Merger with bank islami: Sale of KASB Bank challenged

ISLAMABAD: The “controversial” sale of the Kasb Bank to Bank Islami has been challenged before the Islamabad High Court (IHC). Mohammad Khalid Randhawa, a shareholder of the Kasb bank, has filed the petition against the merger of Kasb Bank with Bank Islami, praying before the court to declare the sale illegal. Randhawa said that the controversial sale of the Kasb Bank to Bank Islami for only Rs1,000 and dolling out of Rs20 billion loan by the State Bank to the latter was being probed by the National Accountability Bureau. He said that the Kasb Bank along with all its assets was sold to the Bank Islami for only Rs1,000 on the recommendations of a chartered accountancy firm. The IHC judge Aamer Farooq made documents related to the inquiry of the deal as part of judicial record and adjourned the case.

Published in The Express Tribune, June 24^th, 2016.