I read a letter in the Business Recorder, written by Mian Asif Said about improper accounting in the Habib Bank.
I agree with the matter that Habib Bank has charged a mark-up on the mark-up on unlimited cases. The matter was referred to the State Bank of Pakistan and which has asked Habib Bank to supply supporting documents for the last several years but they did not do so.
But Habib Bank placed the name of such clients, without proper verification on the CIB list - no accounts were checked and therefore, many textiles mills are in the defaulters list of the CIB.
The State Bank of Pakistan did not ask for supporting reasons or any question from Habib Bank Ltd on what ground they have prepared such a statement for the CIB.
It is now requested that the State Bank of Pakistan issues a clear circular to avoid the aggrieved parties to go in the court of law or any other forum.
The State Bank of Pakistan should delete the names of textile mills from the defaulters list, unless and until the State Bank does not get any fully supported documents from Habib Bank.