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NAB orders inquiry in KASB amalgamation into Bank Islami

The National Accountability Bureau (NAB) has ordered the investigation in sale of Khadim Ali Shah Bukhari (KASB) bank to Bank Islami in just one thousands rupees  following the information regarding misappropriation in sale.

The revelations disclosed in executive board meeting held at NAB headquarter and board has decided to initiate probe in amalgamation of KASB  bank in to Bank Islami in just rupees one thousand that was mentioned by the Transparency International in his letter to NAB. The letter pertained that KASB bank had exempted into Bank Islami in just one thousand rupees in May of the current year while the nine thousands shareholders of the bank had not taken into confidence.

Letter further stated that high-ups of the state bank disguising government violated the section 47 of the companies ordinance 1962 and approved loans of Rs 5 billion in just 0.5 per cent interest that was the sheer violation of the bank laws amid the KASB bank was passing through instability period from 2009.

Transparency International letter also stated that AF Furgosan had estimated KASB value only rupees one thousand  receiving heavy fees charges while at the same time Chinese company Cyber Naught had showed interest to invest one thousand billion dollars investment but State Bank had rejected its offer by citing technical reasons.

Sources claimed that despite plunged into deficit KASB has assets worth of rupees billion and 150 branches across the country but Bank Islami bought KASB in just rupees one thousand.