Estranged bedfellows: ‘BoK, minister’s ties on the mend’

Bank to run advertisement, clearing Muzaffar of all allegations

PESHAWAR: The volatile relationship between Khyber-Pakhtunkhwa Minister for Finance Muzaffar Said and Bank of Khyber Managing Director Shamsul Mulk is said to be on the mend.

Officials privy to the development said the controversy seems to have settled down and BoK will run an advertisement in favour of the finance minister and take back the allegations.

They said efforts were under way to settle the matter, while the chief minister and senior bureaucrats were behind the reported patch-up. “The settlement has been made in the interest of the province,” the official said.

Muzaffar, on the other hand, said no settlement had been reached so far. “Efforts to settle the issue are under way, but it is premature to comment [on the matter],” he said.

In a recent picture, Muzaffar was spotted sitting with the BoK MD in a meeting with Chief Minister Pervez Khattak and senior bureaucrats.

When asked about the photograph, Muzaffar said it was “by chance” and denied any settlement.

Meanwhile, sources in the government said the controversy had been settled. They said BoK will run an advertisement, clearing Muzaffar of the allegations and showing full trust in the finance minister. It would also regret the advertisement it had run on April 16 in newspapers.

The source said the bank management, including the board of directors, would ensure that such a situation does not repeat itself, while the fresh advertisement will run soon, the official added.

The bank management accused the finance minister of putting pressure when his demands were not entertained. It said that Muzaffar had no knowledge of corporate governance rules and was interfering in the board’s affairs. He was also accused of using the bank’s resources for Jamaat-e-Islami gatherings. BoK accused Muzaffar of backdoor hiring and granting promotions to officers on the basis of party affiliation.

At the time, JI’s K-P chapter reacted to the advertisement and held a news conference. It asked the chief minister to remove the MD and initiate an enquiry over the “character assassination” of the finance minister. They defended Muzaffar and called the allegations baseless. It also stated the MD misused his powers by running the advertisement.

Meanwhile, opposition members of the K-P Assembly used the development to criticise the Pakistan Tehreek-e-Insaf-led K-P government and asked for a judicial commission to probe the matter. The chief minister consequently constituted a committee headed by Minister for Irrigation Sikandar Hayat Sherpao.

The committee submitted its report after the enquiry and called charges levelled against Muzaffar baseless. It also said the MD of BoK deviated from his powers by running the advertisement.

Published in The Express Tribune, September 10^th, 2016.