Photo credits: St. James’s Hotel website.
By Shahbaz Rana
“The State Bank of Pakistan (SBP) neither gave any permission nor initiated a case for approval of the Economic Coordination Committee (ECC),” Irfan Ali, Director Banking of the SBP, told the Senate Standing Committee on Finance and Revenue on Tuesday.
In July this year, the Senate committee had directed the SBP to furnish details whether the Nishat Group remitted $75 million for acquisition of the five-star hotel through proper channels. Billionaire Mian Muhammad Mansha had purchased the hotel in 2012 for $75 million.
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