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List of beneficiaries of loans relief valuing Rs 60 billion during Pervez Musharraf regime made public

Thursday, December 3, 2009 Leave a Comment

List of the persons who had got loans over 60 billion rupees written off during former president Pervez Musharraf regime have been made public.

Loans amounting to Rs 120 billion were waived during the period from 1985 to 1999. About 2000 companies and persons got relief in loans under different schemes introduced by State Bank of Pakistan which include retired generals, industrialists, actors and businessmen.

As per list available in National Assembly (NA) library major chunk of the loans was written off by National Bank of Pakistan (NBP). NBP waived loans to the tune of Rs 23.51 billion which were lying outstanding against 1086 persons. Zarai Tarqiati Bank wrote off loans valuing Rs 7.56 billion against 883 loan defaulters including feudalists, industrialists and traders.

The catalogue consisting of more than 850 pages revealed that Bank of Punjab (BoP) waived loans of Rs 2.39 billion which were outstanding against 86 defaulters. Saudi Pak Investment wrote off outstanding loans to the tune of 462 million against 31 persons. 46 persons from Pak Libya Holding companies got waived loans of Rs 1.39 billion.

6 women also stand in the line of the persons who benefited from loan waiver facility. Loans over 12 million were written off against these influential women.

Loan amounting to Rs 110 million was waived against PML-Q senator Haroon Akhtar, Rs 8 million against Halim Aadil Sheikh, Rs 1.5 million against Jam Madad Ali, Rs 1.7 million against Samina Pirzada, Rs 50 million against former chairman NAB Lt Gen (Retd) Amjid, Rs 900 million against Lt Gen (Retd) Abdul Qayyum, Rs 980 million against LT Gen (Retd) Farhat Ali.

Yousuf Saigol of Kohi Noor Textile Mills got loan relief to the tune of Rs 945 million, Punjab minister Mujtaba Shuja Rs 768 million, Aamra Textile mills Rs 6 million and Fouji Cement Company Rs 52 million.

This list was provided to NA a year back in response to a question from Mian Abdul Sattar and it is now part of the record.

Senator Haroon Akhtar denied the report of seeking any loan relief saying no loan was written off against him but adjustment was made under the directives of Lahore High Court in line with State Bank policy after he had paid Rs 180 million. Advertising any loan which was written off after the payment was made double than the original sum of debt was wrong, he added.

To a question he said action should be taken against those who obtain loans in the name of others and then get them write off. This falls under the purview of banking fraud, he remarked.

PML-Q leader Haleem Adil Sheikh demanded action should be taken against those who had sought waiver for their outstanding loans in unfair manner. If a settlement is made with bank under any policy then it is a legal way as only interest has been waived in the settlement. "We had obtained loan of Rs 3.9 million which was repaid in full under state bank policy. Settlement was made on interest and not a single penny of loan was got waived", he told.