KARACHI: Despite being penalized by Security and Exchange Commission of Pakistan (SECP) for its undesirable trade activities, a petroleum company is fast intensifying its grip over the oil sector of Pakistan, it emerged on Tuesday.
According to well-placed sources in the oil market, outlets of a multinational petroleum company of good refute on Lahore-Islamabad motorway are being given to the concerned petroleum company despites its shady affairs.
Insiders say that fuel stations of multinational company are being given to the new company at the behest of some high government officials at a time the refutable multinational company has not hinted at scaling down business volume or do downsizing or rightsizing in Pakistan.
Sources said that the company – Hascol – which is being milked in form of awarding new pumps grabbed from a multinational company had been fined by security and exchange commission of Pakistan (SECP) for inside trading earlier in February this year.
Sources informed that Hascol chairman and chief executive Mumtaz Hasan Khan is British Pakistani who has maintained good relations with another UK National, Irfan Puri who was doing a business of supplying Iranian material to Hascol with fraudulent documents.
He is using front companies in Pakistan to represent ENOC of Dubai, Glencore of Switzerland, Mercuria of Switzerland, Gulf Petrochem of
India/Dubai and Trafigura of Switzerland, reports said.
SECP has directed all suppliers to not deal with Irfan directly or indirectly but the direction has remained just directions as no one in the
government circle is ready to follow them.
According to reports the Securities and Exchange Commission of Pakistan (SECP) had registered a case against Irfan Puri for defrauding clients of Capital One, his brokerage house that defaulted earlier this year. He was found involved in insider trading, over invoicing and taking money out of the country, which is crime according to the SECP laws.
Irfan was also doing a business of bringing in special product and having it resample by HDIP. Irfan was arrested in Dubai for $60 million fraud by Interpol.
But sources said that despite the whole picture in sight of the Pakistani investigators some government officials are not only hindering action against him but facilitating a company with which Puri has strong business ties.
According to sources Irfan Puri is currently running the business of supply of below standard oil products.
Sources further informed that a man Shakeel Haroon Rahman had lodged a complaint with CPLC against Puri for kidnapping him. Furthermore, the brokerage house has been declared blacklisted but Irfan is running the business under the name of offshore companies.
Sources said that an inquiry against Puri is underway in NAB but neither NAB nor CPLC has taken any action against him.
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