The Lahore High Court (LHC) here on Friday issued bailable arrest warrants of President, General Manager and Branch Manager of United Bank Limited (UBL) on a contempt application. The court issued the warrants on a contempt application moved by Rehana Jabeen.
Petitioner's counsel submitted that UBL announced a scheme in 1993 and invited people to invest money with incentives that the invested money would be doubled in five years while the same would increase three times in seven and a half years. She said that the bank also announced that it would give 26 per cent profit per annum on the basis of fixed rate of profit. She said that more than 23,000 people invested their hard-earned money in the scheme among whom she also invested her money.
She claimed that later the bank gradually started reducing the profit and they objected it by sending legal notice that the bank cannot reduce profit unilaterally but the bank authorities turned a deaf ear to the request. She alleged that the bank action amounted to fraud and deception and challenged it before the LHC, which on May 19 accepted the petition and had declared the reduction in profit unlawful and ordered the respondents to pay profits on agreed terms on March 6, 2009.
The petitioner said that after this order she approached the bank authorities but they did not pay any heed to her request. She requested that the court should proceed against the UBL officials who violated the court order. After hearing arguments, the court issued bailable arrest warrants for President UBL Atif Bukhari, General Manager UBL Khurrum Hussain and Manager UBL Shah Alam Market Branch, Lahore, Abdul Sami, and adjourned the matter till next date of hearing.
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