Habib Overseas Bank placed into final liquidation

Habib Overseas Bank (HOB), the local unit of a Pakistan-based lender, has been placed into final liquidation.

Acting judge Shami Kholong placed the embattled lender, which has been in curatorship for the past year, into final winding up, according to a high court ruling made on 26 February 2024. Zeenath Kajee was appointed as the liquidator of HOB.

"This court is satisfied that the first respondent [HOB] is as a matter of fact, commercially insolvent," Kholong wrote in his ruling. "This court, on the evidence presented, is satisfied that applicants [Prudential Authority (PA) and Reserve Bank] have made out a case for final winding up."