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IHC issues notice to finance ministry, PC in MCB Bank sale case

IHC issues notice to finance ministry, PC in MCB Bank sale case

ISLAMABAD: The Islamabad High Court has issued notice to the Finance Ministry and the Privatisation Commission (PC) in a case of alleged irregularities in the privatisation process of MCB Bank.

A division bench comprising Justice Aamer Farooq and Justice Miangul Hassan Aurangzeb issued the notice after the petitioner, MCB Bank, made the ministry and the commission respondents in the case in compliance with earlier directions issued by the court.

Earlier, the court accepted MCB’s application seeking a restraining order against National Accountability Bureau (NAB) and its inquiry into the privatisation matter. In the main case, MCB has sought court’s intervention to stop NAB from conducting inquiry into the bank’s privatisation issue.

In 1991, the PML-N led government sold 75 per cent stake in MCB Bank to Mian Mansha for Rs2.42 billion. Mansha’s consortium was not the highest bidder, but it eventually matched the price quoted by the highest bidder.