SECP leaders sabotaging insurance sector.
A public interest writ petition of grave concern has been filed in the Lahore High Court, alleging serious financial misconduct and abuse of authority by senior officials of the Securities and Exchange Commission of Pakistan (SECP).
The petition, filed by Haider Ali Shafi Batti, names the Federation of Pakistan (Finance Division), SECP Chairman Akif Saeed, and Executive Director Asif Jalil Bhatti as respondents. It cites the Auditor General’s recent audit report and media reports, alleging that Bhatti, in collusion with Saeed, has “closed down businesses illegally and unconstitutionally by blackmailing insurance companies,” pressured insurers to lodge fake claims, and disrupted guarantee and insurance operations.
These actions, the petitioner says, have damaged insurance companies and deprived the national exchequer of tax revenue. The petition explicitly references the suspension of the guarantee business of two companies, both orders later declared unlawful by the Islamabad High Court. The petitioner urgently seeks immediate criminal and accountability proceedings, removal of Bhatti from office, and strict financial oversight of SECP by the Finance Ministry.
The petitioner, in his plea, urgently emphasizes that such acts violate Articles 4, 9, and 25 of the Constitution as well as the National Accountability Ordinance. He argues that the unchecked conduct of SECP has not only eroded public trust in the corporate regulator but also poses a significant and direct threat to financial stability. The petition also accuses the officials of misusing regulatory powers for personal gain and ignoring due process in their decisions. The Lahore High Court is expected to list the matter shortly.
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