A United Arab Emirates-based trading and investment firm has filed a nearly Rs74 billion damages suit against the State Bank of Pakistan (SBP) and a private bank for allegedly freezing its bank accounts illegally nine years ago. The company was never intimated before freezing the bank accounts. It has also pleaded to unfreeze the bank accounts and release the withheld balance. The company had opened a bank account to operate in euro and Japanese yen currencies. However, the central bank took the action on the basis of a letter from the Office of Foreign Asset Control (OFAC) of the US.

Source: The Express Tribune November 20, 2021 14:21 UTC