Dar orders inquiry into Bahamas Leaks

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Mian Arshad

Islamabad—The Federal Minister for Finance Mohammad Ishaq Dar, Thursday, issued directions to investigate and take action as per the due process of law against the individuals and companies named by a section of media in the Bahamas Leaks.
In a meeting with Special Advisor to Prime Minister on Revenue Haroon Akhtar Khan and higher officials of Federal Board of Revenue (FBR), he also issued the same instructions to Securities and Exchange of Commission of Pakistan (SECP) and State Bank of Pakistan (SBP). The Minister said that no discrimination against anyone should be made and the probe be started immediately keeping in view all the legal formalities.
In a separate meeting with Governor State Bank, Ashraf Mehmood Wathra Finance Minister expressed satisfaction over the progress regarding operationalization of the Expor-Import Bank of Pakistan (EXIM Bank).
In his budget speech 2015-16, Finance Minister Senator Ishaq Dar had announced the establishment of the much awaited Exim Bank of Pakistan (specialised DFI) aimed at enhancing loans to the exporters, reduction in rate of long term export loans, export credit guarantees and reduction in exporters risk through insurance.
The EXIM Bank of Pakistan has been incorporated with SECP on June 11, 2015 under the Companies ordinance, 1984. As per its Article of Association, the authorized Capital is Rs. 100 billion while the initial paid-up capital is Rs. 10 billion. The EXIM Bank of Pakistan is fully owned by Government of Pakistan.
To operationalize the bank the government has released Rs. 7 billion for the FY/2015-16. The remaining amount of Rs. 3 billion will be released during the current FY/2016-17. SBP has agreed to place the services of five SBP officers on deputation with EXIM Bank for a period of three years. Process of hiring of CEO & Company Secretary for the EXIM Bank on regular basis in under process, which will be completed shortly.