PESHAWAR: Khyber Pakhtunkhwa Finance Minister Muzaffar Said has ordered a stop implementation of decisions taken in a recent board meeting of the Bank of Khyber (BoK) to give protection to management policies and recruitments in the bank.
The BoK board meeting, chaired by Dr Hammad Uwais Agha held on June 24, elected three nominees of private sector shareholders as new members. Agha is also serving as additional chief secretary of the KP government.
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The new members – Maqsood Ismail Ahmad, Asad Muhammad Iqbal and Javed Akhtar – were elected unopposed. They were not present in the meeting and were represented by their nominees, said a press release issued by the BoK.
Before the board of directors met, the finance minister had directed that the meeting should be put off. But his directive was ignored and the meeting was held, which not only elected the new members, but also increased perks and privileges of the bank’s managing director.
After the KP government which holds around 70% shares in BoK, Ismail Industries, based in Karachi, is a major shareholder with a stake of around 24%. It acquired shares in the bank in 2007.
