Federal Cabinet Sacks President NBP Due to Money Laundering Allegations

Federal Cabinet has ordered to sack the Chairman and President National Bank of Pakistan (NBP), Saeed Ahmed, after allegations of money laundering. Saeed Ahmed has, however, publicly denied any wrongdoing.

Prime Minister Imran Khan presided the Federal Cabinet meeting in Islamabad. During the meeting, matters regarding money laundering came under discussion. The Ministers and advisors noted that Saeed Ahmed is still working as President of NBP even after he was accused of money laundering with former finance minister Ishaq Dar.

After the meeting, Federal Minister of Information Fawad Chaudhry announced that Chairman and President of NBP has been sacked.


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“NAB and JIT inquiries have found Saeed Ahmed’s involvement in financial corruption. On the basis of these facts, the government has decided to remove him from the post. The Federal Cabinet has unanimously decided to give the acting charge of NBP President to senior most Executive Vice President, Tariq Jamali,” Fawad Chaudhry informed the media.

Talking to ProPaksitani, Saeed Ahmed, said that he is innocent and denied any involvement in money laundering or other financial corruption.

Ministry of Finance immediately called Tariq Jamali to Islamabad for further instructions.

On this development, NBP postponed stock market analyst briefing which was scheduled today at NBP head office at Karachi.

According to sources in NBP, Tariq Jamali has a very clean professional record. He is the senior most EVP in the bank and he is affiliated with NBP since 1987 and has served under many important posts and assignments.

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