Islamabad: President of National Bank of Pakistan (NBP) Syed Ali Raza plans to get Rs 70 million in case government terminates his services due to mounting pressure or a decision by the Supreme Court. The Apex Court has reserved judgment in a case challenging his appointment as President of the bank by amending law.
The court is expected to announce a decision soon; sources said adding that the situation has pushed the influential banker to embark on urgent necessary preparations. Insiders said that yesterday President NBP, Syed Ali Raza had an extensive meeting with top officials of the bank’s finance department in which course of action intended to achieve a result was nailed down.
Mr. Raza was advised that he will get additional benefits if he opted to wait for expected removal from service by termination of the controversial contract. On the other hand, he was told that he will cease to have an amount, in millions, in case he submits a formal document giving notice of intention to resign.
Following that meeting Mr. Raza had another meeting with his personal account advisor. He got briefed about his personal account statements and all the benefits he can get in whichever case. Mr. Raza advised his account officer as how to settle some important matters. He was also directed that he should get benefits of Rs 70 million that include 40 million on account of provident fund.
Mr. Raza directed the concerned officials that all the money should be transferred into his account as soon as his termination or resignation is announced. Nevertheless, sources said that Syed Ali Raza is not illegible for that amount as that matter has already been challenged in the Supreme Court through constitution petition number 58/2010. The petitioner has also challenged his illegibility to get excessive benefits.
It is believed that MQM-backed Raza would be replaced by Mr. Asif Hassan who will be initially appointed as acting president before the government take final decision based on political considerations. It is feared that appointment of Mr. Hassan, a close relative of Mr. Raza, will minimize chances for any probe into wrongdoing in the bank over a decade. It also may help the group ruling the roost to destroy evidence of rampant corruption.
Furthermore, it is feared that the family conglomerate will continue to benefit few on the expanse of millions of unsuspecting depositors. Mr. Asif Hassan as SEVP of National Bank Hong Kong region got himself involved in many irregularities, fake claims, wrong bills, excess payments, corruption cases and money laundering. Hong Kong Monetary Authority has also charged him for money laundering.
Insiders said that Mr. Raza is failing bank and he along with his gang have been failing tests of reasonableness, transparency, honesty and impartiality.