ISLAMABAD: The Supreme Court has rejected the different petitions against the privatisation of Habib Bank Limited (HBL) and declared that the privatisation of the bank was conducted in accordance with law and in a transparent manner.
A three-member Supreme Court bench comprising Justice Tassaduq Hussain Jillani, Justice Mian Saqib Nisar and Justice Ejaz Afzal Khan dismissed the pleas filed by Dr Akhtar Hassan Khan, a former secretary of the Planning Commission, Watan Party and others challenging the HBL’s privatisation.
SM Zafar and Barrister Syed Ali Zafar, counsels for Aga Khan Fund for Economic Development (AKFED) submitted that the Privatisation Commission had, after full scrutiny, qualified AKFED as the eligible party on account of its banking and related business experience and approved the sale of 51 percent shares of the HBL after conducting thorough and proper procedure in which nothing was hidden and all laws were followed and applied.
They further submitted that the best bid was made by AKFED, which was much above the reserve price set by the Privatisation Board.
via Daily Times – Leading News Resource of Pakistan – Supreme Court upholds privatisation of HBL.
http://tribune.com.pk/story/299903/privatisation-deal-no-illegality-in-hbl-bidding-process-says-sc/
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