Crescent Standard Investment Bank Case Study
Crescent Standard Investment Bank Failure Crescent Standard Investment Bank a famous and one of the largest banking company in Pakistan .It has matured after a merger of number of financial institutions. The provision of corporate finance and consulting services in Pakistan. This company was embodied under Al Baraka investment Bank Limited( public limited company) – and licensed for carrying out its investment bank 1990 and re-titled as Al Towfeek and begun its commercial runnings in 1991.
It is a subsidiary of Crescent Standard Group. It is owned by Mian Altaf Saleem ,Mian Ahsan Saleem and Mian Anjum Saleem (3 brothers) . Acquistions by this company: In 1997 the First Crescent Modaraba- merger with Al Ata Leasing Modaraba and First
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KARACHI, Sept 15: The Security and Exchange Commission of Pakistan (SECP) in its final report held the main sponsors of the Crescent Standard Investment Bank (CSIBL) responsible for the loss caused to the stakeholders and depositors and said the bank’s license should be cancelled.
As CSIBL had already paid to Altaf Saleem and Anjum Saleem their principal amount of Rs95.04 million as well as mark-up (on April 10, 2006), therefore, payment against personal running finance facilities of Rs100 million tantamount to embezzlement of funds of CSIBL,”
The equity of the bank had been eroded to the tune of Rs2.082 billion (in negative) as of August 26, 2006. “So it does not have the minimum regulatory equity of Rs300 million as required for the business of investment finance services, and Rs200 million as required for the business of leasing,”
Inshort, institutional depositors complained about the bank that it was not able to meet their outstanding liabilities.
The depositors were:
Sialkot International Airport Rs555.57
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