KARACHI: A division bench of the Sindh High Court (SHC) has directed the Federal Investigation Agency (FIA) to complete investigation against NBP-Fund Assets Management (NBP-Fund) in next two weeks’ times in an inquiry No 50/2019.
The bench headed by Justice Naimatullah Phulpoto directed FIA’s investigation officer (IO) to submit complete report of the inquiry till January 26, 2020. Otherwise the court will take action, the court remarked. The officials of the NBP-Fund have also been directed to cooperate with the FIA team in the said inquiry.
An official of NBP-Fund informed the court that they are cooperating with FIA team and providing all required data to FIA but they are being harassed. On this, the Investigation Officer of this case said that officials of NBP-Fund are not providing required documents, which FIA is demanding from them.
The NBP-Fund has filed a Constitution Petition in SHC for the quashment of inquiry no 50/2019 being investigated by the FIA on the complaint of a lady doctor, who had lost above Rs 8 million through NBP-Fund. Under Section 41-B, the Fund has prayed to the court to quash the on-going investigation of fraud and fraudulently use of National Bank of Pakistan (NBP) Wheel Logo. The complainant in this case claimed that the NBP-Funds Management is using Logo of NBP without registering from the Intellectual Property Organization – Pakistan (IPO-Pakistan) nor it’s using an approved name.
The LOGO gives an impression that the NBP is behind the matter and people understand NBP, which is the most trusted name in Pakistan’s banking industry. However, NBP-Fund is listed as an independent private company with the SECP.
In April 2018, NBP Fullerton Asset Management Limited was renamed as NBP-Fund Management Limited as the country’s only National Bank ‘NBP’ which made around 54% investment, while a foreign investor Baltoro Growth Fund has made 36% and Dr Amjad Waheed, CEO of the Fund only 10%.
