Pakistan’s corporate regulator seeks explanations from three Hajj tour companies over alleged failures to disclose beneficial ownership details under the Companies Act, 2017.
ISLAMABAD, PAKISTAN — WEB DESK: The Securities and Exchange Commission of Pakistan (SECP) has issued show-cause notices to three Hajj tour operators reportedly associated with Mufti Abrar, a close associate of Jamiat Ulema-e-Islam-Fazl (JUI-F) chief Maulana Fazlur Rehman, over alleged irregularities in their beneficial ownership records.
The companies facing regulatory scrutiny include Sajjad Travels & Tours, Al Rehab International and Shukar Al Faizan Travels.
According to report, the regulator identified alleged failures to submit mandatory information about the individuals who ultimately own or control the companies.
SECP identifies alleged ownership disclosure violations
The notices concern compliance with corporate disclosure requirements under the Companies Act, 2017.
According to the reported details, Al Rehab International was issued a notice for failing to submit the required beneficial ownership information for 2023.
Sajjad Travels & Tours was also asked to explain why it had not submitted the required records identifying its beneficial owners.
Meanwhile, Shukar Al Faizan Travels received a show-cause notice over alleged non-compliance with legal requirements under the Companies Act, 2017.
The regulatory action focuses on the companies’ ownership structures and their obligations to maintain and submit accurate corporate information.
Three companies given 14 days to respond
The SECP has directed all three Hajj tour operators to submit their explanations within 14 days.
The companies have been asked to clarify the alleged discrepancies and provide the required ownership information.
Their responses will help determine the next course of regulatory action.
Mufti Abrar’s reported business associations under scrutiny
The development has brought renewed attention to businesses reportedly associated with Mufti Abrar, who has been described in the Express report as a close associate of Maulana Fazlur Rehman.
However, the issuance of show-cause notices does not establish that the companies or any individuals associated with them have committed criminal offences.
The notices provide an opportunity for the companies to explain their positions before any further regulatory decision.
Transparency in Hajj-related businesses
The case also highlights the importance of corporate transparency among businesses operating in Pakistan’s Hajj travel sector.
Beneficial ownership disclosures help identify the individuals who ultimately own or control registered companies.
For prospective pilgrims, transparency in the ownership and operations of Hajj service providers is an important aspect of corporate accountability.
The companies’ responses and any subsequent findings by the SECP are awaited.
