Bank Loans Write-Off: A comparison of PPP, PML-N and General Musharraf
According to statistics by the State Bank of Pakistan, there are glaring differences in terms of fiscal irregularities between elected governments and military governments in Pakistan. Government of General Pervez Musharraf appears to be most corrupt followed by the right wing government of PML-N. Here are the SBP statistics which were also discussed by Munno Bhai in his op-ed in Daily Jang today (provided below):
The loan write-offs, in just seven years (2000-2006) of General (retd) Pervez Musharraf’s rule crossed the figure of Rs 125 billion, whereas only Rs 30 billion credits were waived during the reign of the elected regimes of Muhammad Khan Junejo, Benazir Bhutto and Nawaz Sharif between 1985 and 1999.
The sources further disclosed that during the two tenures of Nawaz Sharif (1990-93 and 1997-99) Rs 22.35 billion loans were written-off.
During Sharif’s first tenure, a total of Rs 2.39 billion was written-off, while during his second stint in power, around Rs 19.96 billion was waived off.
Interestingly, the written-off loans during the two tenures of Nawaz Sharif constituted approximately 74.5 per cent of the total of Rs 30.18 billion written-off between 1986 and 1999.
During the two tenures of late Benazir Bhutto, a total of Rs 7.23 billion loans was written-off, constituting 24.2 per cent of the total written-off loans. While an amount of Rs 0.49 billion was waived off during her first tenure, an amount to the tune of Rs 6.74 billion was written off during her second term.
Source: The News
Here is Munno Bhai’s article:
Source: Jang
Our two-timer (Nawaz Sharif) wields a lot of power. No, I am not referring to the electric power stolen for the election campaign of Lahore’s NA-123 elections. This is absolutely inconsequential and all the ruckus about it is a waste of time. The amount of electric power gobbled before to run the steel mills may run into thousands of megawatts, so why worry about peanuts?
Let us look at the assets that allegedly belong to our two-timer: “The Raiwind estate spread over several thousand acres; Ittefaq Sugar Mills set up in 1982; Brothers Steel in 1983; Brothers Textile Mills in 1986; Brothers Sugar Mills Ltd in 1986; Ittefaq Textile Units in 1987; Khalid Siraj Textile Mills in 1988; Ramzan Buksh Textiles in 1987; and Farooq Barkat (Pvt) Ltd in 1985.”
This is obvious and ‘tangible’, but there are said to be other ‘intangible’ but useful ‘assets’. The examples are quoted: $ 60 million from the famous road contract known as GT road (connecting Lahore-Islamabad); $ 140 million in unsecured loans from Pakistan’s State Bank to fund companies owned or controlled by the two-timer. He did not pay the loans back to the bank, instead got them pardoned from President Muhammad Rafiq Tarar. Rs 60 million from government rebates on sugar exported by mills controlled by him and his business associates, Rs 58 million from inflated prices paid for imported wheat from the US and Canada. There may be an endless list of gains by using authority, gains in taking over foreign exchange, levying of duties after the Ittefaq Group imports and so on, and of course the prime properties in London and elsewhere.
If all the above-mentioned is true, then I do not actually have the accounting ability, or the accounting expertise to add up the total value of these assets. My calculator is non-professional and has digits only up to some billions, not as many as needed in this case. But still, on record or declared, there is almost nothing in the name of the great two time prime minister.
Prime minister’s asset management —Naeem Tahir
http://dailytimes.com.pk/default.asp?page=2010\03\13\story_13-3-2010_pg3_3
Not all gloom and doom
A review of the macro-economic performance of the current government
By Ahmad Ali Khan and Shehryar Butt
Soon after this government assumed power in March 2008, Pakistan was enveloped by a staggering macro-economic crisis, largely a legacy of the previous government’s economic decisions. It is well recognised that the long spell of growth in recent years was achieved on the back of an aggressive current account deficit, which was financed from foreign investment, privatisation proceeds and foreign capital from the international market. There was a significant slow down in exports and non-investment imports were rising. This excessive growth in imports and significant expansion in development spending in sectors that will not have immediate returns — such as higher education — were made possible with a conscious effort to keep the nominal exchange rate stable and interest rates low.
