Chairman SECP’s appointment challenged in Lahore High Court

Federal Government’s decision to appoint Junior Commissioner Mr. Shaukat Hussain as Chairman Securities & Exchange Commission Pakistan (SECP) has been challenged in Lahore High Court today by Advocate Supreme Court, Mr. Mohammad Azhar Siddique.

The petitioner in his filing has mentioned that prior to the appointment of a Junior Commissioner, Prime Minster and Cabinet members had already approved the appointment of Tahir Mehmood as the Chairman SECP but due to intervention from influential individuals the approval was discarded without any justification and a junior inexperienced Commissioner from Abbottabad was appointed Chairman SECP.

The petitioner while challenging Mr. Hussain’s appointment has claimed that he was hired at the key post to safeguard the interest of Nawaz Sharif’s family and to protect their assets in the country.

He further mentioned the fact that Mr. Hussain has never held a senior level position at SECP in his ruling as well. Furthermore, he mentions that Mr. Hussain in fact is the junior most on the list of hierarchy amongst the nine Executive Directors currently working at the national body.

The petitioner has demanded the court to look into the matter and to take notice of the government’s decision to hire their cronies to key positions with just 18 days left in the dissolution of assemblies.