Abdul Aleem Khan, senior minister in the Punjab cabinet, has offered to buy Finance Minister Shaukat Tarin and his family’s shares in the troubled Silkbank Limited, sources close to Tarin have confirmed to The Express Tribune. The Tarin family is one of the major shareholders of the bank and controls its shareholding through Sinthos Capital, composed of Shaukat Tarin, Sadeq Sayeed and Azmat Tarin, according to the last publically available financial statement of the bank for January-March 2020 period. “I want to sell my shares in the bank to focus on public life,” said Tarin while responding to a question about the bid made by Khan. The sources said that two commercial banks were also interested to acquire the shares held by Tarin and his family. Sources said that Khan’s condition was that Silkbank would not segregate its consumer finance business and sell it separately to cover the bank’s losses.

Source: The Express Tribune August 14, 2021 03:20 UTC