While an over-ruled exchange rate created anti-export bias, the low interest rate includes misplaced notion of extra fiscal space, which was used to justify increased development spending. There is no evidence though that consumption was promoted at the expense of of investment, as both these expenditures have shown stable trends during the period.
In the days following the PPP-led coalition taking control of the rudder, Pakistan’s currency was losing value hand over fist, foreign-exchange reserves covered barely three months of imports; and the cost of ensuring our sovereign debt against default was almost 1000 basis points (10%). Indeed the Economist reported on Oct 23 “The economy is close to freefall. Inflation is running at about 30%. The rupee has devalued by about 25% in just three months. The fiscal deficit is a whopping 10% of GDP. Foreign-exchange reserves cover just nine weeks of imports. A $500m Eurobond matures next February, but the market has already decided it is junk. The country needs at least $3 billion in short order, and a further $10 billion over the next two years to plug a balance-of-payments gap. Without it, default abroad might well coincide with political anarchy at home.”
Amusingly, however we are today one of the few countries in the world that enjoys more macroeconomic stability now than in September when the bankruptcy of a major investment bank was the first brick to fall in the collapse of the global financial system.
So how has a country, which was written off to default, deserted by its allies and with seemingly no ladder to salvation, been able to weather a storm of such magnificent proportions, and come out, limbs intact, seemingly no worse for the wear? It all starts and ends with the government. It began with the much talked about privatisation ( most notably the Qadirpur Gas Fields). However with the steel mills issue still fresh in the public’s memory there was much opposition raised, and rightly so, against hawking national assets in desperation. Once privatisation was no longer an option, the government readied the begging bowl and our leaders travelled the world from end to end, pleading our case. However they were coolly rebuffed by all our “most allied allies”. Summing up, to quote Mr. Shaukat Tarin, “All roads led to IMF”.
An IMF programme is an arrangement that is quite different from a high street loan. By definition, it is a policy loan, meaning that the borrower country agrees to accept a set of policies that would ensure macroeconomic stability in short run and engender growth in the medium term so that its ability to service future obligations is ensured. This has its benefits and its drawbacks. Indeed autonomy of devising fiscal policy is reduced and impinges on a country’s policy choices, possibly slowing growth; however the flip side is that government is forced to take measures that while being beneficial, are unpopular, such a withdrawing subsides.
On this account, luckily, Pakistan was better placed. Even though we went to the fund when it was inevitable, our prior commitment to remove the huge subsidies on oil and electricity, which were in the first place at least a major cause behind our economic woes, significantly reduced the need for taking any painful measures before the programme was approved. Increased foreign exchange was made possible due to more home remittances, which was reflective of greater confidence in the macroeconomic situation of the country as well as foreign deposits attracted by high interest rates. The only sticking point that took considerable negations was the need for further tightening of monetary policy. As mentioned earlier, Fund had thought a much higher increase in interest rate was required to fight the rising inflation, whereas we thought such a large increase was unwarranted. However, now, increased macroeconomic breathing space has helped nudge rates down.
There has been a change of tone in the world press as well as evidenced by The Economist, three weeks ago, “After depreciating by 13.7% against the US dollar in 2008, the Pakistan rupee stabilized following the finalization of the IMF assistance package ( and) rising investor confidence. Inflationary risks have abated. The Pakistan government’s latest Economic Survey put the fiscal deficit in the fiscal year 2008/09 (July- June) at a provisional 4.3% of GDP. Year-on-year consumer price inflation fell to 13.1% in June, from 17.2% in April. Inflation has beeon on a declining trend since November 2008 and will continue to slow… while reduced government borrowing from the central bank will also reduce inflationary pressures. We expect the annual average inflation rate to fall sharply from 20.3% in 2008 to 12% in 2009, and improving economic stability in 2010 should see inflation moderate further, to 5.5%, in that year.”
