Ittefaq foundry was sold by PML N leadership in 1998 to Al Rehmat group of companies situated in Faisalabad in 1998 to pay off all the loans. It had 7 partners one of them was Mian Sharif Late, father of Nawaz Sharif. When they surrendered Ittefaq group in 1998 to pay off loans other shareholders including Mian Miraj Din challenged the decision in court, he was not in favour of selling the foundry to Al Rehmat group. He took Sharifs to court and court stayed payments of loans back to the banks.
Now neither the loans have been paid back to the banks, nor any electricity bills paid for more than 12 years and the factory is closed because the case is SUBJUDICED. These notices to Sharif family come now and then because of the case going on in LHC
A link from 2004.
The Lahore High Court has served notices on all seven Ittefaq Group of Industries' families to explain if they supported the sale of four of its steel units for the payment of bank loans obtained by the Sharif family.
Justice Nasim Sikandar on Wednesday issued notices to the families for July 30 upon the receipt of the report of a three-member committee that the Al-Rehmat Group of Companies from Faisalabad purchased the Ittefaq Foundries and the Brothers Steel at Kot Lakhpat, the Ittefaq Brothers at Shahdara and the Ilyas Enterprises on Bund Road for Rs2.159 billion.
The committee submitted the report on July 7 this year, saying the Al-Rehmat Group had already deposited an amount of Rs200 million and pledged to pay the balance in 15 months.
So if Ittefaq foundry is defaulter of LESCO then Al Rahmat group of Faisalabad is responsible for the default who are the owners of Ittefaq group since 1998 not Sharif family and other 6 former co-owners.
Last edited by Uzair Ch; 08-Aug-2012 at 05:58 PM.
Allah kaaa azzaaab aai in choron per!!
Now they are at no. 13. Look at the age (103 months) from when they defaulted.
In sab companies ki investigation kero in sab k pichay Pakistani politician ho gay...
Please stand up with Imran Khan for Naya Pakistan.
oh man............................................... ...........................................!
Sharam tu chotha alfaz ha PML(N) k leya