Kindly refer to the letter of Abdul Mateen published on January 2, 2005 regarding the Markup on Markup. This to inform the public that the State Bank of Pakistan has miserably failed to protect the people and businesses from Financial Institutions, especially the Habib Bank Ltd. and the National Bank of Pakistan, who have created unlawfully improper accounts through fictitious figures for the borrowers for markup on markup.
In a lot of pending matters the Habib Bank has charged markup on markup in spite of the SBP warning.
The matters was referred to the State Bank of Pakistan who asked the Habib Bank to supply supporting documents for the last several years but they did not do so.
But Habib Bank placed the names of such clients without proper verification on the CIB list - no accounts were checked and therefore many mills are in the defaulters list of the CIB.
It is requested that the State Bank of Pakistan now issue a clear circular to avoid the aggrieved parties from going to the in court of law or any other forum.
The State Bank of Pakistan should the delete names of the mills from the defaulters' list unless and until the State Bank does not get fully supported documents from the Habib Bank.
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