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Tuesday, 4 April, 2023 I 13 Ramzan, 1444
Rs 15.00 | Vol XIII No 276 I 8 Pages I Islamabad Edition
Supreme CourT verdiCT oN puNJAb voTe poSTpoNemeNT LiKeLY TodAY ISLAMABAD
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stAFF report
HE verdict on the petition moved by Pakistan Tehreeki-Insaf (PTI) to challenge the decision of the Election Commission of Pakistan (ECP) to delay elections in Punjab until October 8 was reserved to be announced by the Supreme Court on Tuesday (today). The three-judge bench, led by Chief Justice Umar Ata Bandial and including Justice Ijaz-ul-Ahsan and Justice Munib Akhtar, heard all parties, including the PTI, ECP and ruling Pakistan Democratic Movement (PDM) coalition counsels, before reserving the judgment. During the hearings, which spanned over a week, the case witnessed high drama when two judges of the original five-judge bench, Jamal Khan Mandokhail and Aminud-Din Khan, recused themselves from the case. Subsequently, the chief justice formed a new bench comprising himself, Justice Ahsan, and Justice Akhtar to proceed with the matter. Over the weekend, a meeting of PDM leaders expressed “no confidence” in the bench, leading to a call for a full court to hear the case. Chaired by Prime Minister Shehbaz Sharif to “devise a future strategy” for the government, the meeting demanded that present court proceedings be terminated by accepting a different judgment. However, on Monday, the Supreme Court said the formation of a full court to take up the petition was not an option and the govern-
Chief Justice turns down full court formation plea, proposes larger bench
ment could instead request a larger bench to hear the case. Bandial’s offer of a larger bench to the government came after Shehbaz Sharif, through Attorney General Mansoor Usman Awan, formally requested the reconstitution of the bench hearing the case. In the plea filed on behalf of the federation, the Supreme Court was requested to dismiss the election delay case in light of the March 1 judgment ruling that elections for the provincial assemblies in Punjab and
Khyber Pakhtunkhwa must be held within 90 days. The petition said the proceedings in the current petition should be postponed in light of the observation passed by Justice Qazi Faez Isa, postponing all the proceedings in suo motu matters, which the chief justice “disregarded.” “This […] bench, in view of submissions made in paragraphs 11 and 12, may graciously recuse from hearing the instant petition and a bench comprising of all remaining […] judges of this court, who did not hear
[the matter previously] may kindly be constituted to decide the questions raised herein,” it requested. BOYCOTT BOYCOTTED: As the hearing commenced, Farooq H. Naek, the PPP counsel, was asked if his party had ended its boycott against the court hearing. Justice Bandial remarked that political parties had expressed no confidence in the bench for the last 48 hours. Justice Akhtar expressed his concern over the PPP lawyer’s presence and questioned how they could present their arguments if they didn’t have confidence in the bench.
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FM Bilawal warns of ‘martial law, emergencylike situation’ if SC larger bench not formed LARKANA Agencies
Foreign Minister Bilawal Bhutto Zardari on Monday expressed concerns that the country could face a “martial law or an emergency-like situation” due to the constitutional crisis that might occur if the Supreme Court does not constitute a larger bench to hear the PTI’s petition against the Election Commission of Pakistan’s (ECP) decision to postpone polls to the Punjab Assembly. For the past week, a three-member apex court bench — comprising Chief Justice of Pakistan (CJP) Umar Ata Bandial, Justice Ijazul Ahsan and Justice Munib Akhtar — has been hearing the petition and rejected repeated re-
Alleged corruption: Two SC judges urge SJC to proceed against Justice Naqvi ISLAMABAD Agencies
Two judges of the Supreme Court, Justice Qazi Faez Isa and Justice Sardar Tariq Masood, have written to the Supreme Judicial Council (SJC), urging the top judicial body to initiate proceedings on complaints of alleged “misconduct and financial impropriety” against their fellow apex court judge, Justice Sayyed Mazahar Ali Akbar Naqvi. The SJC is a body of judges empowered under Article 209 of the Constitution to hear cases of misconduct against top judges and hold them accountable. The constitutional body comprises of Chief Justice of Pakistan as its Chairman, two senior-most judges of the SC and the two most senior Chief Justices from the High Courts. Justice Isa and Justice Masood are both members of the SJC. In a letter on Monday addressed to the remaining three members of the SJC — Chief Justice of Pakistan Umar Atta Bandial, Sindh High Court Chief Justice Ahmed Ali M Shaikh, and Lahore High Court Chief Justice Muhammad Ameer Bhatti — the two SC judges said that several complaints had been received, including from the Pakistan Bar Council, alleging misconduct and financial impropriety by Justice Naqvi. Two complaints of misconduct had been filed against Supreme Court’s Justice Naqvi in the Supreme Judicial Council (SJC). The first complaint was filed by Advocate Mian Dawood in February this year against Justice Naqvi seeking an inquiry into his assets. In the complaint, Dawood had accused the judge of “misconduct” and “amassing illegitimate assets”.
