I would like to draw your attention to the article entitled "Accounting for mark-up - an unresolved banking muddle" in the 2nd June 2004 issue of the Business Recorder I don't know how seriously the government has taken up this matter so far but if an appropriate ruling is not passed soon, then I'm afraid we would witness the largest "Banking Enigma" this country has ever seen.
I was pleasantly shocked to see the methodical and authentic facts stated by Mian Asif Saeed regarding unlawful charging of mark-up by banks in Pakistan. It is outrageous how banks in Pakistan are continuing in this manner unhindered by the SBP todate even when 'court rulings' have termed collection of such mark-up as unlawful.
I would also like to mention cases in reference to the above as also stated in another June 2004 issue of the Business Recorder ie (1) Tariq Sultan and Company, Vs MCB; (2) Lion Steel Industries Ltd vs National Bank of Pakistan; (3) Noor Match Factory Group vs Bank of Khyber. These were reputable groups who were unlawfully pressurised by their respective banks and were forced to face extreme difficulty in operating as their viability was completely tarnished.
These groups were attacked for moneys they never owed to their designated banks. I strongly urge President General Pervez Musharraf/Finance Minister Shaukat Aziz/Governor SBP to immediately intervene in this matter and use their influence in order to regulate this uncontrolled banking mafia.
Failing to do so would certainly take our commercial and industrial status uncountable steps backwards and bring extensive damage to the honest efforts of the current government to make Pakistan prosperous.
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