While these efforts and the subsequent successes are appreciable, we must not forget, to quote the sporting cliché that we must not take our eyes off the ball, except there are several balls speeding toward us. The first fear is that the fiscal discipline, coupled with the impact of the global recession, will stifle growth. Meanwhile, the government’s need to contain the fiscal deficit means that public consumption growth also will be significantly curtailed. Although private consumption growth will provide support to the economy, it is estimated that real GDP will grow by just 2.8% in 2009/10, down from 3.7% in 2008/09. GDP growth will accelerate to just 4.4% in 2010/11, driven largely by greater investment as financial constraints ease.
Secondly, Pakistan’s economy is threatened by the deterioration of the security situation. In large swathes of the country, the battle against the Islamist insurgency has escalated almost to the point of civil war, with the army having launched large-scale offensives against the local offshoot of the militant fundamentalist Taliban movement. With the threat to national security in the foreground, issues of economic management are often put on the back-burner. In addition to the social and cultural burdens of the movement, the economic cost cannot be overstated. Indeed some estimates put the figure as high as $35 billion, which makes the much trumped $7 billion Kerry-Lugar bill seem like a joke.
Thirdly, self-reliance in commodities is a very important goal. Lastly, we must not forget that this loan from the IMF is still just a loan. In the end we are piling on further to our already vast external debt, and care must be taken to use the mount wisely and pay it back in a timely fashion, so as to ensure that it does not become another obstacle in long term macroeconomic stability.
As these persistent risks suggest, Pakistan may have averted a crisis, but it is far from out of the woods and tough, unpopular decisions will have to be made. Pakistan’s acceptance of IMF assistance has simplified the task of the government and the central bank to a degree, in the sense that these institutions will lose a considerable amount of autonomy in economic policymaking, which subsequently enforces a degree of fiscal discipline that would otherwise not be adhered to.
The authors are A levels students. They may be reached at ahmed ali khan@hotmail.com or sherobutt@hotmail.com
http://www.jang.com.pk/thenews/mar2010-weekly/nos-07-03-2010/pol1.htm#5
۔ وہ کوئی نواز شریف ہیں کہ قرض اتارو ، ملک سنوارو سکیم کے لئے ایک کروڑ کا عطیہ دیا تو سفید بالوں والے مدیر کے مطابق چیک پر کسی اور کے دستخط تھے۔ لینے والا نہیں ، وہ دینے والا آدمی ہے۔ شوکت خانم ہسپتال کو اب تک دس کروڑ روپے دے چکا، حالانکہ اس کی آمدن کبھی دو کروڑ روپے سالانہ سے زیادہ نہ ہوئی۔ رہی ٹیکس کی بات تو نواز شریف کی آمدن اس کا بیسواں حصہ بھی نہیں لیکن سب باخبر جانتے ہیں کہ صرف برطانیہ کی کمرشل پراپرٹی میں ان کی سرمایہ کاری 500 ملین پاؤنڈ ہے۔ دبئی میں الگ، سوئٹزر لینڈ میں اس قدر کہ ایک سوس بینکر کو وہ قیمتی قالین تحفے میں دینا چاہتے تھے۔ سودا نہ ہو سکا، قالین ساز ایک لاکھ ڈالر مانگتا تھا۔
1993ء میں نون لیگ کے ٹکٹ جاری کرنے کا مرحلہ آیا تو وار برٹن کے چوہدری واجد علی سے میاں صاحب نے کہا : ہم آپ کو ٹکٹ نہیں دے سکتے۔ آپ پر کرپشن کا الزام ہے۔ چوہدری صاحب حیران رہ گئے۔ کہا: بدعنوان میں ہوں؟ پھر جیسا کہ ایک چینل پر حفیظ اللہ خان نے کہا، پنجابی میں سوال کیا ”میاں صاحب ! تہاڈی فیکٹریاں بُہتے دیندیاں نیں“ (آپ کی فیکٹریاں کیا بے تحاشا بچے جنتی ہیں) ۔ حامد میر کے ساتھ ایک انٹرویو میں منی لانڈرنگ کا تو وہ خود اعتراف فرما چکے۔ تسلیم کیا کہ سعودی عرب میں فیکٹری لگائی۔ روپیہ کس طرح منتقل ہوا؟ کسی بینک کے ذریعے؟ کیا ٹیکس ادا کیا؟ عدالت ایک دن سوال کرے گی کہ حدیبیہ پیپر مل کا 30 ملین ڈالر کا قرض لندن میں کس طرح ادا ہوا۔ روپیہ کس طرح برطانیہ پہنچایا گیا۔
http://www.jang.net/urdu/details.asp?nid=417819
Right under the nose of CJ Iftikhar M Chaudhry? nothing was said and done by the same Judiciary when the below mentioned Loot and Plunder was going on during the General Musharraf Martial Law from 1999 to 2008.
