The History of the Bank of Punjab

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  • Topic: Nawaz Sharif, Pervez Musharraf, Shahbaz Sharif
  • Pages : 2 (332 words )
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  • Published : December 10, 2012
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Executive Summary
The Bank of Punjab

* The bank was established in 1989, pursuant to The Bank of Punjab Act 1989, and was given the status of a retail bank in 1994.

* Hamish Khan was accused of abuse of power, sanctioning Rs 9 billion in loans to Sheikh Muhammad Afzal, the chief executive of Haris Steel Mills, on fake identity cards for personal financial gains.

* In an interview to The Washington Times in March, Hamesh Khan said he was accused of fraud because he had denied loans to Shahbaz Sharif and Nawaz Sharif and also because he was appointed by Pervez Musharraf.

* On November 16, 2009 a team of the National Accountability Bureau (NAB) and the Federal Investigation Agency (FIA) has arrested Haris Steel Mill owner Sheikh M Afzal and his son Sheikh Haris from Malaysia with the help of Interpol andMalaysianpolice.

* The Haris Steel Mill case, which is widely believed to be the country’s biggest corruption scandal, involved several influential people who committed bank frauds, including the former Director General of National Accountability Bureau (NAB)

* The entire amount which later swelled to more than Rs 13 billion, was merged into the three accounts of Harris Steel, Haider Steel and Prime Steel. The former president of the BoP and its former board of directors only a few days before leaving their charge not only facilitated this merger of accounts but also rescheduled the whole amount for next 18 years, asking the borrowers to pay first installment in 2011 with no mark-up.

* Earning Per Share (EPS)| Rs.Per share| 9.20|

* NAB reported that the actual corruption in BOP amounted to Rs 76.178 billion whereas during the period 2005-2008 in which the scam took place, BOP showed profits when, in fact, it was running in loss.

* What BOP has done,that their loan to haris steel mill was converted to loss and they did not declare that it was loss and that’s why their share price was up.
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