Apropos a news item carried by Business Recorder on 15.05.17, we wish to clarify and state the following facts: "At the outset it is pertinent to mention that over twenty employees linked with corruption, fraud and embezzlement of funds in the past have been dismissed lawfully from NICL in the last year and a half. These ex-employees have now started a concerted and mala fide campaign against the CEO and the Board of Directors to defame and discredit them. Some of these ex-employees are quite connected politically and are using all their resources to spread false information in order to get re-instated in NICL.
"The fact of the matter is that the performance of NICL has much improved in 2015 and 2016. It may be particularly noted that NICL achieved the highest investment income and the highest pre-tax profit in its history, during the years 2015 & 2016. Furthermore, financial leakages and expenses under different heads have been curtailed drastically during the said period. The report on the last ten years performance of NICL is hereby enclosed.
"A malicious campaign has been launched for some time, by these disgruntled elements against the Chairman of the Board, Ameen Bandukda, to disrepute and embarrass him. It is categorically stated that Mr. Bandukda is not a bank defaulter as alleged and the same can be confirmed from SBP and neither has he given any false affidavit. The same allegation was made in a quo warranto petition filed against him in the Lahore High Court, which after hearing was dismissed as frivolous, by the Honourable Court after seeking replies from SBP and the SECP.
"As regards qualification and the appointment of the CEO, the SECP in its letter of April 2017 has categorically stated that the CEO in person has neither been convicted nor fined on any occasion in the past. A fine was imposed on a company where the CEO was employed in the past, but that does not make him culpable.
"In order to improve the performance of NICL, some key appointments have made in line with the KPIs issued to the CEO, which has borne positive results. All appointments have been made lawfully and strictly on merit. The advertisements for these positions were approved by the Board, was placed in the leading newspapers and thereafter a number of candidates for each position were interviewed and shortlisted by the Board's HR Committee along with the CEO. Thereafter, the entire Board of Directors made the final selection by interviewing the shortlisted candidates and selecting on merit."