AJK Bank’s executive steps down

MIRPUR (AJK) - Zulfiqar Abbasi, Member Board of Directors & Member Audit Committee of The Bank of Azad Jammu & Kashmir, has resigned from both his offices as a protest against the non-functioning of the bank in line with the stipulated banking norms, rules and regulations.
Submitting his resignation to the AJK Minister for Finance Ch Latif Akber, who is also Chairman of the Bank of AJK, Mr Abbasi said that for the last two years he had been insisting the AJK govt to mend their ways towards the affairs of the bank of AJ&K since they were trying to run the bank like a govt department with serious irregularities and violations and their handpicked incompetent management.
Lambasting the alleged malfunctioning of the bank, he pointed out that non-professional and political workers were inducted into the Board of Directors of the bank and the board and all its committees including audit and executive committees which are the brain and eyes of the bank are practically paralyzed for the last 15 months.
The Banks Accounts, he revealed, had not been approved by the competent authority including the audit committee and the Board of Directors for the last five quarters.

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