ISLAMABAD: In a country where over 40 per cent of the population is said to be languishing under the poverty line with families surviving on less than $2 a day, the shameful revelation of the filthy rich getting loans worth over Rs100 billion written-off owing to their formidable clout is shocking the nation. And this shameful list carries some of the biggest names of our power elite. The names of Ch Shujaat and Ch Pervez Elahi were found among about 1,000 influential businessmen and Army men who got a total of Rs18 billion loans written-off from the government-owned banks during the first three years of the military government. The list was submitted in the NA when Zafarullah Jamali was the prime minister and Shaukat Aziz was the finance minister. The first loan of Rs70 million was outstanding against the Punjab Sugar Mills and was written off by the National Bank of Pakistan along with the actual loan amount. The mill was owned by Chaudhry Shujaat Husssain, Chaudhry Mansoor Elahi, Chaudhry Pervez Elahi, Chaudhry Gulzar Mohammad, Chaudhry Wajahat Hussain, Chaudhry Sabhat Elahi, Mrs Qisara Elahi (wife of Chaudhry Pervez Elahi), Mrs Kasur Hussain (wife of Chaudhry Shujaat Hussain), Mrs Khalida Begum (wife of Gulzar Muhammad).
The second loan of Rs15 million was written off by the UBL outstanding against Punjab Sugar Mills. The beneficiaries were once again Ch Manzoor Elahi, Ch Shujaat Hussain, Pervez Elahi, Wajahat Hussain, Shafaat Hussain, Gulzar Ahmed and Mrs Qaisra Elahi, Khalida Begum, and Kauser Hussain. The UBL once again wrote off another loan of Rs34.1 million outstanding against the Spaco Private Limited. The beneficiaries were the same — Ch Pervez Elahi, Shujaat Hussain, Manzoor Elahi, Wajahat Hussain, Sabahat Elahi, Mrs Kauser Hussain, Qaisra Elahi. It may be added that these loans were written off after declaring their industrial establishments as “sick industry or on the pretext of bankruptcy.” Many of them denied having got their loans written-off.
The political sources claimed that Shahbaz Sharif and Nawaz Sharif knew this troubling fact about the Chaudhrys of Gujrat. Even Imran Khan had been showing the official documents of another bank, which had also written off loans to get the Chaudhrys disqualified from contesting the elections. But his desperate pleas were never entertained by the Election Commission of Pakistan courtesy the might and clout these cousins enjoyed during the early years of General Pervez Musharraf in power. The sources said, on the basis of their own knowledge about the Chaudhrys loan write off, the Sharif brothers were agitating the issue of loan write-off in the media with the public demand to put all the loan beneficiaries on trial after recovering the written-off amounts. The mighty Chaudhrys of Gujrat — Ch Shujaat Hussain, Ch Pervez Elahi and their family members — reportedly got three different bank loans of Rs120 million written off from the National Bank and United Bank of Pakistan during their heady days of power. This has been revealed in the official record of the National Assembly library, which has now formally confirmed that several top politicians and their family members had quietly got several bank loans written off, which had been outstanding against their sugar and textile mills and other industrial units.
