IBA says FIA inquiry routine compliance exercise; discourages speculation

KARACHI: Institute of Business Administration (IBA), Karachi confirmed receipt of an information request from the FIA Corporate Crime Circle under the Anti-Money Laundering Act, 2010. IBA says, “IBA is fully committed to transparency and the rule of law, and we will cooperate constructively with the authorities, as we consistently do,” says a press release.

“We understand that this inquiry is part of a periodic compliance exercise by the authorities and that similar notices have also been issued to other public-sector universities and this is not unusual and aligns with routine oversight practices,” IBA says

IBA’s governance framework is built on strong internal controls and collective decision-making. No single individual has unilateral authority over financial or administrative matters; approvals are documented and taken through committee processes in line with institutional policies. To ensure probity and accountability, IBA’s finances and processes are subject to multiple, recurring layers of review, including pre-audit and internal audit mechanisms, external audits by reputable independent firms (such as BDO and A.F. Ferguson), as well as government and special audits whenever required. The current request is being treated as standard regulatory due diligence, consistent with the many audits and reviews IBA has successfully completed over the past decade and a half.

As a public-spirited academic institution, IBA is mindful of its corporate social responsibility and its duty to students, parents, alumni, employers, and the public. Upholding integrity, responsible stewardship of resources, and transparency in our operations are central to that mission. We discourage speculation that could sensationalize the matter or undermine confidence in due process. While the review is ongoing, we will refrain from commenting on specifics; any verified updates will be shared through IBA’s official channels.