PESHAWAR: The process initiated for the appointment of the Managing Director (MD) Bank of Khyber (BoK) has snagged on the formation of a new government in the province.
According to sources, the process would be completed as soon as the new elected provincial government comes to power.
BoK sources revealed that a Board of Directors meeting was convened on February 22 to review applications for the new MD and make a selection. However, the board has been instructed to defer the appointment until the new government assumes office.
Despite the Election Commission of Pakistan (ECP) imposing a ban on new appointments, both government and private board members persisted in progressing the MD selection process, aiming to conclude it before the new government’s arrival. The Chief Secretary’s intervention, seeking clarification on the board’s actions amid the ban, prompted the cessation of the process.
Sources within the bank disclosed that previous haste in appointing the last three BoK MDs by the board and provincial government resulted in controversies, severely impacting the bank’s performance during those terms.
Nominated Chief Minister of Khyber Pakhtunkhwa, Ali Amin Gandapur, has also reportedly instructed the BoK Chairman to suspend the MD appointment until the government setup is finalized.
The board meeting agenda also included addressing objections raised by the State Bank of Pakistan in its inspection report. Efforts to obtain comments from Acting MD Irfan Salim Awan and Company Secretary remained unanswered, as they did not respond to inquiries.
