ISLAMABAD: The Islamabad High Court (IHC) has restrained the State Bank of Pakistan (SBP) from selling the KASB Bank, which is already under six-month moratorium imposed by the SBP.
Justice Amir Farooq issued restraining orders after some investors including Chinese and Pakistani businessmen challenged the amalgamation of the bank.
The petitioner adopted before the court that the federal government had engaged certain company for the evaluation of the assets of the bank and they kept some serious investors out of the bank’s sale process. The petitioner claimed that if the merger of the bank was not stopped, over 2,000 employees working in 105 branches might lose their jobs.
