ISLAMABAD: Supreme Court Wednesday made public report evolved by a 3-member judicial commission led by Justice Syed Jamshed Ali in respect of the persons who have got waived their loans since 1972.
A 3-judge bench led by Chief Justice Iftikhar Muhammad Chaudhry took up the case for hearing Wednesday.
With the opening of this report several names of important figures will stand exposed and sword of disqualification is likely to hang over the heads of several politicians.
Major defaulters among the politicians were Chaudhries of Gujrat who defaulted in payment of six loans worth Rs 109.66 million against Phalia Sugar, Punjab Sugar and Sapco Limited; Ittefaq group Rs 83 million against Ittefaq Foundry, Saifullah's Rs 37.3 million while Zardari group was in default of Rs 7 million.
The State Bank had issued a total of 33 circulars since 1972 to 2007 in that respect. According to Section 25 of the Banking Ordinance, a loan write off case should be sent to the Parliament but this section had continuously been ignored.
The total amount waived off as loans from 1972 to 1996 is over Rs. 200 billion. Three lists of bad loans have been published since 1993, the first by caretaker PM Moeen Qureshi, followed by two lists by Benazir Bhutto and caretaker government of Meraj Khalid in October 1996 and January 1997respectively. The bad loans which were Rs 1,340 million when Z A Bhutto was removed swelled to Rs 80 billion in August 1993, Rs 126 billion inNovember 1996 and Rs 130 billion in January 1997.
According to details, 244 loans were written-off amounting to Rs 4,724 million between March 1985 and August 1993 but the number of written-off loans increased 942 in November 1996 valued at Rs 8,247 million. Thus during her second term, Benazir government wrote-off 698 loans worth Rs 3,550m.
Some notable beneficiaries of loans written-off before August 1993 included New Era Textile (Rs 136.7m), Hashwani Hotels (Rs120 m), Fancy (Rs 64.89m), Colony (Rs51.4 m), Saifullahs (Rs 39.21m), Hyesons (Rs 35.7m), Habib group against RKD Sugar (17.m), Saigol against Omaryar Limited and Kohinoor Textile Mills (17.1m), Mian Mansha (Rs 7.5m), Bibojee (Rs 4.2m), Packages (Rs4.2m) and Bawany (Rs 2m).
The 698 beneficiaries of written-off loans under Benazir included Farooq A. Sheikh, whose five loans worth Rs 500 million in Adamjee Industries, Dost Mohammad Textile Mills, United Exports and United Group of Industries were written-off. Six loans worth Rs 131m of Jan Mohammad, a member of theNational Group owning the Muslim Commercial Bank, relating to Charsada Sugar Mills were written-off. A few other beneficiaries were: Saifullahs, Hashwani, House of Habib, B.D Avari, Taufiq Sayed Saigol, MNA Shahid Nazir and former NA Speaker Gohar Ayub.
Link of Article: http://thespokesman.pk/index.php/component/k2/item/1201-sc-opens-doors-to-jc-report-defaulters-since-1972-made-public …
List of Top Loan Defaulters till 1996
Amount Borrowed (in millions) = Blue
Amount Default (in millions) = Red
Name Amount borrowed, default (Rs in millions)
1 Ittefaq 3,675 2,891
2 Fazalsons 3,475 3,475
3 Tawakkal 1,7681,464
4 Bela Chemicals 1,2591,217
5 Abdul Shakoor Kalodia 1,215 1,215
6 Naqvi 1,213 1,060
7 Zahur 1,035905
8 Ghani 1,023 985
9 Arabian Sea Enterprise 950 913
10 Hyesons 750 725
11 Chaudri Cables 716684
12 Farooq A Sheikh 632 632
13 Habib 615 615
14 Bawany-Alnoor 601 485
15 Chaudry Shujaat 544 381
16 Dawood 540 325
17 Adamjee 526494
Total 20,537 18,466
Top Defaulters in January 1997
Name Amount in Default (Rs. in Million)
1 Ittefaq 3,013
2 Tawakkal 2,956
3 Fazalsons2,800
4 Bela Chemicals 2,339
5 Chaudri Shujaat 1,557
6 Abdul Shakoor Koladia 1,254
7 Fauzi Ali Kazim 1,159
8 Saigol 1,086
9 Naqvi 1,056
10 Zahur 1,028
11 Abdullah Al-Rajaih 1,031
12 Ghani 903
13 Habib 845
14 Adamjee 832
15 Hashwani 640
16 Arabian Sea Enterprise 626
17 Sargodha 581
18 United 501
19 Chakwal 441
20 Dawood 376
21 Bawany-Alnoor 352
22 Fateh 213
23 Packages 166
24 Colony 81
Total 25,389
Sab k Sab Chor Salay: And You can clearly see PMLN tops both lists.
