HBFCL TAKES STRONG EXCEPTION TO MISREPORTING

Karachi, May 02, 2012: House Building Finance Company Limited (HBFCL) has strongly condemned the misreporting in a section of the press, alleging that the National Accountability Bureau (NAB) has initiated an inquiry against the Managing Director of HBFCL. Terming the news as totally false and highly malicious, HBFCL has categorically stated that there is absolutely no inquiry being conducted by NAB or ‘secret agencies’ against the MD HBFCL as reported in some papers.    

HBFCL has further expressed its disappointment that some newspapers allowed such irresponsible misreporting, that is highly damaging for the organization and for the individual concerned. HBFCL feels that all such highly speculative or controversial news need to be first thoroughly checked for authenticity before being published. In the present instance even the name and reputation of NAB has in effect been maligned as an action has been attributed to NAB which it has not at all taken.     

HBFCL hold the media in high regard and wishes to confirm that it believes in full transparency and is always available to the media to discuss any issues it may have relating to the organization. It urges the media not to entertain such misreporting that is instigated by unscrupulous vested interests, whose malpractices have been brought to an end through the transformation strategy carried out by the present management of HBFCL. This transformation strategy has turned over HBFCL from a perennial loss-making organization into an efficient institution that has reported profits for the past 2 years consecutively.

The House Building Finance Company Limited (‘HBFCL”) is an unlisted Public Limited Company. Its Vision is “to be the prime housing finance institution of the country, providing affordable housing solutions to low and middle income groups of population by encouraging new constructions in small & medium housing (SMH) sector.” Since its inception it has provided a range of housing finance products and services for nearly half a million housing units.