KARACHI, July 2: Muttahida Qaumi Movement, on Tuesday, criticized the procedure of privatization of United Bank Limited by the government.

“We are not against the privatization of government institutions but want that the procedure should be transparent,” said the deputy convener of MQM, Dr Farooq Sattar, at a press conference at the Press Club.

According to him, the total assets of UBL at home and abroad are around Rs500 billion. In addition, the government also injected Rs25 billion in the bank during previous years.

He feared that after acquiring UBL, the MCB management would close a number of the former bank’s branches, leading to unemployment of a large number of employees under different schemes, including golden handshake.

Farooq Sattar alleged there were irregularities in the privatization process of Pak-Saudi Fertilizer Factories, land embarked for KTC storage, building of Karachi Central Jail and Trauma Centre.

He urged President Gen Pervez Musharraf to take notice of the alleged irregularities in the process of privatization of government institutions.—PPI