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can’t issue PARLIAMENT, NOT SC’S ‘ARBITRATION’ TO Govt funds for elections NA’s DECIDE ABOUT ELECTIONS: PM SHEHBAZ without approval: Dar Thursday, 27 April, 2023 I 6 Shawwal, 1444
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SAYS COALITION PARTIES WANT SAME DAY, URGING TOP COURT TO STICK TO DECIDING CASES AS PER LAW
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ISLAMABAD
CABINET AGAIN OKAYS REFERRING OF FINANCE MINISTRY’S SUMMARY TO PARLIAMENT FOR RELEASE OF RS21B TO ECP
STAFF REPORT
RIME Minister Shehbaz Sharif on Wednesday said the Parliament would take a decision regarding the elections and the Supreme Court’s role was not that of an “arbitrator”, saying the ruling PDM alliance unanimously wanted elections on the same day across the country. “The Supreme Court should not be given the right to arbitrate as it is there to only give verdicts as per law and the Constitution.” Addressing separate huddles of the parties in the ruling coalition, PML-N parliamentary party and cabinet, the premier said elections were an issue that needed to be decided in parliament and the appropriate time to conduct them was either in October or November. PM Shehbaz’s remarks came on the day which was the top court’s deadline to the government and the opposition PTI to hold talks to reach a consensus on a date for simultaneously holding countrywide polls or the elections in Punjab will be held on May 14 as per its earlier order. The top court will continue hearing the elections delay case on Thursday (today) and seek a report on the progress of the negotiations between both sides. The huddle of the allied parties was attended by Pakistan Democratic Movement (PDM) president and JUI-F chief Maulana Fazlur Rehman; PPP chairman and foreign minister Bilawal BhuttoZardari; former president of the country and PPP co-chairperson Asif Ali Zardari; his party leader Qamar Zaman Kaira; Balochistan Awami Party MNA Khalid Magsi; PML-N stalwart Sardar Ayaz Sadiq; MQM-P Convener Khalid Maqbool Siddiqui; BNP-M’s Agha Hassan Baloch; PML-Q leaders Chaudhry Salik Hussain and National Food Security and Research Minister Tariq Bashir Cheema; Federal Information Minister Marriyum Aurangzeb; Federal Communications Minister and JUI-F chief’s son Maulana
Asad Mehmood and Federal Law Minister Azam Nazeer Tarar among other key members of the ruling coalition. Attorney General for Pakistan Mansoor Usman Awan also attended the meeting. PM Shehbaz maintained that arbitration was not the job of the top court and it was only supposed to decide cases in accordance with the law. “To act like a panchayat is not their job,” he underscored. “Their job is to decide matters as per the Constitution,” he added. The premier further said the decision of the three-member bench of the SC —
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comprising Chief Justice of Pakistan Umar Ata Bandial, Justice Ijazul Ahsan, and Justice Munib Akhtar — to hold polls in Punjab on May 14 was not accepted by parliament. PM Shehbaz added that the government still stood by its interpretation of the apex court’s earlier April 4 verdict as 4-3 and considered its 3-2 decision as “unconstitutional” and “illegal”. However, the premier continued that the government wanted to take matters further with the three-judge bench, which on Thursday (today) had sought a reply
in connection with the election funds. PM Shehbaz said parliament was the supreme institution and its decisions had to be accepted. “The issue of election funds will come back to parliament and it will resolve it,” he added. The premier continued that the forum of parliament would be used in view of any possible court decision. PM Shehbaz noted that parliament completed its term on August 13 and if 90 days were added to that, the date should come up to November or October. The premier regretted that the PTI, instead of solving the challenges faced by the country, had “only exploited them further”. “They told their own provincial finance minister to communicate to the IMF [International Monetary Fund] that they are unwilling to fulfil the conditions [set by the global lender],” he said. “Pakistan had no shortage of issues and they only added to it by claiming that the US had conspired [to oust Imran Khan’s government]; and if that wasn’t enough, they shamelessly took a U-turn saying that the plot was not finalised in the US, but rather woven up in Pakistan,” he added.
Coalition partners repose confidence in PM
ISLAMABAD: A meeting of the top leadership of coalition parties in the government on Wednesday unanimously decided holding of simultaneous elections on the same day throughout the country after the completion of the constitutional term of the incumbent government. The leaders of the allied political parties decided that holding of elections on the same day after the completion of the present government’s tenure, was the main point which would serve as base for any formulated strategy in that regard. The participants expressed their complete confidence in the prime minister and resolved their full support to him, besides giving him the authority to take decisions. The allied parties expressed that they would fully back all the decisions taken by the prime minister. The important consultative meeting of the leaders of
Pak-China military leadership reiterates need for maintaining peace in region RAWALPINDI
STAFF REPORT
Chief of Army Staff (COAS) General Asim Munir and the Chinese Army Commander on Wednesday discussed matters of mutual security interests and military cooperation. The COAS, on the first day of his four-day official visit to China, was given a warm welcome and presented with the guard of honour at the PLA Army Headquarters. He reviewed the smartly turned-out contingent, which was later followed by a detailed meeting with the Commander of PLA Army, an ISPR news release said. Besides discussing mutual security interests, both military commanders reiterated the need for maintaining peace and stability in the region, and enhancing military to military cooperation. General Asim Munir also witnessed a demonstration of the operational capabilities of the PLA Army troops. He praised the high standards of training and the professionalism displayed by the PLA soldiers. The COAS will hold further meetings with Chinese military leaders to enhance the long standing relations between the two militaries.
