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Rs 15.00 | Vol XIV No 150 I 8 Pages I Lahore Edition

COURT RULES IMRAN’S TRIAL TO BE HELD IN JAIL IN ‘AN OPEN MANNER’ CYPHER CASE

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SAYS THOSE WHO WISH TO ATTEND COURT g JAIL AUTHORITIES FAIL TO PRODUCE PTI CHIEF PROCEEDINGS WOULD NOT BE STOPPED IN COURT AT FJC, CITING SECURITY RISKS ISLAMABAD

STAFF REPORT

Special Court Judge Abual Hasnat Zulqarnain, hearing the cypher case against PTI Chairman Imran Khan and Vice Chairman Shah Mehmood Qureshi, ruled on Tuesday that the trial proceedings would continue at Adiala jail “in a manner of an open court.” Earlier, Adiala jail authorities failed to present the former premier before the special court at Islamabad’s Federal Judicial Complex (FJC) as per the orders of the same court’s judge, citing “serious security risks to the lilfe of PTI chief”. The Special Court has started hearing the cypher case registered under the Official Secrets Act against former prime minister and PTI Chairman Imran Khan and ex-foreign minister Shah Mehmood Qureshi at the Federal Judicial Complex (FJC) after the Islamabad High Court declared the jail trial as null and void. On Tuesday as the proceedings started, the jail authorities presented a letter of Adiala Jail Superintendent to the court informing that the jail authorities could not present PTI Chairman Imran Khan in the court. The PTI chairman’s lawyer Salman Safdar and FIA Prosecutor Shah Khawar and Zulfiqar Abbas Naqvi appeared in the court. Last week, Judge Zulqarnain had issued directives that the PTI chief and former foreign minister Shah Mehmood Qureshi be presented at the FJC. The cypher case pertains to a diplo-

matic document that the Federal Investigation Agency’s charge sheet alleges was never returned by Imran. The PTI has long held that the document contained a threat from the United States to oust Imran as prime minister. The former premier and his aide Qureshi, who is also behind bars, were indicted in the case on Oct 23. Both have pleaded not guilty. The trial was being held at Adiala Jail and four witnesses had already recorded their statements, with the fifth being cross-examined when an Islamabad High Court division bench had termed the government’s notification for jail trial “erroneous” and scrapped the entire proceedings. As a result of the judgement, the spe-

cial court would now start a fresh trial while the prosecution would have to file a fresh application to conduct the trial in jail. The letter read that according to reports by intelligence agencies and the police, the PTI chairman faces life threats. It further said, “It has been informed that the PTI chairman faces security risks of a serious scale”. At which, Advocate Salman Safdar urged the court to adjourn the hearing indefinitely and grant his client bail while Qureshi’s counsel Bukhari requested the court to issue directives for his client to be presented before the court. After a brief while, the special court announced its order on the report submit-

ted by the jail officials, approving the jail trial but saying it would be held in an open court. The court noted that the jail authorities and security agencies had expressed their reservations about holding the trial at the FJC. Therefore, the next hearing would be held at Adiala jail and would be an open court, the order stated. The special court stated that those who wished to attend the court proceedings would not be stopped from doing so and that journalists would also be permitted to witness the case. It further said that five family members of each suspect would also be allowed inside the courtroom. The hearing was adjourned till Dec 1 (Friday). At the outset of the hearing, Safdar informed the court that there were “two separate matters” pending before the court for on Tuesday. “We had hoped that the PTI chairman would be presented before the court today but he has not been yet,” the lawyer lamented. During the hearing, the jail authorities submitted their report to the court, which Judge Zulqarnain reviewed. The judge then said, “The jail officials are saying that he (Imran) cannot be presented.” The jail officials then informed the court they had written a letter to the Islamabad police, requesting additional security. The police’s report was also submitted to the court along with the jail’s.

What in world is happening at Bank of Khyber? g

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AFTER A LONG DRAWN OUT MANAGEMENT RESHUFFLE, SOME OF BANK’S OLD MANAGEMENT IS FACING ANTI-CORRUPTION REFERENCES PROFIT

AZIZ BUNERI

The struggle for the management of the Bank of Khyber has come to a boiling point after the bank’s managing director left the organisation. His departure has been followed by a string of resignations from board members including the Senior Executive Vice President and Chief Risk Officer Haroon Zameer, and a private board member by the name of Mir Javed Hashmat. The exodus from the bank has come after months of back and forth in which the bank’s MD, Ali Gul Faraz, was at the centre of disagreements within the bank’s board over its financial performance. The bank has already appointed Irfan Saleem, who was the bank’s Chief Financial Officer before this, as the acting MD and is looking for a permanent replacement. One source who was privy to the meeting of the bank’s board said that the members of the board coming from the government, who make up a majority, were in the habit of making decisions without really considering the input of private members of the board which irked them. The main bone of contention were appointments made by the former MD, Ali Gul Faraz, which these private members think were made on a political basis. Separately, KP’s anti-

