ISLAMABAD, Aug 21: Employees of the Small and Medium Enterprises (SME) Bank have raised their concerns over the institution’s privatisation and alleged that the bank’s two multi-billion rupees plots in Islamabad had been undervalued in the Expression of Interest (EoI) to benefit some vested interests.

The SME Bank owns an eight kanal plot in Sector G-5, one of the most expensive areas in the federal capital, and another one kanal plot in G-7.

During the ongoing privatisation process, both the plots are being valued at Rs2 billion.

But, the All Pakistan Progressive Officers Association of the SME Bank has alleged that the land was valued at Rs10 billion years ago when the plots were owned by the now defunct Small Business Finance Corporation (SBFC), presently the SME.

The association is of the view that property prices in the federal capital have multiplied over the years and the

SME plots should naturally be worth more than what they were during the days of the SBFC.

The association claims that the finance ministry and the Privatisation Commission have not taken the employees of the bank into confidence on the issue.

It says that after the 1971 debacle of East Pakistan, the country’s economy was ravaged and the Peoples Finance Corporation was established in 1972, which was later renamed as the SBFC, to revive the economy.

The bank provided financial assistance to the neglected segments of the society, who were unable to benefit from the traditional banking system.

According to the association, all over the world SMEs are being strengthened. But, the Pakistani government has decided to rather sell it, which was beyond the comprehension of many bankers and economists.