A 3-judge bench led by Chief Justice Iftikhar Muhammad Chaudhry took up the case for hearing Wednesday.
With the opening of this report several names of important figures will stand exposed and sword of disqualification is likely to hang over the heads of several politicians.
Major defaulters among the politicians were Chaudhries of Gujrat who defaulted in payment of six loans worth Rs 109.66 million against Phalia Sugar, Punjab Sugar and Sapco Limited; Ittefaq group Rs 83 million against Ittefaq Foundry, Saifullah's Rs 37.3 million while Zardari group was in default of Rs 7 million.
The State Bank had issued a total of 33 circulars since 1972 to 2007 in that respect. According to Section 25 of the Banking Ordinance, a loan write off case should be sent to the Parliament but this section had continuously been ignored.
The total amount waived off as loans from 1972 to 1996 is over Rs. 200 billion. Three lists of bad loans have been published since 1993, the first by caretaker PM Moeen Qureshi, followed by two lists by Benazir Bhutto and caretaker government of Meraj Khalid in October 1996 and January 1997respectively. The bad loans which were Rs 1,340 million when Z A Bhutto was removed swelled to Rs 80 billion in August 1993, Rs 126 billion inNovember 1996 and Rs 130 billion in January 1997.
According to details, 244 loans were written-off amounting to Rs 4,724 million between March 1985 and August 1993 but the number of written-off loans increased 942 in November 1996 valued at Rs 8,247 million. Thus during her second term, Benazir government wrote-off 698 loans worth Rs 3,550m.
Some notable beneficiaries of loans written-off before August 1993 included New Era Textile (Rs 136.7m), Hashwani Hotels (Rs120 m), Fancy (Rs 64.89m), Colony (Rs51.4 m), Saifullahs (Rs 39.21m), Hyesons (Rs 35.7m), Habib group against RKD Sugar (17.m), Saigol against Omaryar Limited and Kohinoor Textile Mills (17.1m), Mian Mansha (Rs 7.5m), Bibojee (Rs 4.2m), Packages (Rs4.2m) and Bawany (Rs 2m).
The 698 beneficiaries of written-off loans under Benazir included Farooq A. Sheikh, whose five loans worth Rs 500 million in Adamjee Industries, Dost Mohammad Textile Mills, United Exports and United Group of Industries were written-off. Six loans worth Rs 131m of Jan Mohammad, a member of theNational Group owning the Muslim Commercial Bank, relating to Charsada Sugar Mills were written-off. A few other beneficiaries were: Saifullahs, Hashwani, House of Habib, B.D Avari, Taufiq Sayed Saigol, MNA Shahid Nazir and former NA Speaker Gohar Ayub.
Link of Article: http://thespokesman.pk/index.php/component/k2/item/1201-sc-opens-doors-to-jc-report-defaulters-since-1972-made-public …
List of Top Loan Defaulters till 1996
Amount Borrowed (in millions) = Blue
Amount Default (in millions) = Red
Name Amount borrowed, default (Rs in millions)
1 Ittefaq 3,675 2,891
2 Fazalsons 3,475 3,475
3 Tawakkal 1,7681,464
4 Bela Chemicals 1,2591,217
5 Abdul Shakoor Kalodia 1,215 1,215
6 Naqvi 1,213 1,060
7 Zahur 1,035905
8 Ghani 1,023 985
9 Arabian Sea Enterprise 950 913
10 Hyesons 750 725
11 Chaudri Cables 716684
12 Farooq A Sheikh 632 632
13 Habib 615 615
14 Bawany-Alnoor 601 485
15 Chaudry Shujaat 544 381
16 Dawood 540 325
17 Adamjee 526494
Total 20,537 18,466
Top Defaulters in January 1997
Name Amount in Default (Rs. in Million)
1 Ittefaq 3,013
2 Tawakkal 2,956
3 Fazalsons2,800
4 Bela Chemicals 2,339
5 Chaudri Shujaat 1,557
6 Abdul Shakoor Koladia 1,254
7 Fauzi Ali Kazim 1,159
8 Saigol 1,086
9 Naqvi 1,056
10 Zahur 1,028
11 Abdullah Al-Rajaih 1,031
12 Ghani 903
13 Habib 845
14 Adamjee 832
15 Hashwani 640
16 Arabian Sea Enterprise 626
17 Sargodha 581
18 United 501
19 Chakwal 441
20 Dawood 376
21 Bawany-Alnoor 352
22 Fateh 213
23 Packages 166
24 Colony 81
Total 25,389
Sab k Sab Chor Salay: And You can clearly see PMLN tops both lists.
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