LAHORE: Three held in BoP scam

Published March 5, 2004

LAHORE, March 4: The National Accountability Bureau arrested on Thursday three officers of the Bank of Punjab and one of the directors of a private company on the charges of corruption and corrupt practices.

Those arrested are; Inbisatul Hasan, director of Sakhawat Husain Bukhari (Pvt) Ltd, BoP former vice president Chaudhry Younas, BoP ex-general manager (finance) Masood Ahmad Sheikh and bank's ex-group executive administration (Lahore) Dr Asif Hafeez Sheikh.

It is alleged that the bank officers sent 2,785,074 shares of Sui Northern Gas Pipelines Limited of the value of Rs68 million belonging to the Bank of Punjab to M/s Sakhawat Husain Bukhari (Pvt) Ltd along with blank verified transfer deeds and illegally listed the company as their agents for brokerage.

In this way they aided and abetted the private company to misappropriate Rs68 million of the bank. They will be produced before an accountability court on March 5. -PPI

Opinion

Editorial

Election time
Updated 27 Jan, 2023

Election time

There are concerns whether the ECP will be sufficiently able to protect the integrity of elections if they are held under partisan governments.
SCO invite
27 Jan, 2023

SCO invite

THOUGH India’s invitation to Pakistan to attend the Shanghai Cooperation Organisation events in Goa later this ...
Call to arms
27 Jan, 2023

Call to arms

ONE way the state abdicates responsibility in Pakistan is by farming out its functions to the private sector. In ...
Nuclear miscalculations
26 Jan, 2023

Nuclear miscalculations

IF the claim of former US secretary of state Mike Pompeo, that Pakistan and India came close to a nuclear exchange...
Exchange rate cap
26 Jan, 2023

Exchange rate cap

THE ‘management’ of the exchange rate by the State Bank, allegedly at the behest of the government, to ward off...
Fawad’s arrest
Updated 26 Jan, 2023

Fawad’s arrest

Does the state really need to fan public discontent in a period as fraught with uncertainty as this?