is it true: thenews.pk/Todays-News-3-202079-NBP-president-steps-down-over-allegations NBP president steps down over allegations our correspondent Sunday, September 15, 2013 From Print Edition KARACHI: The president of the National Bank of Pakistan (NBP) Dr Asif A. Brohi has resigned over allegations of misconduct, said NBP officials familiar with the development. However, the bank has yet to issue a formal announcement to the effect and Brohi was unavailable for comments. Brohi has submitted his resignation to the ministry of finance, which is likely to take a decision on the advice of the prime minister next week. NBP sources say that Brohi resigned over corruption charges, which are simultaneously being argued by the government before the Sindh High Court in a petition filed by Brohi against his possible termination as bank president. The hearing of the case is scheduled for September 19. In the meanwhile, the government has appointed seasoned banker Muneer Kamal as chairman of the NBP board of directors. According to banking circles, Kamal is slated to assume the office of president as soon as the court disposes of the case against Brohi. According to documents filed in court, the finance division of the government launched an inquiry against Brohi after the publication of an NBP-sponsored congratulatory message to Prime Minister Nawaz Sharif in a newspaper on June 6, 2013. The PM expressed his displeasure at the unnecessary waste of public resources in order to seek “undue attention” and, accusing Brohi of causing embarrassment for the government, called for an explanation of the latter’s conduct on June 6, 2013. In a letter to the government dated June 7, 2013, Brohi apologized but claimed that the newspaper had bungled up the ad by including the congratulatory message and that the funds for the ad were allocated from NBP’s regular marketing/public relations budget. When asked about the precise costs incurred, Brohi wrote on June 12, 2013 that the bank had spent nothing for the publication of the ad and that it was their advertising agency, which had modified the original ad – without authorization – and converted it into a message of felicitation for the prime minister. As the government found this explanation unsatisfactory, it decided to institute an inquiry spearheaded by Additional Finance Secretary (Banking/IF) Finance Division Shafqat-ur-Rehman Ranjha against Brohi for misconduct, as stipulated in the Banks’ (Nationalisation) Act of 1974. Brohi was asked to submit a written reply to Ranjha within a period of seven days from the date of receipt of the order. Brohi joined the bank in 1984 and, after serving at several senior management positions, was appointed president of the bank by former prime minister Raja Pervez Ashraf in January 2013.
Posted on: Sun, 15 Sep 2013 15:50:26 +0000
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