In other cases, fake identity cards were used and over-evaluated properties were pledged as collateral. A report submitted by the General Manager Audit to the bank president on May 25th 2010 revealed that the bank, instead of listening to earlier warnings, released more money to such companies with which it was supposed to be careful in its future deals. The GM Audit Muhammad Hanif says he gave three consecutive reports in the series of Audits conducted for the business deals with this group and its allied names (i. e. Haris Steel, etc).
Bank sources said that irregularities worth Rs 6-8 billion were committed at Tufail road, lahore branch of the bank and the main corporate branch, Lahore. The bank management is, however, reluctant to talk on the issue. Despite repeated efforts, no one was ready to offer the bank’s version on the story. The bank president was said to be abroad. The presidents mobile and residence numbers were dialed but there was no response. The MD of the Bank, Haroon Aziz, was also contacted at his office number but he did not return the call. The same was the case with Bank’s country head corporate credit Khalid Qayyum.
The GM Audit, Muhammad Hanif, when contacted, confirmed the report. When this correspondent read out selected contents of his report, he said that irregularities were a routine in the banking sector. In his report, Hanif said that facilities being availed by Harris Steel and its Allied Accounts were intensely audited and the irregularities observed were highlighted as per audit reports of November 7, 2006 and December 1, 2006. Bills discounted under BOP L/Cs, by BOP branches without seeking FIRMU (financial institutional risk management units).
The GM Audit pointed out that the Credit Risk Management Division (CRMD) of the Bank issued Credit Bulletin No 035 (Revision I) on December 05, 2006, which was in particular supportive to the fore stated customer, whose negotiation/discounting of documents under BOP L/C by another branch was allowed and FIRMU approval requirement was done away. The report also identified the properties offered as collateral security and mentioned as commercial/industrial land in the name of various individuals. According to a source, all the pledged properties are actually agriculture lands and over evaluated.
According to a source, Afzal (owner of Haris steel mills), through his connections with the top bank management opened 16 companies accounts in Davis Road and Tufail Road branches and was able to get credit line worth billions of rupees. Questions:- Q1. What are the systematic and corporate issues rose by this issue? Q2. Who in your judgment is morally responsible in the scandal? Q3. Was the revision of the credit bulletin No 035 a legal and ethical action by the bank management? Q4. What do you think the GM audit of the bank performed his job responsibly? What else action he could have taken to prevent the bank from this corruption?
Unethical Behaviors in Organizations: Price Fixing
Unethical Behaviors in Organizations: Price Fixing.
Topic chosen: Price Fixing as the Standard. Create a presentation of 10-15 slides or screens excluding the title and references. Your slides/screen should include titles, main ideas, bullet points, and relevant images, charts, graphs, etc. In your presentation: Describe an ethical situation, based on the chosen topic, that can get in the nurse’s way of practicing ethically. Describe the situation clearly and concisely. Identify how this situation relates to one provision within the Code of Ethics for Nurses. Identify two ethical principles that may arise when facing this situation. Discuss how a nurse might lessen the impact of the situation on the nurse’s practice. In addition to the course texts, cite and reference a minimum of two (2) additional scholarly sources to support your work. Close with a summary of your topic, and APA formatted reference slide(s). (from the grading rubric: he introduction is attention getting and lays out the topic well. It establishes a strong framework for the rest of the presentation. The conclusion is comprehensive and compelling. Presentation contains accurate and complete information. Ideas, facts, and information provided demonstrate a strong, confident, understanding of the material.)
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