Daily The Business

Naeemuddin finally tenders resignation

BoP President’s attempts of reappointment prove futile

By M J Hayat

LAHORE: After several attempts of his reappointment, Bank of Punjab (BoP) President Naeemuddin Khan, finally has to resign from his post as the CEO of the bank, sources said on Saturday.
The sources said that Bank of Punjab (BoP) president has given one month notice to the Punjab government Finance Department and will seize to be the President of the bank. The bank president has finally to tender his resignation after 10 years as after the end of Shahbaz Sharif rule all of his attempts to get himself reappointed proved an utter failure. He has been reported to have been going from pillar to post for his reappointment for yet another term as the BoP president despite the fact that he knows that he does not meet the criteria due to his age.
The source told The Business that Naeemuddin has been pulling all strings in PTI circles to convince the ruling government for his reappointment but none gave him green signal and finally he has tender his resignation.
Earlier, during the Shahbaz Sharif rule in Punjab the president was given extension for 10 years even though many observations were raised about his performance and professional conduct but no action was taken against him due to his close ties with Sharif family especially with the Shabaz Sharif.
On December 12, 2017, countering efforts of Naeemuddin Khan and the Punjab Finance Department of his reappointment as BoP president, the State Bank of Pakistan of Pakistan declared him as unfit and improper for the post of BoP president.

NAB, FIA asked to recover all salaries, value of perks and privileges for his one year’s ‘illegal’ extension after Dec 12, 2017

“Mr Naeemuddin Khan is already 65 years and seven months old and will attain the age of 70 years before the expiry of his full term if he was reappointed as president, BoP,” the SBP observed in FPT, adding further that some observations have been raised on his performance and professional conduct during his present tenure as the president of BoP, however, no enforcement action has been taken.
In the FPT criteria letter no. BPRD (CCD)/BoP/ 63941/2017/29077, the SBP also raised observation against the three more candidates performance and professional conduct in the FPT criteria. The candidates included Akbar Hassan Khan, Syed Ahmed Iqbal Ashraf, a close aide to the Shraif family, and Kausar Iqbal Malik who is said to be lacking requisites for the president of Bank of Punjab.
However, the SBP cleared only one candidate, Tahir Yaqoob Bhatti in FPT criteria, observing,” He is 56 years old and possess requisites of education and experience for the post of president, BoP. The SBP cleared the Tahir Yaqoob Bhatti in FPT criteria on December 12, 2017, however, the Punjab government instead of issuing notification of appointment of Tahir Yaqoob Bhatti who qualified the interview and was cleared in FPT Criteria, issued a notification no FD (W&M) 7-7/2017 on January 30 for extension of Naeemuddin’s tenure as president with effect from 20, 12, 2017.
The notification of the Finance Department read, “in exercise of the powers conferred under subsection (2) of the Bank of Punjab Act, 1989, the government of the Punjab is pleased to extend the tenure of Naeemuddin Khan as president of the Bank of Punjab for the period of one year from December 12, 2017 or till the selection of new president whichever is earlier on existing terms and conditions.”
Experts said that the none issuance of the notification of appointment of Tahir Yaqoob Bhatti after FPT criteria by the SBP on December 12, 2017 and issuance of the notification of extension to Naeemuddin afterward is illegal and high case of nepotism and malafide of the government and Punjab Finance Department.
They termed the salaries and perks and privileges availed by Naeemuddin after December 12, 2017 as illegal and urged the government, National Accountability Bureau (NAB) and FIA to recover them from the outgoing president, compensating the national exchequer.
So far as the performance of the bank is concerned, the experts also smelt a rat as the balance sheet is silent on the accumulated losses and urged Punjab Chief Minister Usman Buzdar to undertake forensic audit of the Bank.

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