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Friday, June 25, 2021

Former Executives Join Hands to Save National Bank

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Islamabad: Former executives of the National Bank of Pakistan (NBP) have join hands to save the state-owned iconic institution from political interference and corrupt practices that can result in a total collapse. They are filing a petition in the Apex Court of Pakistan to bar former president Mr. Ali Raza and acting President Qamar Hussain from fleeing country.

“Supreme Court had already declared notification of reemployment of Mr. Ali Raza null and void, we want government to take back all the bonuses, cash awards, salaries and perks and privileges back from him, “they said.

The former officials including MAI (name withheld) said that before removal, Mr. Raza sanctioned loans worth tens of millions in haste that will never be returned by politically connected influential borrowers. He said that in 2009 the infected loans of the bank stood at 71 billion, which have now swelled to 90 billion due to the habit of former and current administration to please politicians, crook investors, and powerful bureaucrats.

Qamar Hussain, the acting president, which was appointed on the behest of Presdient Zardari was the head of Credit Committee in the bank until recently. He remained instrumental in issuing all the objectionable loans, he informed.

Now, after some objections raised by State Bank, the regulator and Finance Ministry over the appointment of Qamar, Mr. Riaz Laljee and industrialist Anwar Majeed are offering Rs 800 million to influential politicians to get their blue eyed posted as president on permanent basis, insiders said.

Both Riaz Laljee and Anwar Majeed have been involved in plunder scams worth tens of billions. They are very close to the hierarchy of ruling Pakistan People Party and enjoy extremely close relations with presidency. If they get their favourite candidate as president of the National Bank, it would be a great disservice to the nation and depositors, sources said.

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