LAHORE: The newly appointed Ambassador of Pakistan to the United States (US), Ali Jehangir Siddiqui has resigned as the director and chairman of the board of directors JS bank with immediate effect.
In a notification sent to the Pakistan Stock Exchange on Tuesday by JS Bank said: “Mr Ali Jehangir Siddiqui has resigned as Director and Chairman of the Board of Directors of JS Bank Limited with immediate effect.”
Ali Jehangir Siddiqui is all set to assume charge on May 29th (today).
Siddiqui, who is facing a National Accountability Bureau (NAB) inquiry for allegedly causing a loss of Rs40 billion to the national exchequer through embezzlement, left for Washington on Saturday night.
He will replace the outgoing Pakistani ambassador to Washington Aizaz Ahmed Chaudhry.
The appointment of Ali Jahangir Siddiqui, prime minister’s special assistant, to such an important position drew strong criticism from some opposition parties as well as career diplomats. A petition challenging his appointment is also pending in the Islamabad High Court (IHC).
Siddiqui, who holds a BA in Economics from Cornell University, US, is the son of the famous banker and businessman Jahangir Siddiqui. He has served as director of Airblue airlines, Lucky Cement, Azgard Nine along with several other companies.
In 2014, he was honoured as a Young Global Leader by World Economic Forum.
Besides that, he has also served as a member of the Privatisation Commission, the Private Sector Advisory Board of the Planning Commission, the Sindh Board of Investment, and a member of the Community Development Board of the Government of Sindh.
