SBP suffers loss due to incompetent management, says CJP

ISLAMABAD: The Chief Justice of Pakistan (CJP) Gulzar Ahmad has remarked that the officers of the State Bank of Pakistan (SBP) have increased their salaries instead of that of the other employees of the bank, inflicting the apex bank to suffer losses to the tune of billions of rupees by the incompetent SBP management which should be removed. The CJP further observed that when such matters come before us they put us into agony, and added how shameful it is that the big officers draw salaries and devastate the institutions. The CJP gave these remarks while presiding over two member bench of Supreme Court (SC) during the course of hearing of State Bank’s appeal pertaining to golden hand shake scheme here on Thursday.

The counsel for the employees told the court the counsel for the SBP has not even attached the relevant documents. Justice Mazahir Ali Akbar Naqvi inquired how much money the institution had to pay later due to this act.

The counsel for the SBP told the court the bank had to pay about 2 billion rupees. The court while admitting the appeal plea by SBP for hearing adjourned the hearing of the case for indefinite period. SBP has filed appeal plea in SC against the Islamabad High Court decision.