Pakistan grants extra powers to graft body probing Imran Khan — media

Pakistan's former Prime Minister Imran Khan, center seated, talks to lawyers after submitting surety bonds for his bails in different cases, at an office of Lahore High Court in Lahore on July 3, 2023. (AP)
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Updated 04 July 2023
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Pakistan grants extra powers to graft body probing Imran Khan — media

  • The National Accountability Bureau can now detain suspects for 30 days if they don’t cooperate with investigations
  • Move came hours before Khan and his wife were set to appear before NAB in Islamabad and at hearings in other cases

KARACHI: Pakistan has issued a presidential ordinance granting extra detention powers to the country’s anti-graft body, which is currently investigating a case involving former Prime Minister Imran Khan, media reported on Tuesday.

Khan, the country’s main opposition leader who has faced a string of cases since being ousted from power last year, was arrested in the graft case in May, which led to violent protests across the country. He was later released on bail.

The legal tweaks involved granting the anti-graft body, the National Accountability Bureau (NAB), the ability to issue arrest warrants and detain suspects for 30 days if they did not cooperate with an investigation, Geo News reported.

Pakistan’s information minister did not immediately respond to a Reuters request for comment.

The move came hours before Khan and his wife were set to appear before the NAB in Islamabad and at hearings in other cases. The former premier left his home in the city of Lahore for Islamabad early on Tuesday, his party said.

The government can pass laws swiftly through a presidential ordinance when parliament is not in session, but the assembly has to endorse the law within 90 days.

Parliament was in session but was prorogued on Monday through a government notification uploaded on its website. The ordinance was issued on Monday night.

Government officials allege that Khan and his wife received land worth millions of dollars as a bribe from a real estate tycoon Malik Riaz through a charitable trust. Khan and his aides, as well as the tycoon, have previously denied any wrongdoing.

Khan and his party have faced a country-wide crackdown after the violence that followed his arrest, that included the ransacking of military installations. Hundreds of supporters and dozens of leaders were detained, and many have left his party.


Saudi National Bank receives non-binding offer for 84.5% stake in Samba Bank Pakistan

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Saudi National Bank receives non-binding offer for 84.5% stake in Samba Bank Pakistan

  • Any potential transaction will require regulatory clearance and complete due diligence
  • Filing submitted to PSX under statutory disclosure rules of the Securities Act 2015

KARACHI: Saudi National Bank (SNB), the majority shareholder in Samba Bank Limited, has received a non-binding offer from Najd Gateway Holding Company for the potential sale of its 84.5 percent stake in the Pakistani commercial lender, a disclosure to the Pakistan Stock Exchange said on Friday. 

The announcement places Samba Bank among the more significant banking assets currently in play in Pakistan’s financial sector, where foreign ownership remains concentrated but sensitive to valuation, capital requirements, and macroeconomic pressures. Any potential acquisition, if pursued, would rank among the most consequential foreign banking exits in recent years, subject to fit-and-proper approvals and regulatory clearance from the State Bank of Pakistan and the Securities & Exchange Commission of Pakistan.

“The Saudi National Bank (‘SNB’), as the majority shareholder of Samba Bank Limited, has notified that they have received a non-binding offer from Najd Gateway Holding Company relating to the proposed divestment of SNB’s 100 percent stake in Samba Bank Limited (‘Samba Pakistan’),” the filing stated. 

“Any decision relating to the potential transaction or process rests entirely thereon, including access to relevant documents for purposes of diligence, shall be subject to internal and regulatory approvals and execution of definitive agreements.”

If the divestment proceeds, it would mark a change of strategic ownership and may trigger regulatory review of capital commitments, governance structure and operational continuity under a new investor. The PSX notice did not disclose valuation, timelines or negotiation status.

The bank said it issued the statutory disclosure under Securities Act 2015 and the Rule Book of the Pakistan Stock Exchange.

Samba Bank currently operates as a listed, foreign-owned commercial bank in Pakistan, with paid-up capital positioned above the regulatory minimum and a footprint in corporate, SME and consumer banking. SNB’s shareholding stems from its earlier takeover of Samba Financial Group following a merger in Saudi Arabia.