“Fighting allegations vigorously”, says HBL on liability claims

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September 29, 2022 (MLN): Responding to the news item published by Bloomberg, the Habib Bank Ltd (HBL) declared that the allegations in the complaints are meritless while adding that the bank is contesting them 'fully' and 'vigorously', a clarification issued by the bank showed on Thursday.

“We are aware of the news item published by Bloomberg, and the public record is clear that HBL is unwavering in its commitment to combating the financing of terrorism, and—as has been well documented—its extensive global implementation of anti-money laundering compliance controls has been highly successful and lauded by regulators around the world,” the press release added.

“HBL’s motion was successful in two respects: the Court dismissed the primary liability claim and narrowed the case substantially. The court also stated secondary liabilities will be evaluated following due legal proceedings and no judgments were passed by the court on this matter,” it added.

HBL proactively initiated a business transformation program, in early 2018, around its control and compliance processes and systems to adhere to international standards. The bank said that it has made investments in management time and resources to strengthen its anti-money laundering and countering terror financing protocols by partnering with global experts in this field.

Earlier, a report by Bloomberg claimed that HBL failed to shake off claims of aiding and abetting al-Qaeda terrorism and joining in a conspiracy to launch attacks that killed or injured 370 plaintiffs or their family members.

The clarification was issued after market hours and the bank is expected to issue a notice to the shareholders through the stock exchange tomorrow.

Press Release

Posted on: 2022-09-29T16:50:27+05:00

News Id :35293

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