NBP makes mockery of govt’s policy, creates Rs 10 billion provisions against Omni Group’s loans

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KARACHI/Staff Report: Setting aside the PTI government’s policy of recovering the looted money and undue massive loans from the influential companies, the National Bank of Pakistan has created provisions of more than 14 billion rupees which include over 10 billion rupees loans given to the Omni Group in the past. The Board of Directors of the NBP has recently approved more than Rs 14 billion provisions, including 10 billion rupees loans and mark up that Omni Group owed to NBP.

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Instead of devising a strategy to recover more or less 10 billion rupees loans from Omnni Group, NBP has created provisions against this loan to clear its balance sheet, a decision that has deprived the bank and its shareholders of massive profit. The board had taken this decision soon after the joining of the new NBP President Arif Usmani that has shocked the officials of the bank and the representatives of the NBP Shareholders Association. President NBP Shareholders Association Muhammad Hanif Bhai has expressed surprise and shock after knowing that the bank has created provisions of more than 14 billion rupees bad loans that include more than 10 billion rupees owed by the Omni Group. He said the shareholders have been kept in dark about this massive provision against loans.

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Apparently, the new President of the NBP Arif Usmani is giving impression that he has saving money and unnecessary expenditures of the bank while the fact is that the board of the bank has accorded approval for creating provisions of a massive amount of over 14 billion rupees. How the NBP President has supported this massive provisions especially those linked to the Omni Group at a time when the PTI government was making hectic efforts to recover plundered money, including unrealistic loans given to influential businessmen and companies. NBP Shareholders Association has decided to inform the Finance Minister about this fraudulent provisions by the National Bank of Pakistan that would not only deprive the shareholders of profit but also cause colossal financial losses to the bank.

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Meanwhile, President NBP Shareholders Association Muhammad Hanif said that the NBP’s HR official Azhar Hussain Shah was an incompetent banker and he must be fired from this position. He pointed out that Shah, who was working in MCB, was brought to NBP by ex-President Saeed Ahmed. The Association has further pointed out that the new President of NBP has paralysed the working of the bank and he should also be removed from the bank immediately. Association further said that it would take up this issue with the Finance Minister Dr Hafeez Shaikh to ensure that Arif Usmani, Azhar Shah and others are terminated from the bank. (Please send your news, article, pictorial on our email address <editor@enewspaper.com.pk & WhatsApp +923132434567)