UBL stamps out fraud
One of Pakistan’s top banks, United Bank Limited, has closed six of its eleven UK branches in the last year amid allegations of fraud and multi-million pound losses.
UBL, which was set up in 1959 by the same man who founded BCCI, has agreed a plan with the Bank of England to improve its systems after the discovery of a major fraud at its Oldham office in 1996.
The threat of scandal at the UK arm of UBL, which is audited by KPMG, has been raised during an industrial tribunal hearing in Manchester in which a group of former employees allege they were unfairly dismissed, claiming they could prove widespread fraud.
Zubyr Soomro, the bank’s president, speaking to Accountancy Age from Karachi, confirmed there had been problems in the past.
He said: ‘The period the allegations are talking about relates to 1996. At the time we had a need to strengthen the systems and controls of the bank – banks in the developing world don’t have the same kind of controls as banks in the developed world. That task is now well underway, and we don’t believe there is any fraud today.’
Soomro denied the bank had losses of #100m, saying it lost #30m in 1996/1997, and claims the bank closures and redundancies will help ease the bank back into profit in 1997.
The bank was nationalised in 1973 and any losses would be fully underwritten by the Pakistan government. ‘All our obligations are covered by the state,’ Soomro said.
The numbers you crunch tell a story. Your expertis...
26yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article