SC lauded for taking notice of illegal drug price hike

Supreme Court grants another gift to poor of Pakistan

Action demanded against officials involved in the mega scam

Impact of unlawful drug price hike calculated at Rs 90 billion annually

Dated: September 20

Civil society has lauded the Supreme Court (SC) for putting twenty-two pharmaceutical firms on notice for illegal overpricing of drugs on false grounds pushing healthcare out of the reach of millions of the downtrodden.

Many local and multinational companies are exploiting masses with the help of health authorities therefore the government functionaries should also be taken to the task, said President Health Watch Mian Aftab.

Talking to representatives of the civil society, he said that SC has again moved to safeguard the rights of masses and that every penny looted by the pharma mafia should be recovered.

He said that the SC move is another gift to the people and a turning point in the history of Pakistan which will save the poor from brutal onslaught of multinationals prone to increasing their wealth on the cost of downtrodden.

Mian Aftab said that this is a scandal bigger than the Ephedrine scam but media and civil society is not bothered about it since no big names are involved.

He added that the federal government on July 13, 2012 reduced prices of 92 pharma products but influential company Rocha refused to cut price and continued to sell Pegasys, used for treatment of hepatitis, at Rs 1300 against the fixed price of Rs 6500. The company is making Rs 2billion annually from selling the medicine.

He said that some of the companies involved in illegal extortion of money from poor include Martin Dow, High Noon, Searl and CCl Lahore. The growth of Martin Dow due to arbitrary increase has gone up to 37 per cent from 2 pc. Rotacap, a product of Highnoon which was previously sold at Rs 182 is now priced at Rs 1040, an increase of 471 per cent.

Searle Pakistan has illogically increased the price of Paediatric (ORS Sachet) from Rs 10 to Rs 27, a hike of 170 pc and price of Hydryline Syrup from Rs 30 to Rs 59, an increase of 99 pc which is illegal and unethical. The total sale of ORS is Rs 667 million per annum while the price hike has burdened masses by another Rs1267 million.

Sale of Hydryline Syrup is at Rs 623 million and with the present increase of 99 pc it will go up to Rs 1246 million. Likewise, CCL Lahore has increased price of Pulmonol Junior Syrup Rs 22, a 122 pc surge in the price, he informed.

At the occasion, Dr. Murtaza Mughal said that pharma industry is acting like a mafia and the situation speaks of rampant corruption in the ministries while the end-user is the ultimate victim who is made to pay Rs 90 billion additionally per annum.

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Petitioner seeks to halt malpractices in the financial regulator

SC moved against Commissioner Insurance SECP

Petitioner seeks to halt malpractices in the financial regulator

Islamabad: June 02

A writ petition has been filed in the Supreme Court to get Commissioner Insurance SECP Asif Arif removed from his post due to clear conflict of interest and charges of supporting powerful cartels and squeezing smaller insurance companies.

Kokab Iqbal Advocate has filed a petition in the Supreme Court (SC) praying that the former chairman SECP Muhammad Ali was relieved by the Court but his appointee and agent Commissioner Insurance Asif Arif is still there.  

The petitioner pleaded that Asif Arif was appointed as Commissioner due to influence of the insurance cartel comprising three major insurance companies enjoying 70 per cent market share in the Rs 36 billion market.

An insurance company opened an insurance agency in the name of his wife and amount worth tens of millions was transferred to her account as agency commission which is clear conflict of interest.

After getting benefits, Asif Arif started victimising thirty five smaller insurance companies having 30 per cent market share. This act has brought many companies to their knees and put thousands of jobs at stake.

Moreover the Commissioner Insurance has selected some blue eyed firms to conduct audit depriving other companies.

It also questioned the decision of shifting of Insurance Division to Karachi without justification. “Rules were framed forcing insurance companies to invest in stock market making all other venues unattractive for them,” the petition added.

He submitted that former chairman carried out hundreds of recruitments including eight directors with salary around Rs 300,000 per month putting additional burden of Rs 12 crore on the SECP.

The corruption and controversial steps have badly damaged the image of SECP which has also violated fundamental human rights of millions of people for whom the SC is the last ray of hope.

