ISLAMABAD (The Thursday Times) — Former SECP Chairman Zafar Hijazi sat down for an exclusive interview with The Thursday Times’ Hotseat (Episode 1) on September 20. During the interview, Hijazi discussed a wide range of topics, including his perspective on the events surrounding the Panama case, the judiciary’s involvement, and his time as Chairman of the Securities and Exchange Commission of Pakistan. He also touched on the pressures he faced during the formation of the Panama Joint Investigation Team (JIT) and reflected on the impact of these experiences on his family and career.
Hijazi revealed in the interview that the call pressuring him wasn’t a WhatsApp call but a Facebook call, in which a person named Bilal was mentioned, and he was asked to recommend him for the Panama case JIT. However, Hijazi refused, stating that he always tried to maintain transparency in all matters.
Speaking about his tenure as SECP Chairman, Hijazi recalled how, when the Supreme Court ordered names to be submitted for the Panama JIT, he initially suggested eight candidates, from which three were selected. Later, he received a letter asking for two additional names. During this time, he also received a phone call pressuring him to recommend a specific individual for the JIT.
Hijazi disclosed that the call was made through Facebook, not WhatsApp, as had been rumored. The caller mentioned a person named Bilal, urging Hijazi to propose his name for the Panama JIT. Hijazi refused, asserting that he had always prioritized transparency in all matters.
Below is a lightly edited transcript of the interview conducted by The Thursday Times’ Islamabad Correspondent, Dr Mahra. Click here to watch the full interview.
Is it true that in court, someone pointed at you and said that “this man is becoming a problem”?
Hijazi: Justice Azmat Saeed pointed at me in the courtroom and said, “This man is becoming a problem.”
In one government, a case is filed against a person, and in another government, the case is dropped. Won’t such scenarios erode public trust in the courts? Do you think your case highlighted what should and shouldn’t happen?
Hijazi: The case against me was baseless. I thought it would be resolved in two or four hearings, but it dragged on for six years.
Did the government compensate you for the financial and other damages you suffered during this case?
Hijazi: No, the government didn’t provide any compensation, and I never asked for any. It was a personal matter. Not just me, but my family also had to endure a lot. This whole ordeal was a significant mental shock for us. I even hesitated to visit my village, wondering what people would think. Some senior politicians told me I was too emotional. I replied that while they are used to speaking and hearing many things as politicians, for me, this was not trivial.
Your family also endured a lot. One of your sons was assaulted, and another remained suspended from his job for two years. Did you ever think that if you had provided the name, you wouldn’t have had to go through this suffering?
Hijazi: No, that thought never crossed my mind. At this stage of life, looking back feels like gazing at a sea where there are some rocks. Seeing those rocks gives me pride that I overcame them. I wanted to do something for Pakistan, and I did it. My family should also take pride that when a storm was brewing, I was the first to stand against it.
You weren’t in good health, having undergone a transplant. When you were in custody, were you provided with any special facilities given your health condition?
Hijazi: No, I wasn’t provided with any special facilities. Mentally, I was prepared to face whatever came my way. My health did deteriorate in custody, but if God wills, these phases pass. When I was taken into custody, my son informed them that I had recently undergone a transplant and couldn’t tolerate heat. He begged them not to keep me in the basement with other prisoners because my condition could worsen. When my son said this in a pleading manner, I felt an electric shock pass through me. I had committed no crime, so why was my child begging? I scolded my son and sent him away. Then I went to the basement myself and asked for the lock to be opened.
During your case, some close colleagues from your department testified against you, saying that you pressured them. What became of those individuals? Did you ever confront them about their false testimony?
Hijazi: One person retired, another resigned after seeing my case end, and two are still around. I was waiting for the commission to take action against them, but it didn’t happen. It seems the commission’s people might be under pressure not to take action, or perhaps the commission itself is involved in the crime. I sent a notice to the commission through my legal advisor, but they didn’t respond. Action should be taken against those who were proven liars. Such individuals should not remain in institutions.
Bloomberg recently stated that Pakistan’s stock market is one of the best-performing markets in the world in 2024. You played a key role in shaping Pakistan’s stock market. Can you explain why you structured it this way?
Hijazi: Initially, some brokers created the stock exchanges, but as people’s investments increased, it became necessary to free them from ownership. In 2012, a law was passed by the National Assembly, consolidating all these exchanges to attract foreign investment. We successfully brought in Chinese investors. Despite crises post-2017, trading in our market didn’t stop. Today, even if the stock exchange drops to 10,000 points, trading won’t halt.
What do you think about Pakistan’s current economic situation? Do you have any comments about Deputy Prime Minister and Foreign Minister Ishaq Dar?
Hijazi: Pakistan is going through a phase where economic matters must be handled carefully. Ishaq Dar is an experienced person with firm views and is determined to stabilize the economy. After bidding farewell to the IMF in 2016, Prime Minister Nawaz Sharif held meetings with exporters to sort out the issues, and that’s when economic reforms began.
You mentioned a conspiracy. What should governments do to prevent such conspiracies, and how long will this continue?
Hijazi: If there are conspiracies against a government, it should stand firm. If a government doesn’t want to fight, it should step down. If institutions, including the judiciary, don’t want to reform, they must be confronted. There is no other option. The government should take all possible measures to prevent such conspiracies.
This interview is from Episode 1 of Hotseat from The Thursday Times. It has been edited for clarity and length.
