Haris Steel Mills case: Bank of Punjab recovers Rs1b
Bank of Punjab (BoP) has recovered Rs1 billion from the Dubai-based bank of its defaulter Haris Steel Mills (HSM) and has detected another of its Rs850 million property in Malaysia and offered it for sale.
The HSM scandal is one of the country’s biggest financial scams, in which the BoP had to suffer a loss of around Rs8.5billion. However, BoP’s new management – headed by its president Naeem Uddin Khan – decided to revive the bank’s goodwill and recover the money looted by the mills.
To achieve this purpose, BoP pursued the accused at an international level and later discovered their properties in UAE and Malaysia. It is only after a long legal battle that the BoP succeeded in recovering Rs1billion from Dubai’s Emirates Bank.
Talking to Daily Express, BoP’s president said the State Bank of Pakistan fully supported the BoP in this legal battle.
Published in The Express Tribune, November 27th, 2014.
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This is a good step to recover the stolen money. But the culprits & their perpetrators must also be punished. Hamesh Khan is behind the bars but those who had appointed him to cover their loot (Musharraf, Gen Khalid Maqbool and Ch Pervaiz Elahi etc) must also be punished. This is all public money and the looters must be brought to justice.