 Welcome back to corporate governance. We have been engaged in a very interesting and a very practical module encompassing the subjects and the topics of corruption, anti-corruption, investigating corruption, transparency and accountability. Now, we have done some exercises which were very interesting and basically opened up your mind and today we also going to do an activity and that is a case study. Now, this case study is based upon certain real events but the names of the different characters and the organization naturally has been changed and some of the episode has also been recalibrated and realigned to ensure that you cannot exactly identify which organization this is about. But again this is a real life situation and therefore this will be a reinforcement of the theory that we have been talking about and would enable you to think out of the box and find the relevant solutions. Now, the name of the case study is Infinity Financial Services and basically this case study is about the main character who is Mujibullah Khan. He graduated from Peshawar University and was selected as an MTO in Futter Bank Limited. He quickly rose the ladder and within 3 years became the branch manager of Khyber Agency and that was a what we call was a meteoric rise towards success but while he was there he became heuristic and began facilitating friends discarding the state bank of Pakistan's guidelines and regulations and resultantly many of his process loans turned into bank defaults and the Futter Bank initiated an inquiry against him. So, what we see is that we had this dynamic individual who had all of the right essentials and ingredients within him but unfortunately he got carried away and he started facilitating friends and involved himself in nepotism and discrimination in the context of helping people out and that resulted in bad loans and therefore an inquiry was initiated against him. The inquiry commission held Mujibullah Khan responsible for the unscrupulous transactions and recommended employment termination with a fine of 1 million rupees. Now, after that because he was no more in the bank therefore he got together 6 of his friends and they together registered a financial services company which was circulate cash investments and solicit high end clients. Now, after that they got together and registered Infinity Financial Services Private Limited with the CCP and they made a lavish office and adopted a very lavish business style because their main objective was to attract investment and to attract a lot of funds into their company so that they could use it for different purposes. Now, what we see is that there were three main financial products of Infinity Financial Services. The first product is portfolio managed accounts where the client deposited their amount on the basis of 3 to 4 percent fixed profit margin per month and the second one was trading account where the investment was made on profit and loss basis with a loss of up to 10 percent per month and the third one was trading account on profit and loss basis where profit and loss was completely borne by the client and Infinity Financial Services Private Limited would only charge a processing fee. So, these were their three main financial products which they basically offered to their clients. The first two years were just amazing and there was this exponential growth and Mujib and his friends basically started materializing all of their dreams investors were getting a very high percentage and the organization also was able to open up two branches in Aptubad and Murdan. However, things suddenly then changed there was a dip in the market and then one of their largest clients pulled out their investment that led some of the employees, the jittery employees to basically advise their investors to take the money out from the company and that basically led to a run on the accounts. So, Mujibullah tried to control the situation but, Mayor Associations does not give anything and after few months the whole organization collapsed and the IFS directors went into hiding. Some of the IFS effectees approach the National Accountability Bureau and then after a very extensive search Mujibullah was finally, arrested from Karachi and arrest warrants were also issued against all of the IFS directors and also the top employees of the company. Now, the questions which emerge from this very interesting case study are number one and that should get you thinking and preferably if you can sit with one of your friends and have this discussion it would be much more enriching and also would be very good for you to understand the different concepts of accountability and anti-corruption. Now, the first question is that you may identify the mistakes of Mujibullah Khan and what would you have done differently? So, first identify the mistakes and then as a professional think yourself as a professional how would you do these things differently? Second question is comment on the three financial products of IFX limited what was wrong with the products and how can they be recalibrated? So, again they had those three main products but it was those products which led to the downfall of the organization. So, what chiseling of the product or fine-tuning of the product would you have done to ensure that these products would actually enable the company to grow and not collapse and what type of recalibration is required also that you should be answering. What lessons can we derive from this case study? So, again this case study has many lessons and it is very important that we tend to learn from them and we can also elaborate on them that what were those different questions. Now, what would be the anticipated conclusion of this NAB investigation and case? So, again you would be studying the situation and then keeping in the national accountability ordinance you would be applying that and seeing that how this investigation is going to proceed. Study the NAB law which is available on the internet and identify the clauses which were laid to the private sector that is very important. Which sections of the NAB ordinance would be applicable on this case and what would be the best way forward for the NAB prosecution? So, again a very real life question just a few lines but definitely its execution would be mind blowing. So, you have to look at the NAB ordinance, you have to relate it to the private sector, you have to apply it on the case and then identify the best way forward so that the real culprits are taken to task. So, enjoy the case study and if there are any questions then we can manage them later on. Take care. Thank you.