ISLAMABAD, JUL 21 (DNA) – The federal government has issued the termination notification of Securities & Exchange Commission of Pakistan (SECP) Zafar Hijazi after Federal Investigation Agency (FIA) officials arrested him in record tempering case.

The arrest was made after Hijazi appeared before the Islamabad special court of judge Malik Tahir Mahmood on Friday in an attempt to extend his pre-arrest bail. The verdict rejected Hijazi’s plea despite his counsel’s arguments that the client was being victimized and shouldn’t be jailed due to ailment.

Joint investigation team (JIT) for Panama case had found former SECP Chairman guilty of tampering the records of companies owned by the Sharif family. Supreme Court had ordered FIA to launch probe against him in which he was charged.

Hijazi was taken to FIA headquarters and awaits further procedures before imprisonment. He will be replaced by senior Commissioner Tahir Mahmood as the acting chairman. According to the SECP regulations, the senior-most commissioner is appointed as the acting chairman.