Web Desk: Corporate regulator SECP has issued show-cause notices to three Hajj tour operators linked to Mufti Abrar, a close associate of Jamiat Ulema-e-Islam-Fazl (JUI-F) chief Maulana Fazlur Rehman, over suspected irregularities in beneficial ownership disclosures and non-compliance with corporate regulations.
The Securities and Exchange Commission of Pakistan (SECP) has sought explanations from Sajjad Travels & Tours, Al Rehab International and Shukar Al Faizan Travels over their failure to submit legally required information identifying their ultimate beneficial owners.
The companies, reportedly associated with Mufti Abrar’s family members and associates, have been given 14 days to respond to the regulator’s notices.
According to the information available, the SECP identified discrepancies in the ownership records of three companies associated with Al Afw Munazzam, an entity reportedly linked to Mufti Abrar and his associates.
The regulator subsequently issued separate show-cause notices to the three Hajj tour operators, seeking clarification over their compliance with mandatory corporate disclosure requirements.
The notices raise questions about whether the companies properly maintained and submitted information concerning individuals who ultimately own or control their businesses.
Among the companies facing scrutiny, Shukar Al Faizan Travels has received a show-cause notice over non-compliance with requirements under the Companies Act, 2017.
Meanwhile, Al Rehab International has been asked to explain its failure to submit the required beneficial ownership information for 2023.
Similarly, Sajjad Travels & Tours has been served a notice concerning its failure to provide the prescribed records identifying its beneficial owners.
The regulator’s action focuses on compliance with corporate transparency obligations designed to establish who ultimately owns or exercises control over registered companies.
The SECP has directed all three companies to submit their explanations within 14 days, allowing them to address the alleged deficiencies in their ownership records and regulatory filings.
Under Pakistan’s corporate regulatory framework, companies are required to comply with applicable beneficial ownership disclosure obligations to promote transparency and accountability.
Failure to meet those requirements can expose companies to regulatory proceedings and potential penalties, subject to the applicable law and the outcome of those proceedings.
The regulatory action has attracted attention because of the companies’ reported association with Mufti Abrar, described as a close political ally of JUI-F chief Maulana Fazlur Rehman.
However, the connections do not, by themselves, establish that Mufti Abrar owns or controls the companies or bears responsibility for any regulatory violations.
The precise ownership structures and the nature of his reported association with the businesses remain matters requiring independent verification.
The next stage of the regulatory process will depend on the explanations and supporting documentation submitted by the three Hajj operators.
The SECP may assess whether the companies fulfilled their statutory disclosure obligations and determine whether further proceedings are warranted.
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