HBFCL MD clings to seat even after end of tenure!


Despite ending the term of his tenure, Syed Azhar Abbass Jaffari still holds the post of Managing Director (MD) House Building Finance Company Limited (HBFCL) without any legal authority and approval from any quarter, said sources.
However, Jaffari told news agencies that the Securities Exchange Commission of Pakistan’s (SECP) rules and regulations section 199 gave him the right to hold the position till the appointment of a new Chief Executive Officer (CEO) of the company.
“I have written many times to the finance ministry for the appointment of a new CEO and the seven members of the Board of Directors, which were yet to be appointed,” he said, adding that when the finance ministry would give him the direction to vacate the post, he would do so without wasting even a moment.
The government had appointed Jaffari as MD and Chairman House Building Finance Company Limited on January 5, 2009 for tenure of three years.
According to sources, after the end of his first tenure posting on 5th January 2012 and for the next posting or reappointment, the issue of the retirement age had become the most important in the light of various Supreme Court (SC) decisions, and in the light of the government’s own directive contained in the office memorandum no. 1/8/2011-E-6 dated 15th September 2011. Therefore, no authority in the world could give Jaffari a legitimate second chance to run the government company, they added.
The sources also said that after the expiry of his term and also reaching the age of superannuation in the meantime, Jaffari continued his position as MD of the company, and used the public money to draw millions of rupees on account of monthly salary.
They also blamed him for spending millions of rupees on his traveling and daily allowances, as presently all his visits were technically personal in nature. But he refused to leave his position.
“Azhar Abbas Jaffari is continuing his post on the strength of the Board resolution passed in August last year. But the Board resolution has no legal standing whatsoever as the circumstantial evidences do not indicate any such ‘resolution’ was passed by the Board in August/September 2011, almost 6 months before Jaffari’s end of term in January 2012,”sources added.