With the new government coming in.. let’s hope this scam will be finally investigated and culprits brought to their eventual fate..
The salient features of this scam which was done under the Pervaiz Elahi government are as follows..
It is estimated that a total of 78 billion rupees were looted from this bank.
It started with the appointment of hand picked board of directors by Pervaiz Elahi which included Gohar Ejaz and Fareed Mughees..
This board of directors appointed Hamesh Khan as the President of the bank. when SBP raised an objection on this appointment as Hamesh did not qualify for the post being too junior.. he was made the CEO of the bank with a dummy president.
The board of directors approved loans for their own companies for over 20 billion rupees which was totally illegal as per prudential regulations of SBP and conflict of interest as directors of the bank.
Pervaiz Elahi sold his Sugar Mills to one of the directors of the bank.. Mr. Fareed Mughees for over 3 billion rupees at a time when this mill was not worth even a billion rupees. To compensate Mr. Fareed Mughees was sanctioned another 5 billion from the bank for his textile companies.. all this portfolio now has ended up as NPL of the bank.
To please Mr. Khalid Maqbool.. then governor of Punjab.. loans worth over 4 billion were sanctioned to his son in law and partners in violation of the rules. All tis portfolio is an NPL of the bank.
Mr. Gohar Ejaz , then a director of the bank, got billions sanctioned for himself and his son in law.. in violation of the prudential regulations and conflict on interest.. all these billions are now NPL of the bank..
Harris Steel, belonging to one of the friends of Monis Elahi got over 9 billion from BOP on fake documents.. the case is pending with NAB.. and Hamesh is in protective custody on this fraud for last 5 years after he was expedited from USA..
this is the biggest scam in the banking history of Pakistan.. the previous PPP government was just sitting on this scam protecting all the criminals. I hope the new government will bring the culprits to task and try to recover as much as they can from these criminals.. including Pervaiz Elahi and son.. Khalid Maqbool and son in law..
U have to be quite optimistic for hoping that the new government will investigate. When NAB and the police is under control off Federal Government, u can never hope for a fair investigation and trial of those criminals.
It would make sense, so long as the government opens up itself to investigations as well. This is one thing you have to give credit to PPP for. They dropped their pants for the whole world to see, and allowed themselves to be paraded through a hoard of cases without missing a beat. I dont expect that from a PML-N govt.
BOP should be investigated, as well as Mehran Bank, and Hudaibiya Mills. But I foresee an extremely biased judiciary, NAB and FIA. There are even talks on how to somehow extend CJ's tenure (perhaps by arguing that the 18 months that he had to sit out because of Musharraf's illegal dismissal are owed to him).
U have to be quite optimistic for hoping that the new government will investigate. When NAB and the police is under control off Federal Government, u can never hope for a fair investigation and trial of those criminals.
actually its quite possible that they do investigate because the culprits "were" their rivals (not very significant now) but the problem is, it will be termed politically motivated revenge (not that there is no chance that they turn it into a revenge though) i hope they keep it clean
It's the biggest scam involving public money in the history of our country.. and the criminals are untouched to date except Hamesh Khan.. the least beneficiary of this high way robbery who remains under protective custody. The cases are crystal clear.. the only thing missing is the will of our government to act against criminals instead of protecting them..
It's the biggest scam involving public money in the history of our country.. and the criminals are untouched to date except Hamesh Khan.. the least beneficiary of this high way robbery who remains under protective custody. The cases are crystal clear.. the only thing missing is the will of our government to act against criminals instead of protecting them..
the Other side of the story would be as interesting as this side.....I dont know everyone comes clean even when media and ppl are so howling and jumping on these injustices..
sometime back i was pissed off at another investigative journalist (klasra) when he told media about commissions that parlimenterians got by giving their developments funds elsewhere and when confronted with ,then, qamar zama kaira and other ppl he had mentioned he couldn't prove a thing....(at least didn't convince me)...
in this land of Pure ...only God knows the truth....