modern women in Karachi office (he is un-luckily a
divorced man).

G) Mr. Razi belongs to Karachi and spends every weekend and also
3/4 working days there at the cost of SECP money. He receives TA/DA
and air passage for these visits and periods. He stays in his own
residence there and receives Daily Allowance. Since his appointment as
Chairman SECP, he hardly stayed at Islamabad during the weekends. The
computerized record of attendance will easily confirm this fact. If
his tour programs for Karachi are audited, one can easily find very
interesting reasons of his tours for Karachi.

H) He is also sending his favorite employees on foreign tours at
his own discretion without formal process of nominations. Even he
facilitates in making the private visits of his most favorites
converting it into as official visits and also attaching leave with
the tours. The big examples are visits of Ms. Amber Dar Ex-Executive
Director (Legal) and Mr. Javed Siddiqui Executive Director (SSD).
There are several other similar cases, which can be verified from the
record. The record of the foreign visits of Miss Zaib Shadani, Ex-
Assistant Director also indicates that how much she was dear to the
Chairman SECP. When he felt threat of defame, arranged job for her
outside SECP.

I) Mr. Razi has also been granting rewards to his favorite
employees lavishly. He got approved three gross salaries for all the
two Commissioners amounting to Rs. 3400,000. Also managed to enhance
his and Commissioners salaries to Rs. 5,55,000 per month from Rs. 3,
50,000/- per month with effect from 01-01-2007, with increase of more
than 50 percent. He paid full gross salaries as honorarium to all his
other favorites like Mr. Ashraf Tiwana, Registrar (3 gross salaries)
and Miss. Shane (one gross salary) etc.

J) He also reimbursed Rs. 3,00,000/- to Mr. Javed K. Siddiqui
Executive Director (who is very close companion of Mr. Razi and obeys
his all illegal actions) on account of membership fee for Islamabad
Club illegally although he was not entitled for the same when the fee
had been paid by him. Mr. Javed Siddiqui is also a corrupt man and was
compelled to leave his previous jobs. He also committed financial
embezzlements during his job in UAE and ran back to Pakistan.

K) Mr. Razi Ur Rahman is receiving kick backs in all deals and
affairs of Securities and Exchange Commission of Pakistan , whether it
is matter of purchases or renovation of building or engaging of
consultants. Interestingly he gives all work to the consultants of
Karachi even he also engaged Legal Advisors from Karachi although the
Head Office is located in Islamabad. He is severely prejudiced with
the employees who are not from Karachi. Presently ‘Troika’ comprising
of Mr. Razi Ur Rehman, Mr. Javed K. Siddiqui and Mr. Mansur Ahsan (All
belong to Karachi) is ruling the SECP. He is also spending 2,50,000/-
per month on his personal security although the same was never been
done by the ex-Chairmen of SECP. Both the Commissioners have been
bribed giving 50 per cent increase in their salaries and three gross
salaries as honorarium. Further, they have to get extension in their
term which is expiring by the end of this calendar year, so they are
keeping their eyes closed on the looting of public money by Mr. Razi
Ur Rehman.

L) These are the some examples if a thorough investigation is
conducted, several similar cases will certainly be detected.

M) Mr. Razi Ur Rehman is not only fully bulldozing the rules and
regulations of SECP, but also using the public money in order to
please his favorites. He is in fact looting the public exchequer very

N) The list of mal-practices and dishonesty on the part of Mr. Razi
Ur Rehman is very long during his 1st two years of appointment and if
he is not checked and removed immediately, the public exchequer of
SECP and organization will suffer heavy and irrecoverable loss.

O) Mr. Razi Ur Rahman is making appointments of his favorites
against different posts on very high salaries and perks, but the
existing regular employees who have been performing the similar jobs
for years are being victimized although they have given the cream of
their lives to SECP. Their perks/facilities are being withdrawn
gradually and contract employees appointed by Mr. Razi are being
favored lavishly in the form of high salaries, expensive cars and
bonuses etc. He advertises the posts and makes appointments of his
favourites who even do not apply through the normal channel of
submitting applications via computerized system which is mandatory for
all the candidates as instructed in the all advertisements published
in newspapers. This can be verified if their CVs are compared with the
applications received through the computerized system. Recently he
appointed Directors, Joint Directors and Deputy Directors for
Securities Market Division of SECP. The posts were advertised, but
still the short-listing of the candidates was underway, but he picked
the CVs of his favorite candidates directly from them and appointed
them on very high salaries. If their CVs are checked, you will not
find any official receiving or diary number on them. He has also got
amendment in Selection Committee Rules and decided if he himself
interviews a candidate directly, there will be no need of interview by
Selection Committee. The surprising point is that he is violating the
Selection Committees as approved by the Commission and making illegal

P) The employees who do not obey his illegal and irregular
instructions are always discouraged and insulted frequently.
Consequently they are resigning, causing brain-drainage out of
talented manpower. All the Executive Directors (who were hired on
merit by the ex- Chairman SECP) have been compelled to resign.
Recently One regular Executive Director of SMD, Two Directors of SCD,
one Director from CLD, one Director from Insurance Division and one
Director from Legal Division and several Joint Directors, Dy Directors
and Assistant Directors have resigned because of hopeless,
discriminately treatment and disappointing environment created by Mr.
Razi Ur Rehman. They have mentioned these reasons in their resignation
letters. Recently Mr. Imtiaz Hyder Executive Director resigned against
the un-called for attitude of Mr. Razi and because of not becoming a
tool in his corruption and this has appeared in media too. Several
times news articles have been published in the leading daily
newspapers on similar dishonesties and mal-practices of Mr. Razi Ur
Rehman, but un-luckily no investigation has been initiated or any
authority even tried to know the facts because of the influence of Mr.
Razi Ur Rehman who claims to be the man of Altaf Bhai of MQM.

We are afraid that you will come forward for investigation at that
time when SECP will be totally ruined by these corrupt people and they
have also managed to escape themselves abroad as per traditions of
Pakistani investigation agencies in past.

It is therefore requested to please TAKE IMMEDIATE ACTION IN THE NAME
OF JUSTICE AND NATIONAL INTERESTS and advise to the competent forums
like NAB and FIA etc to conduct a thorough investigation of the
situation in Securities and Exchange Commission of Pakistan to save
the public exchequer which is factually being looted with both hands
by Mr. Razi ur Rehman, Chairman SECP and his favorites. The names of
Mr. Razi Ur Rehman and his companions may also be placed in EXIT
CONTROL LIST otherwise it is strong possibility that they will leave
the country immediately in order to avoid the accountability.

Employees of Securities and Exchange Commission of Pakistan


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