These bank loans were mainly written off by the state-run National Bank of Pakistan and United Bank Limited in the past. The official record available with The News, which was placed in the NA in the last one decade, revealed that a total of Rs30 billion loans were written off between 1985-2002, which had been outstanding against the top politicians and powerful industrial groups of the country. The list was compiled by the then caretaker government of 1993 led by Moin Qureshi. In 2007, Auditor General of Pakistan revealed in its report that during the period 2002-2007, a sum of Rs54 billion was written off by Musharraf government. Thus, total figure had reached to Rs85 billions. But, now the recent official report to the NA during the question hour revealed that the total figure of written-off loans had finally crossed over Rs100 billion, after adding the loan amounts written off during two years of PPP government since 2008.
The official list of loan write-off beneficiaries of different periods since 1985 to 2002 revealed that former speaker Gohar Ayub Khan’s family and former Chief Minister Balochistan Jaam Yousuf, are also among other prominent politicians, who got the loans written off from the banks. The three mighty business families of Pakistan are also among the beneficiaries of these loan write offs in the past. The former housing minister of General Pervez Musharraf -Abbas Sarfraz is also among the beneficiaries who got a massive loan against his sugar mill written off. Lt General Habibullah and Brig M Jan are among the list.
The Saifullah family of Lucky Marwat got four loans written off from different banks. The names of Anwar Saifullha Khan, Javed Saifullah, Hamayun Saifullah, Arbab Saddaullha Khan, Shah Jehan Khan, Nisar Khan are part of the list submitted in the NA in 1994 in response to a question by MNA Barjees Tahir. First, the Saifullah brothers got loans written off against their mill— Ms Kohat Textile Mills from the National Bank. The matriarch of the Saifullah family, Mrs Kalsoom Saifullah also got a loan of Rs12 million written off from NBP against Ms Frontier Towel Works, Kohat. Industrial bank also wrote off loan of Rs26 million of Javed Saifullah, Salim Saifullah, Hamayun Saifullah and others against Kohat Textile Mills. The MCB also wrote off loan against the Kohat Textile Mill. Jatoi family of Sindh also got a loan of Rs6.7 million written off from UBL. The beneficiary was Dr Ghafar Jatoi and his brothers. Leghari family also got Rs67 million loans written off from UBL. The beneficiaries included Jafar Khan Leghari, Jamil Ahmed Khan Leghari, Yousuf Khan Leghari, Tariq Khan Leghari, Atta Mohammad Leghari, etc.
Saigal group got the loan written off against Omaryar Limited, Lahore. The group got another loan of Rs4 million written off from the UBL. A loan of Rs10.3 million was written off by Investment Corporation of Pakistan. Iqbal Z Ahmed, Mrs Saira Ahmed also got a loan of Rs5.5 million written off from United Bank of Pakistan. Another small loan of Rs1.4 million got written off from UBL against Hassan Ali and company. A loan of Rs18 million was also written off against Hashoo Holdings.
Meanwhile, investigations conducted by this correspondent after going through the official record of the National Assembly Secretariat, where all these loan documents were placed from time to time since 1994, even Daewoo Corporation of Pakistan was one of the beneficiaries of such big loans written-off by the government banks. National Bank of Pakistan had written off a loan of Rs10 million against Daewoo. The loan was outstanding against Kim Waoo Choong, Kim Joun Sung, Lee Woo Bok, Yoon Nuke NEON, Chui Myoung Kul. The list showed that Karachi-based businessmen have been treated with exceptional kindness by the National Bank of Pakistan. According to the list of such people whose loans and principal amounts were written-off during the last three years, National Bank of Pakistan wrote off billion of rupees from taxpayers’ accounts. Most of the written-off loans went to the textile and industrial giants of the country owned by mighty businessmen, politically influential, former bureaucrats and military officers.
