“Sadapay” License Likely to be Cancelled – NAB initiates Inquiry – Documents Sought from SBP

Confirmed sources shared that the attested copies of documents submitted for EMI license by SadaTech Pakistan has been sought from the State Bank by Investigation Wing of NAB Lahore.

NAB Lahore has written a letter to the Director Payment System Department State Bank of Pakistan to provide information regarding an inquiry against Syed Abuzar Bukhari, Cheif Executive Officer and Rehan Yaseen Senior Manager M/S Performance Automotive (PVT) and others in the connection of issuance of license to Sadatech.

SadaTech Pakistan Pvt Ltd. is Islamabad based company that develops mobile payment software. It was founded by Mr. Brandon T. Timinsky who is currently the CEO of the firm.The company has launched “SadaPay” that is claimed to be a digital wallet in Pakistan paired with a MasterCard debit card. It is said to be the facility to pass savings onto the customer to provide free financial services.

Here it is worth noting that the Financial Services is the most attractive sector for investor multiples 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, hence there is possibility of lapses on the regulator part for giving these licenses to the wrong people.

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 “SADAPAY” has become an exception 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.

He is a college drop-out which he said himself in a recorded interview on 4th April, 2020 written by Taimoor Hassan in Profit by Pakistan Today.

Question arises, how did Brandon clear the Fit-and-Proper Test of State Bank? SBP being amongst the best regulators globally it cannot be missed by-chance. It seems that Brandon has mis-declared the credentials and concealed the past. Its an act of perjury that is punishable according to the Pakistan Penal Code. The PPC says that person giving false or fabricated evidence is liable to be punished with imprisonment for life or with rigorous imprisonment, extending ten years, and fine.

As per SBP 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 can be revoked as per rules.

Foto Caption ; Mr. Brandon T. Timinsky with officials of State Bank of Pakistan