ISLAMABAD: Transparency International Pakistan has written a letter to the President of the National Bank of Pakistan (NBP), raising serious concerns over the alleged unauthorized sale of foreign assets worth more than Rs4.5 billion.

According to the letter, the alleged irregular sale of shares caused a loss of over Rs3.45 billion to the national exchequer. The organization called for a thorough investigation into the matter, citing potential violations of financial regulations and procurement laws.

Transparency International stated that despite directives from the State Bank of Pakistan (SBP) in March 2024 to submit an external audit certificate regarding the sale of foreign shares, NBP failed to provide the required documentation.

The letter further alleged that NBP sold its shares — reportedly valued at £35 million in the UK market — for only £22.9 million, in violation of PPRA rules, and in a manner that benefited another bank, UBL. It also claimed that the proceeds from the sale were not transferred to the national treasury, raising questions about financial transparency and compliance.

Moreover, according to the Auditor General of Pakistan, NBP did not conduct a proper valuation of the assets before the sale, which further undermines the credibility of the transaction.

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Transparency International Pakistan emphasized that the failure to remit the proceeds to Pakistan, despite SBP’s clear instructions, constitutes a breach of regulatory and legal frameworks. The organization urged the President of the National Bank of Pakistan to initiate a full-scale inquiry into the alleged irregularities and ensure accountability for those responsible.