Pak banks improve in competitiveness: Kent

ISLAMABAD: Pakistani banks in public sector have higher cost-inefficiency compared to foreign banks operating in the country, said Professor Kent Matthews of Cardiff University, UK, here.

Professor Kent, who delivered a lecture on 'Banking efficiency in emerging market economies' at National Institute of Banking and Finance (NIBAF) here on Saturday at 17th lecture of Zahid Memorial Lecture series, said that the banking sector in the emerging economies is facing stronger competition due to globalisation in financial system.

SC told Rs7.5bn of Rs9bn BoP loan scam recovered

ISLAMABAD: The Supreme Court was told here on Monday that Rs7.5 billion, out of the Rs9 billion Bank of Punjab (BoP) loan scam, had been recovered from Sheikh Afzal, the chief executive of the Haris Steel Industry, and his accomplices by seizing foreign and domestic assets owned by the accused.
 
A three-judge bench, comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Anwar Zaheer Jamali and Justice Khilji Arif Hussain, which had taken up the petition of the Bank of Punjab against the steel concern also withdrew the protection it earlier had granted to Seth Nisar, one of Sheikh Afzal’s brothers and co-accused in the scam, when it was informed that he was not cooperating with the National Accountability Bureau (NAB). The court ordered the bureau and other investigating agencies to proceed against him according to the law.

Oil exploration firms accused of violating laws

Saturday, December 12, 2009
By our correspondent

HYDERABAD: Petroleum laws and rules are not properly implemented and multinational oil and gas exploration companies have been accused of violating agreement with the government and depriving local people of their right of employment.

According to an agreement, these exploration firms should launch public welfare schemes for locals but they did not care about them, this was disclosed in a seminar on ‘local land rights and corporate social responsibilities of oil and gas firms in Hyderabad’.

BoP scam co-accused agrees to pay Rs400m

ISLAMABAD: The Supreme Court on Wednesday ordered a co-accused in the Rs9 billion Bank of Punjab financial scam to pay back Rs400 million by Dec 11.

A bench comprising Chief Justice Iftikhar Mohammad Chaudhry, Justice Mian Shakirullah Jan and Justice Tariq Parvez also directed the National Accountability Bureau to place the name of Seth Nisar, who was present in the court, on the Exit Control List and keep his passport with it till the payment of the amount claimed against him.

Seth Nisar is elder brother of Sheikh Afzal, owner of Haris Steel Industries (HSI), Lahore, and the main accused in the BoP scam.