Printer Friendly

Supreme Court seeks record of Rs 2 billion National Bank of Pakistan Achievement Award.

ISLAMABAD, June 23, 2011 (Frontier Start): The Supreme Court on Wednesday directed the National Bank of Pakistan (NBP) to submit relevant records regarding disbursement of Rs 2 billion among its fourteen high officials out of Welfare Fund for Banks Staff in the name of achievement/performance awards by July 12 .A three-Judge Bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Tariq Parvez and Justice Amir Hani Muslim, accepted a plea of NBP for becoming a party to the case. The bench also served notices upon fourteen high officials besides concerned NBP board of directors over the issue. The plea was moved by Syed Jehangir president Collective Bargaining Agent, secretary general Trade Union Foundation National Bank of Pakistan Karachi through Hashmat Ali Habib advocate regarding disbursement of over Rs 2 billion out of Welfare Fund for Banks Staff. At the outset of proceedings, the Chief Justice observed that Federal Investigation Agency was apparently under the pressure to register cases against these officials. Abdul Hafeez Pirzada, counsel for NBP, stated that they wanted to assist the Court and would not hide anything. He said the NBP was earning a profit of Rs 25 billion annually. He said the FIA was asking for passports of its top officials. The Chief Justice observed that they would not interfere into FIA functioning. How an official got Rs 60 million as achievement award! he questioned. During previous proceedings, the counsel for petitioner had contended that disbursement of such amount was illegal and against Banking laws. He said under a letter captioned as Welfare Fund for Banks Staff signed by Tajammul Hussain, chairman Pakistan Banking Council on June 15, 1988, it was declared that fund would be managed by the Board of Trustees consisting of the representatives of the Management, officers and staff. He said from the letter it was evident that as per Banks Nationalization Acts, Board of Directors of National Bank of Pakistan were not competent to approve bonuses for the President NBP or any other executives without the prior approval from the share holders of bank in Annual General Meeting. Habib said The funds were being distributed from 2003 without governments approval. A total of 14 senior executive members besides, NBP president have been given such awards. These officials included Qamar Hussain, Syed Ali Raza, Masood Karim Sheikh, Amer Siddique, Shahid Anwar Khan, Mirza Abrar Baig, Asif A. Brohi, Muhammad Nusrat Voha, Ziaullah Khan, Imam Bux Baloch, Tahir Yaqoob, Khurshid Maqsood Ali, Ekhlaq Ahmed, Tajammul A. Bukhari, Nadeem A. Ilyas and Amer Sattar. He prayed to the Court to issue directive for recovery of such amount and registration of cases against responsible. Whereas Moazzam Jah Ansari, Director FIA Karachi, informed that he had already approved investigation of the case and assigned the task to his deputy director through a letter on April 21.

COPYRIGHT 2011 Asia Pulse Pty Ltd
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:The Frontier Star (Northwest Frontier Province, Pakistan)
Date:Jun 23, 2011
Previous Article:Special Economic Zones to be accorded approval soon: Chandio.
Next Article:About 6.34 million tons wheat procured.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |