HBFCL strongly contradicts the news report titled "promotions in HBFCL - MoF restrictions flouted" carried by Business Recorder on 29-03-2014, being unfounded and incorrect. HBFCL wishes to clarify that, whatsoever actions have been taken by the present Managing Director are in consonance with the powers given by the Ministry of Finance, and no action defying instructions of the government of Pakistan has been undertaken.
The shortage of efficient and effective human resource is the core impediment being faced by the company since a long time. For achievement of the predetermined objective it was necessary that important and key positions be filled in with technical and qualified professionals. Since the government of Pakistan has imposed ban on fresh recruitment, therefore, as a stop gap arrangement, most senior and experienced officers have been assigned acting charge to the next higher position strictly on fitness and in line with available vacancy positions and without creation of their right to promotion. This arrangement cannot be considered as permanent promotion as this is a purely temporary arrangement and subject to ratification by the board. In case the board disagrees with the arrangement the action so taken will be reversed.