LAHORE, Nov 12: A special appellate bench of the Lahore High Court on Wednesday granted bail to three former general managers accused of Rs9 billion misappropriation in the Bank of Punjab (BoP).

Haroon Aziz, Shoaib Qureshi and Aziz-ul-Hameed, who were behind bars, have been granted bail. The two other managers, Noman Arif and Ziaul Haq, were already granted bail by the LHC on Sept 23.

The NAB authorities told court that the three managers along with their other co-accused had opened fake accounts to embezzle money. Former BoP president Hamesh Khan, the principal accused, has left the country.

Petitioners’ counsel Nadeem and Ashtar Ausaf Ali said the case against their clients was baseless as the loans, considered to be bad, were rescheduled by the bank.

The counsel said that despite a lapse of months the bureau had failed to bring forward any proof or incriminating material against their clients.

Counsel Nadeem said the case against his clients was illegal because they were bankers and the bureau could not initiate proceedings against them without reference from the State Bank of Pakistan.

The Punjab advocate general said that Hamesh Khan had already fled the country and applicants could also leave if granted bail.

He said when the bank suffered huge a loss, the three petitioners were members of the credit committee that had approved illegal loans.