Federal Ministry for Finance has withdrawn majority of powers of Managing Director of Industrial Development Bank of Pakistan (IDBP) Naeem Iqbal with immediate effect.
In a letter to the Managing Directors, Additional Finance Secretary M Tahsin Khan Iqbal directed him to exercise his powers of recruiting any new official, incurring any capital expenditure, disbursing any loan and hiring contract employees or to grant extension to the temporary employees.
In another letter the additional secretary has advised the managing director to give up the plans of seeking contractors, office designers, as this is likely to cost a sizable amount to IDBP.
The letter says that as discussed earlier on March 29, 2004, IDBP is not to incur any expenditure on such items as the bank is incurring losses and the GoP is in final stages of its privatisation.
The letter says:
"Enclosed is a copy of the Audit Report of the Audit Inspection Division of IDBP.
2. I shall be grateful to have your immediate comments on the findings of this report immediately. At the same time, may I again reiterate that you may immediately stop:
Recruiting any new official, incurring any capital expenditure, disbursing any loan, hiring contract employees or to grant extension to the temporary employees."
Both the letters were issued on April 7, 2004.
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