Crescent Standard Investment Bank Limited (CSIBL) was the largest investment bank listed on all Pakistani stock exchanges. There were some rumors that all was not well and that the investment banking regulator, the Securities and Exchange Commission of Pakistan (SECP), had sent a team to investigate the bank’s affairs. Since the main shareholders were individuals or companies of the well-known Crescent Group, there was also enormous interest in CSIBL’s affairs in financial and political circles. The case describes the different types of companies that merged to form the CSIBL, primarily to protect stakeholders by creating a large-cap company. In its annual reports, the bank reported that all the internal control mechanisms for good governance prescribed by the SECP were in force and that the auditors (internal and external) had rated them as satisfactory. However, upon investigation, it was discovered that the internal administration was involved in a variety of acts of misrepresentation and cover-up. The case focuses on weaknesses in the structure of the corporate governance regime in Pakistan. The fact is that no internal or external control can prevent internal management from perpetuating fraud.
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