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FCAs case put off to 21st

RECORDER REPORT

ISLAMABAD: For the second time this month, the Supreme Court on Monday adjourned the hearing in the foreign currency accounts case.

Chief Justice Irshad Hassan Khan, presiding over the three-member bench ordered deferring the case to next Monday (February 21), after hearing the request of the Law Minister, Aziz A Munshi. He was supported by the counsel for banks and also the petitioner, Munirul Huda Chowdhury.

They said that negotiations to settle the case outside the court were still being conducted between Chowdhury and the Citibank, his bankers.

The bench comprised Chief Justice Irshad Hassan Khan, Justice Chaudhary Mohammad Arif and Justice Qazi Mohammad Farooq Pasha.

Munirul Huda had deposited $1.5 million in the accounts a few years back which were frozen by the PML government after the nuclear explosions in May, 1998.

The depositor is seeking review of Supreme Court's judgement of June last year laying down certain parameters for the resolution of the tussle between the foreign depositors and their bankers on payment of interest and repatriation of the capital amount.

Munir, a non-resident Pakistani located at London, wants the Supreme Court to order his bank to pay him the interest and also seeks permission to repatriate his money after he is paid by the bank in Pakistan rupee and it is re-converted into foreign currency through open market deal.

He told the Business Recorder that he had informed the Attorney General about his disappointment with the negotiations because Aziz Munshi had encouraged the direct contact.

Later, while the Bench was hearing another case, the petitioner, the Attorney General and the officials of the State Bank and their counsel, Abid Manto, held a whispered consultation on the back benches of the Court and decided to have another go at the negotiations. They agreed to seek the adjournment and to later meet at the office of the Attorney General to hammer out a formula.

Attorney-General Munshi and his Deputy Bashir Tanvir Ansari appeared for the government while Abid Manto represented the State Bank of Pakistan. Syed Ali Zafar stood for the bankers' association which wants to be impleaded as a party, while Sajid Zahid had put in an appearance for the Citibank. The petitioner S M H Chowdhury, appeared in person.