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ARY asset details: MCB, Faysal Bank violate court orders

KARACHI: In flagrant disregard of court orders, the Muslim Commercial Bank (MCB) and Faysal Bank are hell-bent in keeping asset details of Founder ARY group (late) Haji Abdul Razzak Yaqoob a secret, ARY News reported.

MCB and Faysal Bank straightaway ignored the orders of the Sindh High Court (SHC). Upon the backing of Mian Mansha, the two banks refused to provide the heirs of Haji Abdul Razzak Yaqoob with details of his assets, despite four court notices issued to them.

The SHC issued first order on April 7, 2014, while the second was issued on May 26, 2014.

After both the orders were not adhered to, the court appointed a nazir – a native court official who performs different duties assigned to him. The nazir reported that all the four orders of the high court were simply ignored by the banks.

For submitting the report, above mentioned banks tried to malign the nazir.

On January 14, the nazir said that it was necessary for him to inform the State Bank about this irregularity, as the SBP was the relevant forum in this regard.

On February 23, the court once again asked the banks to provide the details, but in vain.

On March 2, the MCB leveled accusations on the nazir, while MCB and Faysal Bank kept the assets in hiding on March 16 too.

Questions like whether a few bank officials are more influential than the judiciary surfaces after this violation of court orders by the two banks.

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