The big industrialists like Adamjee Industries owned by Farooq Sheikh, Mrs Shireen Farooq, Mumtaz Sheikh, Tahir Sheikh got Rs448 million written-off from the NBP. Mohib Textile owned by Asif Saigol also got Rs1.1 billion written-off in 2002. The other big names included in the list are First Tawakkal Modaraba owned by Abdul Qadir Tawakkal, Mohammad Rafiq Tawakkal, Alif Husain Mooney, Abid Hussain Rs621 million written-off, National Frutctose Limited owned by Shairullah Durrani got Rs681million written-off, Glamour Textile Mills owned by Iftikhar Ahmed Malik got Rs533 million written-off and others. Two foreign nationals also got the loans written-off. Pakland Cement got Rs10 million written off, Cast N Link owned by Anwar Ahmed got Rs159 million written-off. Taha Spinning limited got Rs64 million written off.
Following is the list of mighty individuals and business tycoons whose loans were written-off in majority of cases along with principal amount from National Bank of Pakistan (NBP).
KARACHI: Zahid Fazal (Farah Enterprises) Rs09 m; White Bird Chick Limited Rs8.2 m, Advance Computer Technology Rs1.1 m, Hamid D Habib of Balochistan Glass Rs6 m, Latif Paul of TS Latisons Rs0.5 m, Anisure Rehman of Zeb Enterprises Rs1.9 m, Chaudhry Mohammad Younis of Ice Land Cold storage Rs16 m, Mohammad Saleheen of Naveed Farbics Rs0.7 m, Younis Rs0.5 m, Mohammad Sultan Rs0.5 m, Azhar Jamil of Sindh Industries Enterprises Rs0.2 m, Mushtaq Ahmed Rs0.5 m, Asghar Ali Rs05 m, Fida Mohamamd Rs0.5 m, Mohammad Ismail Rs0.5 m, Abdul Sattar Rs0.5 m, Lal Mohamamd Rs0.5 m, Mohammad Akbar Baloch Rs0.5 m, Ghulam Farooq Rs0.5 m, Amir Baksh Rs0.5 m, Mohammad Naseem Rs0.5 m, M Shoaib Rs0.5 m, Liaqat Ali Khan Rs0.514 m, Khaliq Farooqi Rs0.5 m, Irfan Rs0.572 m, Irfan Rs0.572 m, Sikandar Rs0.5 m, Asrar Hussain Sarbazi Rs0.56 m, Abdul Hameed Rs0.576 m, Mohammad Yaqoob Rs0.576 m, Shafqat Rehman Rs0.575 m, Shahbaz Aqeel Rs0.575 m, Abida Sultana Rs0.509 m, Mohammad Hanif Rs0.5 m, Tarranum Baig Rs0.5 m, Hidyatullah Farid Rs1.3 m, Pak Hardware and Paint Rs0.9 m, Mohammad Ali Rs0.5 m, Sh Mohammad Zahid Rs0.5 m, Mohammad Ayub Rs0.5 m, Nadeem Ahmed Rs0.5 m, Mushtaq Ahmed Rs0.517 m, Mushtaq Ishaq Rs0.5 m, Mir Mohammad Baloch Rs0.5 m, Mohammad Altaf Hussain Rs0.5 m, Abdul Khalil Rs0.5 m, Abdul Rahim Khatri Rs0.517 m, Imam Buksh Rs0.535m, Abdul Hameed Rs0.576 m, Wideyat Ali Rs0.5 m, Rizwan Hasan Rs0.5 m, Mohammad Sarwar Rs0.5 m, Maqbool Hussain Rs0.5 m, Ali Asghar Rs0.512 m, Shahnawz Rs0.524 m, Jawed Floor Mills of Rana Mohammad Siddiqui Rs20 m, Muhammad of Madina Food Industries Rs1.45 m, Syed Qmar Hai of Indus Poultry Farm Rs0.55 m, Mian Maqbool Ahmed of Alam