SECP Chairman Zafar Hijazi addressing a press conference

A majority of Pakistani companies have denied having substantial shareholdings in offshore companies – a refusal that the corporate sector regulator is happily accepting for the moment but intends to use it as a declaration for future investigations. Majority of the companies that have so far responded to the notices served to them to disclose their offshore substantial shareholdings are giving “nil statement”, said Zafar Hijazi, Chairman of the Securities and Exchange Commission of Pakistan (SECP) on Friday.