Please refer to the letter published in the Business Recorder on 7th June 2004 written by Mohammad Iqbal, which is fully correct especially about improper accounting in the Habib Bank Ltd.
The Governor State Bank of Pakistan who has been very kind to constitute a Resolution Committee under the Chairmanship of Kamran Shahzad - Director Banking, for pending cases to resolve the disputed matters on the mark-up charged by local banks but the working of committee is very slow.
It needs immediate early action. According to various newspapers there are more than 2000 cases lying pending and under process.
I regret to mention here that the Habib Bank placed the name of many clients, without proper verification, on the CIB list - on accounts were checked and therefore many textile mills are in the defaulters list of the CIB.
The State Bank of Pakistan did not ask for any supporting reasons or any questions from the Habib Bank Ltd on what grounds they had prepared such a statement for the CIB.
It is humbly requested that the State Bank Pakistan issue a clear circular to prevent the aggrieved parties from going to the court of law.