Corporation called it 'unreasonable' that the valuation report recommended a further provisioning of Rs1.98 billion against loans on the basis of such discrepancies that are generally found in loan portfolios of any bank, although sufficient securities and collaterals were available to secure the loans in this case.
The court directed that within one month the SBP will issue notices to KASB
Bank's shareholders, inviting their objections to the negative valuation of the bank at the time of amalgamation.
They also requested the central bank to resolve the issue with KASB
bank at the earliest in the better interest of account holders whose hard earned life savings are stuck leaving them in a state of uncertainty and mental stress.
It is astonished and surprised me why KASB
Bank had announced operating profit of Rs237 million while current and saving deposits were 76 percent of total deposits as of December 31 2013.
The symbol "KASBSL" is being used by the stock exchange for the shares of KASB
Between 2016 and 2018, it seemed that the KASB
name was lost, buried in the long line of erstwhile venerated brokerage houses and investment banks that have since passed into history: the likes of Barings, Saloman Brothers, Bear Stearns, Lehman Brothers, Merrill Lynch, etc.
The National Accountability Bureau (NAB) had recommended that their names should be placed on the Exit Control List (ECL) due to their alleged role in a 'non-transparent' amalgamation of KASB
Bank into BankIslami.
In accordance, SBP had issued an order dated June 28, 2018, disposing of the objections filed by the members of the defunct KASB
Bank, with the observation that objecting members/shareholders had not raised any substantial ground for increase in valuation justifying payment of any compensation to the members/shareholders of the Bank.
In compliance of the order of the Sindh High Court, the State Bank of Pakistan initiated the process of inviting objections through notices regarding the merger of the KASB
The committee chairman lashed out at Finance Secretary, State Bank Deputy Governor and said that not one even knows anything about the development budget and who sold the KASB
bank for Rs1000.
Accused CFO alongwith his accomplice, Muhammad Boota, in connivance with each other proposed to invest 200 Million in TIBL despite the later's weak liquidity position, and a blanket approval of Rs 215 Million was made to invest in KASB
A winner of the feature race at this track on the opening meeting of the 2017-2018 UAE racing season, Kasb
was making it two of two for the former champion trainer.