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quests from the coalition government for the formation of a full court bench on the matter. Earlier today, the court reserved its verdict in the case. “My concern is that if a larger bench is not constituted then such a constitutional crisis will be born that God forbid martial law or emergency-type situation [could be] imposed again on Pakistan,” FM Bilawal said today while talking to media reporters in Larkana today, acknowledging that he was making a “big statement”. Bilawal, whose media talk came after the top court reserved its verdict, said there was still time for everyone to “come back to their senses”. He said that the institutions’ conduct should benefit the nation
and “for that, it is necessary that our honourable judges form a full court to answer this important question [regarding the election date]”. Bilawal said the impact of a decision by “three individuals” would be different from that of a larger bench, urging the apex court to consider the prevalent situation in the country. The foreign minister said the criticism of the higher judiciary from within its own ranks was “historic” and an indication of their no-confidence in “these three judges”. He questioned when it had happened before that a nine-member bench was whittled down to three after protest from its members.
ISLAMABAD Monitoring Desk
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Cabinet withdraws services of SC registrar following Justice Isa’s action ISLAMABAD Agencies
In an interesting chain of events, a special sitting of the federal cabinet Monday decided to withdraw the services of Registrar Supreme Court and asked him to report to the Establishment Division besides asking President Dr Arif Alvi to immediately sign the Supreme Court Practice and Procedure Act 2023 so that the country could be taken out of the constitutional and political crisis. The development came soon after the seniormost judge of the apex court, Justice Faez Isa, asked SC Registrar Ishrat Ali to step down immediately for “violating the constitution of Pakistan and the order of the court” presided by him on March 29, 2023. Prime Minister Shehbaz Sharif chaired the special meeting of the federal cabinet held at the Prime Minister House. The ministers considered in detail two-point agenda. Minister for Law Senator Azam Nazeer Tarar and Attorney General Mansoor Usman Awan briefed the cabinet on different matters. The cabinet examined the issue of issuance of a circular by the Registrar Supreme Court against the order of Supreme Court. The cabinet decided to withdraw the services of Registrar Supreme Court and asked him to report to the Establishment Division. Justice Isa advises SC Registrar Ishrat Ali to step down immediately Justice Faez Isa advised Registrar of the apex court to relinquish the office as he does not have the requisite competence ability and understanding to hold this position.
PM says negotiations underway on IMF’s final condition
Justice Isa wrote a letter to the SC Registrar and also advised him to withdraw the Circular issued by him on March 31 as he violated the constitution of Pakistan and the order of the court dated March 29, 2023. Justice Isa also advised the Secretary Cabinet Division and Secretary Establishment Division through the Attorney General for Pakistan to recall the officer Ishrat Ali to prevent him from further damaging the reputation and integrity of the SC. The SC justice also said to the secretaries to initiate disciplinary proceedings against Registrar Ishrat Ali in accordance with the applicable laws as he has apparently violated the court orders passed in Suo Motu Case No 4 of 2022. In the letter, Justice Isa addressing the SC registrar said he does not have the power or authority to undo a judicial order, and the Chief Justice cannot issue administrative directions. Justice Isa said, “In your best interest, and that of the Supreme Court, you should withdraw the Circular immediately, and inform all those who have sent it”.
