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Raby` al-sani 19, 1432 Hijri March 26, 2011

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ndependent director's version


9:49:54 AM
ference to the article of Khalil Ahmed on 18th September 06, I would like to keep the record right by adding facts which are probably not known to the above Email
e independent director representing the Dallah Group of Saudi Arabia who had established this as an Investment Bank.

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wfeeq Investment Bank Ltd. The Saudi sponsors wanted to do Islamic banking; when they realised the SBP rules did not permit it, they transferred the management to
ors, Altaf Saleem and brothers. US-Russia chill may slid
war
me congratulate SECP for un-ravelling the mysteries, secrets and the difficult painful realities of the sponsors and the management of CSIBL. I must admit it was a highly
Partly Facetious: The ga
and egg

Y OF THE ISSUE IS EVIDENT FROM THE FOLLOWING: Economic liberalism: ca


Islamic viewpoint -II

ng Agency could not know about their dealings. Electricity woes

Ill-advised concepts in
ets did not have a clue about their doings. aviation policy

uditors gave a clean chit. Hurricane destruction s


warming debate

he whistle it took A.F. Ferguson & Co's dozens of auditors more than eight months to compile the transactions but not in totality. They still could not certify that it was a Economic liberalism: ca
sition! versus Islamic viewpoint-IV

Need for judicious tax b


nsors and management started borrowing at 50-60% mark-up, SECP raided the bank. They detected the secret password to enter the parallel accounts and illegal doings between rich and poor
s under the heading of "managed accounts".
The many-sided proble
y and un-ambiguously stated the sponsors and their appointed management are responsible for CSIBL's ruination. They are the beneficiaries of this plunder.
IPTV to revolutionise tr
television
f the Audit Committee, the Internal and External Auditors sat with us and verified that the figures before us were correct. Thereafter, we passed the presented items. I
single improper decision. I always acted in the best interest of the bank. I shall point out one example without wasting your time. E.g I gave a written report to the Board Booming economy may
owing them that it was not a viable investment to put money in DHA Golf Club. The Board's 51st meeting considered this and referred it to the Executive Committee for Slovak PM from defeat

Why is government alle


insurance?
ter never came to the Board for approval. The CEO and the Sponsors must have decided to ignore the Board and invest in Sysmax. It only came to my knowledge when
nd brought it to the Board in 2006. This huge transaction was not shown in the Balance Sheet!
Partly Facetious: why n
salaries and let them buy t
t about the doings of CSIBL through SECP's letter of 15th November, 05, I asked on 17th November for an urgent board meeting. I reminded them again and emphasised
End of textile quota reg
and opportunities for us

ON 28TH NOVEMBER. IN THE 58TH BOARD MEETING, VERY IMPORTANT DECISIONS WERE TAKEN: The role of CCAO

ission from the CEO that he did all the wrong detected by SECP on his own accord and without the knowledge of the Board and Audit Committee. (Refer to minutes of the 58th BOD meeting.)

e management in harsh terms for their illegal acts. We severely reprimanded them.

he CFO.

dismissal of CEO and registration of an FIR against him but Mr. Anjum Saleem opposed it.

M/s. A.F. Ferguson & Co for due diligence of CSIBL in order to get a proper picture.

edule of repayment from the Sponsor Director, Mr. Anjum. It was a heated and angry discussion. This was not recorded in the minutes; subsequently, I objected; in reply an e-mail of Dr P. Hassan was s
doing all things within my means to put things on an even keel.

I suggested a new CEO for immediate appointment. Mr. Manzur, Chairman CSIBL, even interviewed him. Now he is advisor to SBP ie Mr. M. Jindani. However, Anjum Saleem sadly became the new CEO.
pright person.

BOD meetings I invariably had heated arguments with Mr. Anjum. He would threaten to walkout of the meeting I would accuse him of wrong doings and ask him to return the funds taken by his sister co

ULD LIKE TO STATE THAT IN THE BOD MEETINGS I ALWAYS REMINDED THE SPONSOR AND CEO, MR. ANJUM THE FOLLOWING:

e. He would state that formalities are being completed. This was not true.

s from his sister concerns. He would state large amounts were paid and it proved false. This has also been shown in SECP's show-cause notice.

eting I pressed for selling the real estate in a transparent manner and urgently. But Mr. Anjum sold most of the real estate without getting the Board of Directors' approval. This is recorded in the minutes
gal act and the Board meeting came to an abrupt end.

out by SECP about Mr. Altaf and Mr. Anjum borrowing Rs 100 million from HBL and then misappropriating CSIBL of this amount. This fraud was committed in April 2006 under the very nose of SECP, A.F.
Hussain & Co. Even the BOD and Audit Committee did not get to learn about it till SECP informed us.

dacity of these people and the powerlessness of all, the SECP, Board of Directors and the Audit Committee in stopping them from these frauds.

e Board has never resolved any matter that violated any rules and regulations. It is for this reason that the Sponsors and their puppet CEO by-passed us. They treated us with total indifference. This fact
Ford Rhodes, Syed Naved Hussain & Co when they clearly state that none of their illegal acts had Board or Audit Committee approval.

vals of half-yearly accounts and the annual budget were presented with false and incorrect figures. So much so that the December 2004 half-yearly report showed profits. Thus the Board applauded the C
nk accounts etc, proved that it was a horrible loss!

e not only continued to provide employment to Mahmood but they have also given him CSIBL's lawyers to defend him. "The murderer and the murdered are being defended by the same person", I stated
17th August 2006.

, CSIBL is not paying my travel bills of the past and neither is it paying for my solicitor.

CSIBL's proposed Director's report. I insisted and added my statement in which I clearly said CSIBL is not a viable concern and it must be liquidated.

annual accounts because of nearly 20 objections/qualification raised by the External Auditors. Moreover, the sponsors also wanted to write off hundreds of millions of rupees given to their sister concerns

osed tooth and nail any proposal of the sponsors and the bank management that was not in the interest of the CSIBL. I am suffering for no fault of mine!

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