Saeed Ghani criticised the merger of KASB Bank with Bank Islami and demanded a probe in this regard PHOTO: PPI
Senate Chairman Mian Raza Rabbani on Wednesday referred the matter of the merger of defunct KASB Bank with Bank Islami to Senate Standing Committee of Finance for further investigation and probe.
The adjournment motion was moved by Senators Osman Saifullah Khan, Muhammad Ali Saif and Saeed Ghani. State Minister for Petroleum and Natural Resources Jam Kamal did not oppose the referring the issue to committee.
“The interests of accountholders of defunct KASB have been protected and no employee would be retrenched, “said Jam Kamal.
He said a total of Rs4.8 billion had been paid to 150,000 accountholders. Saeed Ghani criticised the merger of KASB Bank with Bank Islami and demanded a probe in this regard, while Mohammad Ali Saif said banking rules had been violated in the deal.
Published in The Express Tribune, May 14th, 2015.
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