Amazingly, the sordid crimes at Crescent Standard Investment Bank, sponsored by Altaf Saleem, continue to make major news in the national press, typically hesitant to continue any story for more than a few days.
Of course, in a land where integrity and self-respect have long been fossilised, hardly amazing is the fact that Altaf Saleem continues to lord it over several major public organisations, apparently with the blessings of the President and the Prime Minister.
Maybe, everyone in the government is just too busy reading the President's book to worry about useless matters like integrity, national image and credibility. Under Islamabad's destructive influence, the Prime Minister may also have forgotten both ethics and banking by now. Let me then remind Altaf Saleem and the national leadership of what it means for him to continue.
ALTAF SALEEM IS CHAIRMAN OR BOSS OF WAY TOO MANY ORGANIZATIONS, PUBLIC AND NON-PROFIT: ERRA, SNGPL, PICIC, WWF, Pak Red Crescent, and National Vocational Education Commission to name a few. SNGPL confers upon its Chairman powers that the average citizen cannot even imagine and they extend well beyond just giving a gas connection. Poor WWF and Pakistan Red Crescent live off charitable donations made by individuals in good faith.
The Vocational Commission's huge funds and nascent structure invites abuse. The internal control systems of all the above organisations are archaic, to put it mildly.
They are light years behind those at the Prime Minister's last employer, Citigroup, which too has had its share of financial bunglings in recent times. Interestingly, Altaf Saleem just resigned as a Trustee of LUMS, a place that hardly allowed him any direct financial gain but one that propelled him from a virtual unknown to such notorious and puissant control of national assets.
The most glaring inanity or arrogance, or both, by the national leadership is in having him as Chairman of ERRA. Regardless of what we think of foreigners, the major funds for ERRA come from international lending agencies and foreign nations.
I cannot imagine how any donor can have even an iota of confidence in an organisation where the Chairman's own firm is battling proven charges of every conceivable financial chicanery and then some. Perhaps the lingering privation of the earthquake affectees was not the sole reason for several donor nations to openly voice their concern about corruption in the relief effort. It seems rather ludicrous for the President to ask the gentlemanly Shehryar Khan to pack his bags for being unable to control a bunch of unruly brats and continue to bless Altaf Saleem.
Finally, Altaf is the Chairman of the fledgling Business Support Fund for which the Asian Development Bank provided funds. I happen to be one of five private sector Directors of the BSF. The potential for any financial scam on the scale Altaf is used to hardly exists but we are trying to build some credibility with the SME firms we deal with. Altaf's presence on the board will hardly instill any confidence in BSF by the ADB or by our beneficiaries. I thus publicly ask Altaf Saleem to terminate his association with the BSF.
I would also like to remind the President and the Prime Minister of one other fact that should hasten Altaf's exit from all public sector organisations. Unlike the countless charlatans and petty crooks they have to oblige to gain some political capital or ambition, Altaf Saleem commands no political or ethnic group's loyalty. In the absence of such blackmail power I would hate to venture any further reason for their continued patronage of his dubious multi-helm role.
So, Altaf Saleem should either resign from every single public sector organisation or the President and the Prime Minister should, if they do not wish to appear venal, ask him to leave.