Source: http://hankypanky.wordpress.com/2007/07/30/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 ExchangeCommission 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:
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 like “MALLAY MUFT DILLAY BAYREHAM”. 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.
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 like “MALLAY MUFT DILLAY BAYREHAM”. 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 lavishly. 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 appointments. 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.
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 appointments. 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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