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Petition filed seeking to halt malpractices in the financial regulator

SC moved to remove Commissioner SECP

Petition filed seeking to halt malpractices in the financial regulator

Islamabad: June 01

The Supreme Court has been moved to remove Commissioner Insurance SECP from his post due to clear conflict of interest, supporting powerful cartels and squeezing smaller insurance companies.

Kokab Iqbal Advocate who is also President of Human Rights and Welfare Trust, has filed a writ petition under Article 184 (3) of the Constitution in the Apex Court praying that the former chairman SECP Muhammad Ali was relieved by the Supreme Court (SC) but his appointee and agent Commissioner Insurance Asif Arif is still serving the institution.

The petitioner who is also a human rights activist, pleaded that Asif Arif was appointed as Commissioner due to influence of the insurance cartel comprising Eastern Federal Union (EFU), Adamjee Insurance, and Jubilee Insurance having 70 per cent market share in the Rs 36 billion market.

After appointment, he was bribed by EFU by opening an insurance agency in the name of his wife and amount worth tens of millions was transferred to her as agency commission making regulator an indirect agent of EFU and insurance cartel which is clear conflict of interest.

After getting benefits, Asif Arif started victimising and harassing thirty five smaller insurance companies having 30 per cent market share. This act has brought many companies to their knees and put thousands of jobs at stake.

Moreover, the petitioner said, the Commissioner Insurance has selected some blue eyed firms to conduct audit depriving other companies.

It also questioned transfer of Insurance Division of the SECP to Karachi without justification whereas the rest of the divisions have been discharging duties from Islamabad. “Rules were framed forcing insurance companies to invest in stock market making all other venues unattractive for them,” the petition added.

The petitioner further submitted that former chairman carried out hundreds of recruitments including eight directors with salary around Rs 300,000 per month putting additional burden of Rs 12 crore on the SECP.

The corruption and controversial steps have badly damaged the image of SECP which has also violated fundamental human rights of millions of people for whom the SC is the last ray of hope.

The petitioner asked the SC to take notice of corruption and save the people from exploitation and issue directions in this matter of national interest.  

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Former Chairman SECP defamed the regulator, pushed it to the brink

Former Chairman SECP defamed the regulator, pushed it to the brink

Supreme Court asked to investigate wrongdoing, undo objectionable decisions

Investment climate to remain gloomy if regulator remained controversial

Islamabad April 23

Farida Rashid, President Islamabad Women Chamber of Commerce and Industry (IWCCI) on Tuesday said that former Chairman of SECP defamed the regulator and pushed it to the brink.

Hundreds of people were enrolled against hefty salaries disregarding rules while broker mafia was not only promoted but investigation in the stock market crash in which masses lost billions were hushed up.

Over the years, the financial regulator continued to play on the tune of influential brokers who managed to established banks with the help of stolen funds, she said in a statement.

Farida Rashid said that the close aides of former chairman are still active in the SECP that include an official involved in Rs 82 billion Ogra scam, a commissioner who worked in two insurance companies but made it to the office illegally and a dismissed official.

She said that dismissal of the former chairman is not sufficient unless his wrongdoings are probed and steps undone.

Insiders say that former chairman is now advising powerful broker mafia so that one of his trusted people can become acting chairman who will ignore wrongdoings and protect the mafia, she said.

Such an appointment will ensure that the true report of the stock market crash never see light of the day, she added.

She said that the stock mafia is so much influential that it has barred finance ministry from issuing notification of appointment of a senior commissioner as acting chairman despite approval by the Prime Minister.

Farida Rashid said that Supreme Court while dismissing former chairman observed that SECP should have a chairman as soon as possible and that the method of appointments of commissioners from the private sector be made transparent.

However, both the directives are not acceptable to a Karachi based mafia, she said.

It may be mentioned that the mafia within SECP has been harassing business community and extorting benefits from the fragile insurance sector.

Restoring credibility and integrity of the financial regulator remains a challenge otherwise investment climate in Pakistan will remain gloomy, she warned.

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