Shuttle Industries Rs2.432 m, M Yousaf Khan of Progressive Industries Enterprises Rs0.7 m, Abdul Rashid of Aziz Company Rs0.5 m, Nasir Hussain Shah of Shah Cotton Factory Rs5.4 m, Hazoor Khan Chanido of Chandi Floor Mills Dadu Rs0.7 m, Pir Sarfrarz Ahmed of Nawab Shah Rs0.8 m, Munawar Hussain Rs0.722 m, Manzoor Hussain of Al Imran Hotel Ranipur Rs0.6 m, Arjandas of Arjandas Rice Rs1.05 m, Atta Mohamamd Marri of Mari Fish Farm Rs0.7 m, Atta Mohammad Mari Rs1.4m, S Zaheer Hussain Shah Rs0.9 m, Mst Ashraf Begum Rs0.5 m, Mohammad Idris Rs0.6 m, Sardar Taj Mohammad Rs0.8 m,Sh Saleem Ali of Capital Flour Mills, Murdikey Rs3 m, Mohamamd Afazal of Arshaq and Co, Lahore Rs0.9 m, Sanullah from Gujranwala Rs0.6 m, Hassan Ali Khan of Lahore Rs0.5 m, Sh Abdul Rehman Rs1.33 m, Lali Akbar of Abbas Trader, Kasur Rs0.8 m, Tariq Mir of Mir Iron Store, Lahore Rs0.5 m, Mustafa Ali Mir, Lahore Rs0.6 m, M Latif of Arshad Latif Indus Rs6.3 m, Mohammad Riaz of Riaz Furniture House Rs0.8 m, Mohammad Amin Khan of Makran Int Rs1.7 m, Haji Mohammad Ishaq of Tariq Industries Rs0.9 m, Mian Mohammad Sarwar of Al Ahmed Knitting Rs1.3 m, Mohammad Ahmed of M A S Stell Mills, Lahore Rs0.9 m, Mian Hamid Sarwar of Shishmahal Hosiery Rs0.9 m, Sh Mohammad Ashraf of Ashraf Ice Factory Rs0.9 m, Gulshan Begum W/o Zubaidullah Khan of Lahore Rs0.5m, Iftikhar Ali of Lahore Rs0.5 m, Khalid Bashir Khokar of Lahore Rs0.5 m, Arshad Javed Ghurki, Lahore Rs0.5 m, Arshad Javed Khurki, Javed Ghurki, Mhammad Khalid, Jamshed Asghar Ghurki, Sohail Asghar Ghurki, Mrs Rubina of Unique Trading, Lahore Rs0.891 m, Mohammad Iqbal of United Factory Rs0.5 m, Syed Izhar Hussain of Bhatti Brothers Sheikhupura Rs0.9 m, Abdul Rauf Qureshi of Rauf Corporation Lahore Rs0.6 m, Dr Abdul Rauf of Leatheron Lahore Rs0.7 m, Sabir Javed Lhr, Rs 1.2m, Azfar Manzoor Lahore Rs1m, Mrs Qaiser Manzoor Lahore Rs 1.2m, Mohammad Iqbal Javed of Mughal Technical Indus Lahore Rs 0.4m, Mohammad Ishaq Khan of Zahid Industries Lahore Rs 1.5m, Khalid Hatyat of Millat Corporation Rs 0.4m, Mohammad Azhar Leghiar, Dewan Aashiq Hussain, Umer Hayat Bosan, Shauakt Hayat Bosan, Niaz Ahmed, Muzaffar Hussain Bokhari, Mushtaq Shah and Nazar Abbas of Hayat Textile Mills Lahore Rs 110 million, Ghulam Mustafa Khan of Nashika Impex Lahore Rs 4.3m, Mian Tajamal Hussain, Mian Nusratuddin, Mrs Azra Tajamal, Mrs Laila Nusrat, Mrs Saeeda begum of Chenab textile Mills Lahore Rs 25m, Mian Abdur Rehman of Abdulur Rehman and Com Bhwalpur Rs 1.6m, Mian Ghulam Owais Owasi of Owais Industries Bhwalpur Rs 0.9m, Shad Ahmed of Shahzad Cotton Rahim Yar khan Rs 0.9m, Ch. Mohiuddin of Five Star Industries Okara Rs 0.7m, Mohammad Ehsan of Ehsan