Arrest Warrants for UBL President
JUSTICE Ijazul Ahsan of the Lahore High Court on Friday issued bailable arrest warrants for the president, general manager and branch manager of the United Bank Limited (UBL) on a contempt application.
The judge issued the warrants on a contempt application moved by Ms Rehana Jabeen.
The petitioner, through her counsel, submitted that the UBL had announced a scheme in 1993, announcing that the invested money would be doubled in five years while the same would be increased three times in seven and a half years. She said the bank also announced to give 26 per cent profit per annum on the basis of fixed rate, adding that more than 23,000 people besides her invested their money in the scheme. She alleged that after some time the bank gradually started reducing the profit and the investors objected to it by sending legal notice to the bank, saying the bank could not reduce profit unilaterally but the bank authorities turned a deaf ear to the notice.
The petitioner alleged that the bank action amounted to fraud and deception and challenged it before the Lahore High Court which on May 19 accepted the petition and declared the bank action unlawful and ordered the bank on March 6, 2009 to pay profit on agreed terms. She said that after the LHC order, she approached bank authorities but they ignored the court order. She prayed to the court to proceed against the UBL officials for violating the order.