Pakistan News

Bank of Khyber to sue PTI dissident lawmaker

Bank of Khyber to sue PTI dissident lawmaker

PESHAWAR: The Board of Directors of the Bank of Khyber has decided to file a damages suit against dissident MPA of the Pakistan Tehreek-i-Insaf Ziaullah Afridi and others for ‘tarnishing’ the bank’s image.

A statement issued here on Monday said the bank would confront all people, who were spreading rumours against it.

The board reviewed performance of the bank during the first six months of 2017 and expressed satisfaction with its achievements.

It noted that the BOK had performed well in comparison with other banks during the period. The board said as per the financial statements duly audited by a chartered accountant firm, Grant Thornton, the bank’s deposits had reached Rs152 billion, advances had shown growth of 78 per cent reaching Rs57 billion, and total assets totaled Rs262 billion.




According to it, the bank has earned profit after the payment of Rs939 million tax until June 2017.

Taking exception to the rumours, the board said in spite of the stable and growing performance, certain elements were bent upon tarnishing the image of the bank for political point-scoring.

It observed that allegations being leveled against the bank and provincial government were far from the truth and based on mala fide intentions. The board said the allegations made by MPA Ziaullah Afridi in a news conference on August 15 were baseless and were meant to malign the government and the bank.

The board said the managing director was selected by a committee under a transparent process and that he was not appointed by the chief minister.

It said the MD was appointed under Section 12 of the BOK Act, 1999, and that neither CM nor finance minister had any powers in that respect.

The board observed that on the government’s instructions, all records of the bank’s appointments during the last several years had been examined and that it was found that appointments had been made according to the bank’s service rules and on merit.

With regard to loans issued outside the province, it said the bank being a commercial institution operating all over the country lent money for good projects.

Regarding the sales of the bank’s shares to a private party for the bank’s privatisation by any individual, the statement said it was not possible without the approval of the provincial government.

It also said the government had no plan to sell the bank’s shares as it earned a good dividend of over Rs1 billion every year from the bank.

Published in Dawn, August 22nd, 2017

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