ISLAMABAD, April 10: Senator Enver Baig has appealed to President Pervez Musharraf to take action against people responsible for the bankruptcy of the Crescent Standard Investment Bank Limited (CSIBL).

The senator made the appeal in a letter to the president seeking his early notice on the issue.

He also sent a copy of the letter to Chairman Security Exchange Commission of Pakistan Razi-ur-Rehman.

“I am amazed that this is the eight month running and the poor depositors are in the wilderness about their hard-earned money deposited with the CSIBL,” he said.

He said the charges levelled against CSIBL were of criminal nature. “Till today the chairman and directors of CSIBL are left scot-free while the depositors are running from pillar to post for recovery of their money and the SECP is now known as a commission to protect the white collar criminals’ including the stock exchange mafia,” he added.

The SECP had suspended the CSIBL board of directors on August 31, 2006 on charges of violating legalities and serious financial irregularities.