House Building Finance Company Limited (HBFCL) has been restrained from convening meetings, either of HBFCL board or any of its committees by the government of Pakistan. In response to a HBFCL's letter, seeking to hold a meeting of the Human Resource (HR) committee of the board, the Ministry of Finance has instructed the company not to convene any meeting of either the board of directors (BoDs) or its committees.
The letter written to HBFCL says, "in the light of reservation expressed by the State Bank of Pakistan (SBP) and Security and Exchange Commission of Pakistan (SECP) after confirmation from NADRA that HBFCL Managing Director, Azhar Abbas Jaffri has surrendered Pakistani nationality after obtaining the nationality of Singapore".
Azhar Abbas Jaffri was appointed HBFCL MD in 2009 by the present government. Apparently, the federal government was unaware that Jafferi had surrendered his Pakistani nationality after obtaining nationality of Singapore. Jafferi was head of Visa Credit Card based in Singapore.
He came to Pakistan and joined ABL as head of consumer banking group but due to an economic downturn, ABL decided to let him go and postponed its launching of consumer banking products. Prior to his posting in Singapore, Jaffri was employed by Citi Bank and was part of the team that launched credit card in Pakistan under the leadership of Shaukat Tarin.