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    Thursday, 26 April 2018

    SC vows to recover loans that were waived-off on political basis

    Chief Justice Saqib Nisar remarked in the debt remission case that loans that were forgiven on political basis would be taken back. Otherwise, their properties would be occupied, Aaj News reported. 
    Three-member bench, headed by Chief Justice Saqib Nisar was hearing the case regarding the debt remission case, on Thursday.
    Applicant, barrister Zafar Ullah argued that Nawaz Shareef, Benazir Bhutto, Junejo, Yousuf Raza Gillani, Chaudhry brothers were also included in the debt waiver list.
    National Bank’s lawyer told that court had formulated a commission to conduct investigation for remission debts, debts were remissed after circular was issued by State bank, Court makes verdict over report of Justice Jamsheed.
    The Chief Justice said that the loan of 54 billion was forgiven, on which the lawyer said that the judicial commission declared 54 billion rupees of forgiveness as a story from the past.
    Chief Justice said “I am reopening the old cases, the loans were forgiven on the basis of politics would be taken back.”
    ‘National bank has forgiven several billion rupees, the case was not taken to the commission’s report. Additional Attorney General said that 223 loan remission cases are suspicious.”
    The National Assembly Standing Committee on Finance on Tuesday sought details of loans waived off by banks during last 25 years.

    The committee, which met under the chairmanship of Qaiser Ahmed Shaikh, has discussed the Calling Attention Notice regarding inadequate laws for recovery of loans from the defaulters including waived off loans by the government.
    The committee asked the Ministry of Finance and State Bank of Pakistan to provide the details of loans waived off in last 25 years.
    Rana Muhammad Hayat Khan, who has submitted Calling Attention Notice, has expressed displeasure over the role of National Assembly by not controlling the waiving off loans. "The government should close down the National Assembly, which could not take any action against loan defaulters," he said.
    He was of the view that parliament should legislate laws to prohibit the loan waiving off as people had waived off billion of rupees loans. "Chief Justice of the Supreme Court of Pakistan should take action against loan defaulters," he proposed.
    He accused many influential people are involved in this business. The government should take action against those officers who are authorized to waive off the loans.
    The committee has also discussed the inspection report presented by the State Bank of Pakistan governor regarding misappropriation in promotion process for National Bank of Pakistan's employees.
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