The National Accountability Bureau (NAB) has decided to close a six-year long inquiry against a former director of the Bank of Punjab, Gohar Ejaz, for allegedly misusing his position to obtain a loan from the bank for his firms. The decision to drop the allegation against the known businessman was made at an executive board meeting of the bureau on Friday as the bureau found that neither any illegality was committed nor any State Bank rule violated.
The inquiry was launched in 2010 after media reports that four former directors of the bank had used their position to take loans from the bank against the rules for his two textile mills - Ejaz Spinning Mill and Ejaz Textile Mill. But the investigators found that no law or rule was violated. Besides, the principal amount was repaid with interest on time as per an agreement between the creditor and borrower.
Inquiry had proved that the bank's rules did not bar its directors from seeking loans from BoP for the companies they had a shareholding in from it at that time. The rule was changed a long time after he resigned from the board. Ejaz, a top All Pakistan Textile Mills Association (APTMA), acted as a director on the BoP board between 2003-2008. "The NAB decision to drop frivolous allegations against Ejaz, a respected businessman and top Aptma leader has vindicated his stance that the false case was instituted against him with mala fide intentions," a spokesman for APTMA said on Sunday. He said the exoneration of the APTMA leader in the false case will help build investor confidence in the economy.
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