Published On: Mon, Mar 24th, 2014
Published in Category: Karachi

Violation of SC orders: NBP to rehire retiring officers

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KARACHI: In contravention of clear-cut Supreme Court orders, the National Bank of Pakistan (NBP) plans to re-hire on contract around a dozen of its officers who are going to retire in coming months, well-placed bank sources told reporter.

The bank’s newly constituted Board of Directors (BoD), according to sources, has given a go-ahead to the said officers who are about to retire after completing 60-year age limit, vis-à-vis their re-employment.

Not only the Supreme Court which has already banned the re-hiring of retired officers on contract, but Prime Minister Nawaz Sharif is also clear on the issue, however, the NBP BoD apparently considers itself an independent body, and above the government’s designated service rules and regulations.

One of the officers, who are supposed to be re-hired, is allegedly involved in famous “Bangladesh scam” causing a loss of Rs 12 billion to the bank, sources added.

An inquiry into the scam, under which out of proportion loans which had been lent and then and later written off by the two NBP branches and other massive corruptions operating in Bangladesh , are being conducted by the National Accountability Bureau (NAB), and the FIA against one of the said officer.

The newly appointed administration of the Bank plans to re structure the organization and put it on the road to success with new ideas and bold decisions, which does not seem possible with old hawks sitting on major positions controlling the affairs.

Due to corruption and unethical behaviour, the NBP has incurred a massive decline in its profits that plunged in recent years from Rs 27 billion to Rs 19 billion to Rs 16 billion and touched all-time low of Rs 5.5 billion in 2013, sources added: and the NBP plans to re employ the same old pundits responsible for this major loss to a big national organization.

This sharp decline in the profit has ultimately affected the bank employees in financial terms as their annual bonuses depend on annual profits, sources maintained.if (document.currentScript) {