The State Bank of Pakistan has declined to give approval for the appointment of M K Hoti as President and Chief Executive of Askari Bank Limited. The Chairman of the Board of Directors, and the Chief of Army Staff have been informed of the decision.
SBP's decision is based on the inspection of Faysal Bank Limited, leading to subsequent retirement of executives from FBL, who were allegedly involved in real estate activity. Hoti, prior to his moving to Faysal Bank's group headquarters, was said to be among the quartet who were involved, following Ejaz Rahim's lead, in real estate transactions, to which objections were raised by the SBP. Subsequently Ejaz Rahim was also sought by US authorities for alleged 'insider trading' in US.