ISLAMABAD, AUG 19 (DNA):More than 15 years after Innovative Investment Bank Limited (IIBL) was ordered into liquidation, many depositors continue to grapple with uncertainty and financial strain, highlighting the long-standing challenges in recovering blocked funds.
The total amount involved in the liquidation is estimated to be in tens of millions which has pushed many families into mounting hardships, with some relying on informal loans.
Depositors say they have repeatedly approached various authorities, hoping for a resolution, but the process has been slow and opaque. “I invested my life savings in IIBL, and now I don’t know if I’ll ever get it back. Every passing year makes our situation worse,” said one affected depositor, who wished to remain anonymous.
Experts note that such prolonged delays not only erode public confidence in financial institutions but also strain social and economic stability. The unresolved liquidations not only undermine trust in the broader banking and investment sector but also have the potential to discourage new investments, thereby impacting the entire financial ecosystem.
The regulator tasked with overseeing the liquidation process has faced criticism for its prolonged handling of the case. The delays have been attributed to [insert reasons for delays]. While the regulator has announced a disbursement schedule in the past, many depositors report that these promises have often been delayed or only partially fulfilled, leaving them in financial limbo.
Legal representatives point out that similar prolonged liquidations across the country highlight systemic inefficiencies. This underscores the urgent need for institutional reforms to prevent such prolonged wait times for depositors, making the audience feel the necessity for change.
As frustration grows, depositors continue to await any decisive action to secure their blocked funds. Meanwhile, repeated attempts to reach the concerned officials for comment on the current status of the IIBL liquidation went unanswered.
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