of milking Pakistan for personal gains and discarding it

In current times, Pakistan is going through a critical juncture. The country is leap frogging into
the economic growth upward cycle, Government has provided the necessary vision and its
institutions working tirelessly to create a business conducive environment by formulating and
supporting promulgation of regulations.
As they say, with opportunity comes great responsibility. Pakistan is opening up its economy,
inviting investments in several sectors. One of the phenomena that has outperformed any
other sector, is the startup Eco-system of the country. Great startups have emerged from
shadows, smashing records of investments for these “private” firms in areas such as retail,
financial services, e-commerce, ride sharing etc. As per considered opinion, the most
attractive sector for investor multiples is the financial services where Digital Payments space
is quite lucrative. Even though there is barrier to entry, such as State Bank of Pakistan (SBP)
licensing, Securities Exchange Commission of Pakistan (SECP), PTA, NADRA etc; the fintechs
have made great compliance leaps; despite this, there is possibility of lapses on the regulator
part for giving these licenses to the wrong people.
CAUTION, is the word which needs to be practiced. Hypothetically speaking, will any country
allow a person to own a “EMI” if he has a record of financial fraud and bankruptcy filings, does
not hold a college degree to be adequately qualified; most likely no. From USA, UAE to
Pakistan, it is not possible-in fact its impossible. However, there is an exception, it is called
“SADAPAY” whose Founder and CEO, Brandon T. Timinsky has a Chapter 11 filing in USA
(public record available); a bankruptcy filing of millions of dollars in Case 14-21803 in the
United State Bankruptcy Court, Southern District of Florida. Not only that Brandon has a
tainted financial integrated record, he is not qualified to own nor hold any stake in an EMI as
per State Bank’s regulation.
Question arises, how did Brandon clear the Fit-and-Proper Test of State Bank of Pakistan (SBP);
SBP being amongst the best regulators globally it cannot be missed by-chance, it seems that
Brandon has mis-declared his credentials and concealed his past; its an act of perjury which
he has committed, which is punishable according to the Pakistan Penal Code (PPC); a person
giving or fabricating false evidence is liable to be punished with imprisonment for life or with
rigorous imprisonment, extending ten years, and also liable to being fined.
As per State Bank of Pakistan regulation, and prudence exercised by the regulator in the past,
Brandon’s “FPT” is liable to be canceled, which means he cannot own nor work with Sadapay
as its Founder/CEO; further, Sadapay EMI license be revoked as per rules.