House Building Finance Company - MD

Illegal Appointment of MD

House Building Finance Company Limited

April 25, 2012

HBFC is nowadays in news on account of the Acts and frauds of its MD, Mr. Azhar Abbbas Jaffri, Recently Transparency International as well as Ummat drawn attention towards grave illegalities being committed in the organisation. Government has also restrained it from holding its meetings. Instead of posting those news I have given the links below

HBFC restrained from holding meetings

Fraud of Management reported by Ummat

News of Business Recorder & Pakistan Today justifying that MD stands removed. Here newspaper has mistakenly quoted section 11(5) instead of 11(3)(c) of the Banks Nationalisation Act, 1974
Now recently HBFCL has tried to given its clarification at the following link

 This reply is absurd in totality and contains misstatements which further makes a case of removal of MD.  My Comments are submitted as under:


HBFC Response

It[HBFC] wishes to set the record straight for the information of the public…... "Regarding the appointment of the Managing Director, HBFCL has clarified that the appointment of the MD/CEO of HBFCL is governed by Article 72 of Association of HBFCL which states that 'There shall be a Chief Executive of the Company who shall be appointed by the Board... [More]

Tags: azhar abbas jafri, hbfc, house building finance

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