SEC debunks allegations of wrongdoing against its DG

The Securities and Exchange Commission (SEC) on Thursday denied allegation of wrongdoing levelled against Munir Gwarzo, its Director General.

A United States of America based news website had reported that Gwarzo on appointment as head of SEC had illegally paid himself severance benefits and awarded contracts to his companies.

SEC in response via a statement signed by Naif Abdussalam, its Head of Corporate Communications, said it had been aware since January this year of the allegations following a petition and had looked into the matter.
The statement read in part:

“As a tradition, the Commission follows laid down rules and regulations in all its activities, and in this particular case, we ensured that no relevant policy was breached”.

It said it was currently putting together an official response and will issue same shortly.