corruption body has also called Ali Gul Faraz, former finance minister Taimur Jhagra, and other members of the board in for questioning. Financial troubles The Bank of Khyber (BoK) has been in an interesting situation for the past couple of quarters. BoK’s recent trajectory has been nothing short of intriguing. Through the last couple of quarters, its financial performance mirrors the internal challenges the bank has been grappling with. Initially, there was a significant setback as the bank witnessed a staggering drop of over 60% in its profit after tax during the second quarter of 2021. Subsequently, there was a noteworthy recovery evident in the following quarters of 2021 until the first quarter of 2022. However, this upward trend was shortlived, as the bank’s profit after tax plummeted dramatically by a staggering 99.6% in the second quarter of 2022, almost nearing a complete wipeout. To compound matters, the subsequent quarter resulted in a significant loss of Rs 11.1 crore for the bank. In its half-yearly reports of 2022, BoK highlighted that the profit downturn was primarily attributed to several factors: a surge in inflation and petroleum prices, a persistent devaluation of the currency against the dollar, and a substantial increase in the policy rate. Notably, the rapid escalation of the policy rate within

a brief timeframe significantly diminished the margins associated with fixed-rate investments. Additionally, the bank had been heavily investing in expanding its branch network, consequently leading to a notable uptick in operating expenses. Despite the current decline in profitability, the bank clarified that this downturn was short-term as the expansion of the branch network would ultimately contribute to future profit growth by broadening their deposit base. In the third quarter reports of 2022, BoK again attributed the decline in profits to the impact of changes in the market interest rates which eroded margins on fixed-rate investments, and the increase in operating expenses due to branch expansion as well as provisions made against non-performing loans. The bank made a turnaround in subsequent quarters as profit after tax increased on the back of increased interest income. The bank set an impressive financial milestone in the first nine months of 2023, recording a noteworthy profit after tax of nearly Rs 247.3 crores. This achievement marks a remarkable feat of increase of almost nine times compared to the same period last year. However, despite this substantial growth, it’s worth noting that BOK’s net profit margin currently stands at a modest 20%.

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PM Kakar arrives in Kuwait on two-day official visit KUWAIT

STAFF REPORT

Caretaker Prime Minister Anwaarul Haq Kakar on Tuesday arrived in Kuwait on a two-day official visit to meet the brotherly country’s leadership. Upon his arrival at the airport, Kuwait’s Minister for Electricity, Water and Renewable Energy Dr Jassim Mohammed Abdullah Al-Ostad received the prime minister, PM Office said in a press release. Pakistan Ambassador to Kuwait Malik Muhammad Farooq and other senior diplomatic officials were also present on the occasion. During his visit, the premier will meet Crown Prince of Kuwait Sheikh Mishal AlAhmad Al-Jaber Al-Sabah and Prime Minister Sheikh Ahmed Al-Nawaf Al-Ahmad Al-Sabah. During the visit, a new era of economic and economic cooperation between the two countries will begin. A number of MoUs will be signed for mutual cooperation in various sectors including manpower, information technology, minerals and mining, food security, energy and defence, it was further added. As a traditional Kuwaiti welcoming gesture, the caretaker prime minister was also presented “Kahwa” upon his arrival. Earlier this month, the interim federal cabinet gave the nod to seven memorandum of understanding (MoUs) with Kuwait for an investment worth $10 billion. The MoUs would be signed by PM Kakar during the visit. The MoUs will be inked for projects in various fields, including expansion of water reservoirs, mining facilities, protection and expansion of mangrove forests for coastal areas, investment in IT sector and food security.

ECP adjourns plea seeking Imran’s removal as party head till Dec 5 ISLAMABAD

STAFF REPORT

The Election Commission of Pakistan (ECP) on Tuesday adjourned till December 5 the hearing on a plea, seeking removal of Imran Khan as the party chairman. The four-member ECP bench, headed by Chief Election Commissioner (CEC) Sikandar Sultan Raja resumed hearing of a complaint filed by one Khalid Mehmood. The counsel representing Pakistan Tehreek-e-Insaf (PTI) requested for adjournment of the case until next week to submit the response, citing he had not received a copy of the petition yet. To this, the CEC stated that, as per ECP records, a copy had been furnished to PTI. He, however, adjourned the case’s hearing until Wednesday, although the PTI’s lawyer urged for adjournment till next week, citing their engagement in intra-party elections. The Election Commission member questioned the procedure for inter-party matters. Subsequently, the lawyer was instructed by the Election Commission to submit the power of attorney. Petitioner Khalid Mehmood Khan, has submitted a plea seeking removal of Imran Khan from the slot of chairman Pakistan Tehreek-e-Insaf. He argued that the PTI chairman, having been penalized in the Toshakhana case, should be removed from the role.


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