KARACHI, May 15: Wazir Ali Khoja has been removed from his post of Managing Director National Investment Trust (NIT) by the Finance Division (Investment Wing) of the government.

A notification No.F.4-4/2012-Inv-III released by the Finance Division states: “In pursuance of section 11 (3) (a) of the Banks (Nationalisation) Act, 1974 (XIX of 1974), the Federal Government is pleased to terminate the contract appointment of Mr Wazir Ali Khoja as MA, NIT with immediate effect”. The notification is dated May 9, 2013.

Market sources affirm that on the direction of the Finance Division, the chief operating officer of NIT, Manzoor Ahmed has assumed the charge of MD.

On Tuesday, the government had removed three heads of public sector organisations including Arif Hameed, MD Sui Northern Gas Pipelines Limited (SNGPL); Zuhair Siddiqui, MD Sui Southern Gas Company Limited (SSGCL) and retired Brigadier Khalid Khokhar, MD Pakistan Mineral Development Corporation (PMDC).