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coalition parties was held at the PM House with Prime Minister Shehbaz Sharif in the chair, the PM Office Media Wing said in a press release issued after the meeting. The high-level meeting was attended by Pakistan Democratic Movement (PDM) chief Maulana Fazlur Rehman, former president Asif Ali Zardari, Pakistan People’s Party Chairman Bilawal Bhutto Zardari and other leaders. During the meeting, the overall situation in the country was reviewed, particularly the matters which emerged after the decisions taken by 'a one-sided and controversial Supreme Court bench'. The meeting also mulled over taking forward of earlier initiated consultative process to holding of elections in the country on simultaneous day after the constitutional term of the incumbent government’s tenure.
ISLAMABAD
STAFF REPORT
Minister for Finance and Revenue Mohammad Ishaq Dar on Wednesday categorically said that holding of elections simultaneously in all provinces and centre was a constitutional obligation, saying the country could not afford elections in piecemeal. Speaking at the floor of the National Assembly, the minister said it was not for the first time that election was not being held within 90 days. In past, the election was delayed due to martyrdom of Benazir Bhutto in 2007 and due to natural calamity in 1988, he said. He said the National Assembly has already rejected Rs 21 billion elections fund bill twice besides passing a resolution to reject a bill seeking election expenditure for Election Commission of Pakistan (ECP). He sought the guidance of the members of the House, as the government could not release funds without approval of the National Assembly. The minister said an amount of Rs35 billion was being spent on the population census despite limited resources. Despite spending a hefty amount on the population census in 2017, two provinces expressed severe reservation and the then government had to convene a meeting of Council of Common Interests (CCI), he added. He said the general elections of 2018 were held on the basis of old census due to reservations of two provinces after bringing necessary legislation. He said the government had allocated Rs5 billion for ECP in the fiscal budget for the year 2022-23. The ECP had raised a demand for Rs54 billion in the next fiscal year 2023-24 for holding general elections, he added. However, he said the Finance Division decided to allocate Rs47.4 billion to ECP for elections during next fiscal year 2023-24. Today, we would not face such a situation if Article 63 A was not rewritten, he said. He said new interpretation of Article 63-A caused anomalies and it was an attempt to create anarchy in the country. The ECP sought Rs21 billion for holding elections in Punjab and Khyber-Pakhtunkwa, he added. He said Rs 14.4 billion additional would incur on holding separate elections in the provinces. The Finance Ministry could allocate fund for elections in the budget and without budget, allocation could only be done through supplementary grants. The Finance Ministry mostly discouraged practice of supplementary grants in order to ensure financial discipline, he added. He went on to say that the Finance Ministry always followed constitution and law for payment of funds. The State Bank of Pakistan (SPB) could only allocate fund but it could not released it, he added. The Finance Division could not release funds without approval of the parliament, he added. Ishaq Dar said this august house has passed a resolution with regard to payment of funds to ECP for elections, adding the Finance Ministry was bound not to pay the amount.
