KARACHI, March 28: Through a notice read out at the Karachi Stock Exchange on Friday, the Bank of Punjab confirmed that it had received a part of its controversial advances to three parties, which had been the subject of a qualification in the auditors’ report.

The bank stated: “In order to establish intention to repay the amount due to ensure cordial business relations with the bank, the client, under the new settlement arrangements, has repaid a sum of Rs450 million towards adjustment of the outstanding liability”.

The BoP stated that the intimation was “regarding bank’s exposure against three companies of the same group referred to in note No: 11.2 of the notes to the accounts in the Annual Report for the year ended on December 31, 2007.

The information, the bank said, was being conveyed for all concerned in the spirit of good corporate governance.