Who is Protecting the Former ZTBL President?

FP Special Report

Islamabad: This newspaper has been reporting the illegal retrenchment and misdeeds of the former President of ZTBL Mr. R.A Chughtai. The national assembly standing committee on finance which has met a number of times during the past few months met once again on Saturday. The issue of the retrenched employees was debated, more than 700 people were fired by R.A Chughtai and a few other individuals of the bank.
The corrupt ways of Chughtai have been known to all the powers in Islamabad since his Deputy Governship days of the state bank. Chughtai was actively involved in buying foreign exchange for the central bank and earning millions with well known brokers of Karachi Stock Exchange and some other well known personalities from the financial world, his close relations with a certain group in the media was also no hidden factor. He was the blue-eyed man of Dr. Yaqub, the infamous state bank governor who worked only on instructions from the henchmen of different political governments and the powerful bureaucracy.
Chughtai, the standing committee felt should separately face an inquiry to probe the allegations of embezzlement in the Zarai Taraqiati bank and the wealth that he had amassed during his tenure as the ZTBL President. Sardar Tufail a committee member told the other's that the former president wanted to teach those employees a lesson who had been raising their voices against the wrongs being committed in the bank.
The Financial Post has learned from reliable sources that R.A.Chughtai was known for his strong personal likes and dislikes and his vengeful ways of conducting affairs as deputy governor of SBP. He was instrumental in the closure and immediate liquidation of Bankers Equity Ltd. (Even after eight years the bank today has not been wound up as it continues to pay heavy salaries to a group of hand-picked employees of BEL retained by Chughtai to indulge in harassment and victimization of the former chairman of BEL and his family members). Mr. Chughtai is also the man responsible for clamping down on Indus Bank and his personal vendetta against Indus bank's chairman was well known.
The N.A committee was told that the new president of ZTBL Mr. Mansoor Khan has reinstalled the sacked employees. The chairman of the committee Mr. Anwar Ali Cheema was requested to initiate probe immediately against R.A Chughtai who without remaining jobless for even a day was promptly made chairman of SME bank. The bank which is to be put up for privatization was improved and diligently run by Mr. Mansoor Khan, it's former chairman.
The question, which arises, is has R.A.Chughtai been assigned to this high profile job to amass more wealth and weaken its portfolio before privatization and who in Islamabad is still supporting him? Whose blue-eyed man is he and why has the finance ministry headed by the Prime Minister not stepped in to remove and investigate the accusation's against R.A Chughtai. Some former employees of ZTBL talking to this scribe were shocked as to why the government was protecting people who are running institutions as their personal belongings.