Six Balochistan cops martyred in Jacobabad gunbattle JACOBABAD
STAFF REPORT
Six Balochistan policemen, including an inspector, were martyred and two others injured during an encounter with dacoits in Jagir area of Jacobabad district of Sindh in the line of duty to rescue a hostage, the police officials confirmed on Wednesday. Jacobabad Senior Superintendent of Police (SSP) Dr Sumair Noor Channa confirmed the incident and said the martyred police officials were from the Usta Muhammad police station in Balochistan’s Jaffarabad district. SSP Channa said both the Balochistan and Sindh Police jointly challenged the dacoits and a gun battle took place in the limits of Jagir area in the remit of Moladad police. During the exchange of fire, six officials of Jaffarabad police, including an inspector were martyred and two others were injured by the firing of dacoits, he informed. SSP Channa said that the martyred officials included Usta Muhammad Police’s sub-inspector Tayyab Umrani and constables – Nisar Ahmed, Abdul Wahab Peechoha, Usman Hanbhi, Riaz Hussain and Khadim Hussain After the incident, a heavy police contingent was dispatched to the scene in Jacobabad. A joint operation was being conducted along with Jaffarabad police to recover Furqan Soomro, son Aslam Soomro, a rice
mill owner in Usta Muhammad town who was kidnapped at gunpoint a day ago from Jaffarabad. SSP Channa added that the dead bodies of martyrs were shifted to DHQ Hospital in Dera Allahyar. Naseerabad division Deputy Inspector General (DIG) Munir Ahmed Sheikh said that the joint operation will continue till the hostage, Furqan Soomro, has been recovered. The DIG informed that the operation had been expanded with the cooperation of Sindh police and more personnel were on stand-by if needed. Balochistan Chief Minister Mir Abdul Quddus Bizenjo expressed his grief, saying that the “police inspector and five constables embraced martyrdom
while performing their duties”. He commended the martyred for “facing the enemy with bravery”, and prayed for their families to have patience. Bizenjo further said he hoped that the Sindh government would soon bring to justice those responsible for the incident. Meanwhile, Balochistan Governor Malik Abdul Wali Khan Kakar expressed his sorrow over the martyrdom of police personnel during an operation in Jagir area of Jacobabad. “We were determined to establish lasting peace in the entire province and it was the responsibility of the government to protect the lives and property of the people”, he said. The Governor said that the blood of the police martyrs would never go in vain. He directed for providing best medical treatment to the injured policemen. Earlier this month, a station house officer was martyred while five others, including a deputy superintendent of police, were injured after dacoits attacked a large police contingent in Sindh’s Kandhkot district to free hostages. The Sindh and Punjab police have launched a grand joint operation against gangs of dacoits entrenched in the riverine areas of upper Sindh and southern Punjab. The Pakistan Army, Rangers and other security personnel are also aiding the police forces.
With baggage in tow, Lootah finally reaches Summit Bank summit g
UAE INVESTOR WHO WAS NAMED IN FIA INVESTIGATION OF FAKE ACCOUNTS CASE INVOLVING ZARDARI ACQUIRES CONTROLLING STAKE IN THE BANK AFTER RS10 BILLION INJECTION LAHORE
ABDULLAH NIAZI
Things are moving fast at Summit Bank. Only a few months ago the bank had first announced its intentions to convert itself into a full-fledged Islamic Bank and gain an Islamic Banking License from the State Bank of Pakistan (SBP). Now, UAE based investor Abdullah Hussein Lootah has officially acquired a 51% controlling stake in Summit Bank. Lootah’s acquisition became possible after the bank’s board of directors issued 3.8 billion new shares which he then subscribed to injecting Rs 10 billion into Summit Bank. “Prominent UAE national, investor, and a longstanding friend of Pakistan, H.E. Nasser Abdulla Hussain Lootah (the “In-
vestor“), has acquired a controlling stake in Summit Bank. The Investor’s vision for the Bank is to transform it into a full-fledged Islamic bank, providing exceptional services, innovative products, and a commitment to the principles of Islamic finance.” But Lootah’s relationship with Summit Bank and indeed with Pakistan has not been without its challenges. In fact, he was directly named in an FIA investigation looking into money laundering and fake accounts that also involved former President Asif Ali Zardari and his sister Faryal Talpur. Lootah’s baggage Back in July 2018, the Federal Investigation Agency (FIA) asked the SBP details of Summit Bank’s equity and names of chief executive officers (CEOs) of the said beneficiary firms while investigating al-
leged money laundering cases worth Rs 35 billion against 13 firms. The allegations involved former President Asif Ali Zardar and his sister Faryal Talpur as well. Lootah was a key figure in this case. The FIA claimed that the money had been transferred directly into the accounts of Lootah, who was back then chairman of the Summit Bank’s board of directors. The fake accounts case involves alleged money laundering worth billions of rupees through 32 bank accounts, which were opened in five banks. Of those accounts, 15 were opened in Summit Bank. “Lootah is considered to be a major beneficiary of these suspicious transactions, as Rs7 billion were transferred to his account,” reads the Dawn report on the subject from 2018. The bank’s troubles and move towards
Islamic banking After the highly publicised FIA investigation that named Lootah as well, Summit as a bank buried its head in the sand. The bank failed to release its financials prompting raised eyebrows. In 2019, the bank once again failed to release its financials and as a result of this non-compliance shifted to the defaulters segment of the Pakistan Stock Exchange (PSX). Following the demotion at the stock exchange, the bank made a feeble attempt to correct course by releasing their 2018 financials in 2020, but for a third consecutive year failed to call an Annual General Meeting (AGM). And a full-blown money laundering investigation initiated by the FIA and NAB following a scandal involving political big-
wigs such as Asif Ali Zardari and his sister Faryal Talpur was not the extent of their troubles. The bank was also facing constantly rising pressure from the State Bank of Pakistan (SBP) over its inability to fulfil regulatory requirements due to a deteriorating financial condition. In response, it very much appeared that Summit Bank had wilfully buried their head in the sand and were trying to ride the tide of the scandal out. Then, at the end of 2021, the bank released three years worth of financial statements and the picture was not pretty. You see, Summit has never been a very profitable bank. In fact, it has posted a net profit after taxation only twice, in 2014 and 2015, in the past 10 years, that too a small one, Rs217 and Rs 230 million respectively.
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