Reported By: Imran Khan
KARACHI: The Federal Investigation Agency (FIA) has reassured that Agency is to support any and all efforts of the Banking industry to enter into any restructuring of its exposure to Hascol Petroleum Limited as it deems fit, as per law.
Its pertinent to mention that Indus Gazette reported on Tuesday regarding implementation of new guidelines for banks to deal with OMCs, on the recommendations of FIA, after few days a reassurance letter, issued by Director FIA Sindh Amir Farooqi, has confirmed what was reported a few days ago.
Document available with the Indus Gazette goes as ” FIA Sindh is conducting criminal investigation against officers of National Bank of Pakistan (NBP) who being government servants and Bankers were involved in facilitating M/S Hascol Petroleum Limited with malafide intention, resulting in loss of billions of rupees to the bank through malpractices.
It further reads “The investigation conducted so far reveals criminal negligence on the part of the Bank to follow prudent banking practices. Basic purpose of the investigation is to fix responsibility and ensure conviction of those involved in criminal acts. Further, to obviate the risk of avoidable loss to the public exchequer in future, and at the same time, to raise the bar of due diligence and regulatory scrutiny and oversight at the appropriate forums”.
Acceding to letter, recently, this agency was informed that banks were showing hesitation in doing business with OMCs, apparently due to the above referred investigation, in this connection, Agency reassured that it would be supporting any and all efforts of the Banking industry to enter into any restructuring of its exposure to HPL as it deems fit, as per law.
FIA, while sending a strong and clear message to the black sheep of the banking sector once again assured that investigation has been and shall continue to be conducted with the highest professional standards and should not be a source of concern to those not guilty of misconduct and breach of trust.