Prime Minister Shehbaz Sharif announced on Monday that the Pakistani government has agreed to all the conditions put forth by the International Monetar y Fund (IMF) whereas negotiations on the global lender ’s final condition are ongoing.The statement came during a meeting of the parliamentar y party of the Pakistan Muslim League-Nawaz (PML-N), chaired by the premier himself. Sharif emphasised that the government ’s “ hands are tied ” due to the IMF agreement, which he believes has led to record inflation in the countr y. He also criticised Pakistan Tehreek-e-Insaf (PTI) Chief Imran Khan, accusing him of signing the IMF programme on strict terms and then violating it, which has led to an “economic quagmire” for Pakistan. The prime minister assured the public that the government ’s intention is clear and that the situation will change. Sharif also spoke about the “ negative language” used by former leaders against friendly countries, particularly China, and condemned rumors about trade with Israel, stating that Pakistan will maintain its principled position until the Palestinians get their rights. “Serious allegations were made on Chinese projects. China invested $30 billion and false accusations were made on the same helpful friend,” he added. The prime minister also talked about the “divided” Supreme Court and expressed concerns about the “political destabiliser ” receiving relief from the court day and night. He further highlighted the federal government ’s efforts to help those in need, including providing Rs100 billion to flood victims and distributing free flour to 100 million poor families during Ramzan. The premier concluded by praising the efforts of the party workers and their unwavering support for the party leadership during difficult times.
In surprise move, Shazad Dada is replaced as President and CEO of UBL g
islaMabad sehr: 4:28 aM iftar: 6:30 PM
Muhammad Jawaid Iqbal appointed as President & CEO of UBL for 3 year tenure KARACHI MAriAM UMAr FArooq
In a surprise announcement that has left the banking industry puzzled, Shazad Dada has been replaced as President and CEO of United Bank Limited (UBL) after a three-year tenure. Muhammad Jawaid Iqbal will take charge in his place. The news has already caused speculation within the banking industry over whether Dada resigned or was asked to leave. The notification issued to the PSX announcing the change in management claimed Dada was leaving because of personal reasons. However, sources within the senior management of UBL said they were as
surprised as anyone else since Dada was a well liked and well connected CEO. Another credible source revealed to Profit that this decision is not completely unexpected. Shazad Dada has been a pedigree foreign banker and UBL was his first local bank stint. However, Dada’s unique leadership style created tension between him and the UBL board for the past year or so. The board frequently interfered with Dada’s work and sometimes expected him to serve as a rubber stamp CEO, which was not acceptable to Dada. Consequently, at the end of 2022, Jawaid Iqbal was added to the board with the clear intention of taking over from Shazad Dada.
Dada had been appointed as President and CEO back in July 2020 for a three year period. Dada was, at the time, the highest paid banking executive in Pakistan, setting a record for earning the highest income from the banking industry at a staggering Rs. 340 million. While his tenure was coming to an end, most people expected his contract with the bank to be renewed given his tenure saw UBL post strong financials. The bank outperformed its competitors in terms of profitability, and also managed to bolster their digital banking wing and revamp their mobile banking application. Dada’s legacy A seasoned banker, Dada joined
UBL in July 2020 in the middle of the Covid-19 pandemic. However, the appointment was a challenging one. Up until this point Dada had mostly served in foreign banks. He had spent the first two decades of his career from 19902010 at Deutsche Bank before assuming his first charge as CEO at Barclays Pakistan, where he worked for four years. His immediate appointment prior to UBL was as CEO of Standard Chartered Bank (SCB) in Pakistan from 2014-2020. The jump from Standard Chartered to UBL marked a transition from the head of a small foreign bank (currently the only foreign bank in Pakistan with commercial operations) to one of Pakistan’s largest banks. On top of this, he was replacing Sima Kamil. Kamil had joined as the CEO in June 2017 for a three year tenure but was also not given a renewal. Reportedly, UBL’s shareholders were unhappy with some of Kamil’s
hiring decisions at UBL. Apparently there were also some concerns over UBL’s international divisions loan portfolio, a problematic area that had persisted since before Kamil’s time. Despite the challenging circumstances and this being Dada’s first foray into a legacy Pakistani bank, he managed to steady the ship and steer the bank in a profitable direction. Under his leadership the bank’s profits increased consistently from Rs 21 billion in 2020 to Rs 30.7 billion in 2021 and Rs 32 billion in 2022. Similarly, return on equity (ROE) increased consistently by 11%, 15%, and 14% in 2020, 2021, and 2022 respectively. Perhaps what will have made shareholders most happy is that UBL outshone other banks in its boxing division. UBL’s ROE for 2021 and 2022 was higher than HBL despite the latter having a bigger network. Moreover, the profit margin of UBL is also significantly higher than HBL’s, with UBL recording an impressive 22% profit margin in 2022, 31% in 2021, and 22% in 2020, in contrast to HBL’s 17%, 21%, and 19% profit margins in the fiscal years 2022, 2021, and 2020 respectively.
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