BoK’s BoD member occupies office despite tenure’s expiry

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PESHAWAR – Despite expiry of tenure as Bank of Khyber’s (BoK) Board of Directors member Muhammad Asif, a nominee of successive Muttahida Majlis-e-Amal (MMA), is still occupying his office. The high ups in the BoK when contacted by Pakistan Today confirmed the expiry of Muhammad Asif’s tenure and said that a letter had already been addressed to the board for replacement. Khyber Pakhtunkhwa (KP) Habib Bank former provincial head Muhammad Asif became the BoK Board of Directors member in 2003 when its affairs were in the control of Jamaat-e-Islami (JI) leader Sirajul Haq as senior minister.
On the completion of his first tenure of three years, Asif got an extension from 2006 to 2007, however, his second tenure expired in 2010. According to the Security Exchange Commission of Pakistan (SECP), a member could not continue as Board of Directors member for third term after the expiry of two terms. There was unrest and uncertainty among the BoK executives and officers as decisions and involvement of Muhammad Asif on expiry of his tenure could generate complications in their affairs.
Another member of the BoD was Baluchistan Industrial Development Bank of Pakistan (IDBP) former chief Meer Javed Hashmat. He joined the BoK as senior executive vice president in 2002 after golden-hand shake. He was forced to resign during MMA government in 2004 owing to the loan writing off case of three leading investor groups: Sunni Enterprise of Sarwar Mohmand, Salim Group of Industries headed by Haji Nasimur Rehman and Amala/Kaghan Ghee. However, in that case, the court of law rejected the plea of MMA government and he became the board member in 2008. He is also performing as executive director and virtually his powers are more than of those of the managing director.
BoK former executive Amjad Pervez is also the BoD member and he accredited him as an MMA victim when he was removed in 2003. Later, his appointment in the SECP was also blocked. He became the BoD member in 2010 as a government nominee. Allied Bank former provincial chief Muhammad Maqsood also occupies a berth in the board as a government nominee whereas Seth Ismael Maqsood of Karachi occupies the office as a major share holder.
During the MMA government, besides Meer Javed Hashmat and Amjad Pervez, the BoK was deprived of its pioneer executives like Amjad Ali Arbab, Dr Mohsin and others.