With reference to the news published in The Express Tribune on October 6, 2017 titled ‘NAB to step up probe into KASB-Bank Islami merger’, the Institute of Chartered Accountants of Pakistan (ICAP) has stated that it initiated proceedings on receipt of a complaint in relation to the valuation assignment of KASB Bank Limited conducted by A.F Ferguson & Co., Chartered Accountants.
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“The said complaint was laid before the investigation committee of ICAP under the provisions of the Chartered Accountants Ordinance, 1961. The proceedings by ICAP’s investigation committee are under way in accordance with the provisions of the Chartered Accountants Ordinance, 1961 and in no way has ICAP taken a decision to stop or drop the proceedings.”
Published in The Express Tribune, October 10th, 2017.
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