Soap factory Lahore Rs 09m, Sh. Abdul Jabbar of Feroze Oil and General Mills Okara Rs 0.6m, Sh. Mohammad Latif of Baba Farid Roller flour mill, Pakpattan Rs 0.6m, Shafiqe Ahmed of Mehran Cotton Multan Rs 1.m, Asad Zuabir of Jhangir Industries Multan Rs 0.5m, Riaz Ahmed of Riaz Textile Mills Multan Rs 0.6m, Ch Niaz Muhmmad Multan Rs 0.5m, Zulifkar Ali Industries Multan Rs 0.8m, Hamid Azmat Sheikh of Azmat Towellers Industries Multan Rs 2.4m, Mohammad Hussain of Rafay Textile Industries Burewala Rs 1.4m, Mohammad Ashgar of Asif Oil Mills Kehror Pacca Rs 0.6m, Mohammad Iqbal of Mashal Cotton Kehror Pacca Rs 0.6m, Mohammad Iqbal of Asif Irfan Cold storage Mianchannu Rs 1.4m, Mohammad Nazir of Mudhwal Enginnering Khushab Rs 4.7m, Farooq Saigal, Usman Siagal, Umer Saigal, Saleem Saigal of Kohirnoo textile Mills Liaquatbabad Rs 29m, Abdul Rehman of Gatth Foundary Workshop Faisalabad Rs 7.3billion, Ashraf Textile Rs0.7m, Mohammad Ashraf Rs 1.2m, Universal enterprises Faisalabad Rs 1.m, Javed Autos Sargodha Rs 1.0, Khursheed Ahmed Shad Faisalabad Rs0.66, Imran Saleem Ch. Gujrat Rs 0.737m, Jhangir Saleemullah Gujrat Rs 0.9m, Adnan Aziz Trader Gujrat Rs1.2m, Inayat Industries Gujrat Rs 1.2m, M. Rashid General Metal Works Gujrat Rs 0.8m, Safdar and Com Gujrat Rs 2.2m, Younis-National Weaving Fact, Gujrat Rs 1.2m, S. Mohammad Oil Mills Attock Rs 1.286m, Imran Shah and Bros Rwalpindi Rs 1.03m, Hazara Wodden Mills Rawalpindi Rs 1.133m, Lt. Col Rabnawaz of Nawaish Gypsum Jhelum Rs 0.6m, Food Department of NWFP Rs 3.434m, Begum Noor Jehan Mardan Peshawar Rs 6.8m, K. Mahmoodullah of MS LTCF, Islamabad Rs3m, Seth Dawood Group of MS Pakistan Paper corporation Charsada Rs 19 million, Seth Sahbir Hussain of MS Castle Industries Haripur Rs 12 million, Fateh Weeolen Industries Rs5million, Juma Khan Quetta Rs 4.6 m, Abdul Qayum Quetta Rs 0.5m, Ghazi Khan Quetta Rs 0.7m, Syed Abdul Rashid Quetta Rs 0.9m, Zahoor Ahmed Quetta Rs 0.7m, Zahoor Ahmed son of Haji Abdullah Samad Quetta Rs 0.74m, Ahmed Khan Quetta Rs 0.814m, Jhangir Khan Quetta Rs 06m, Mirza Mohammad Quetta Rs 0.5m, Mir Khuda Bux Muri, Mir Nawaz Marri, Mrs Elsa Mariie Benazir , Ms Kamal Faria Marri and Miss Anita Marri Rs 1.7m, Malick Abdullah Jan Quetta Rs 0.7m, Ashraf shoe company Mirpur, Kashmir, Rs 6.4m, Abdulleh Saleh Rs 123m Saudia Arabia, Amjad Malick Karachi Rs 2.2m, Abdul Wahab Karachi Rs 2.4m, Ghazala Haq and Amjad Malick Karachi Rs 6m, Mir Mehraullah Mengal Karachi Rs1.2 m.
Mohammad Sadiq of Chand Mills Karachi Rs 0.5m, MB Dhody Karachi Rs 3m, Sardar Mohammad of General Tractor Machinery Karachi Rs 3m, Noor Ali Group, Karachi got about Rs 3m written-off, Mohammad Hussain of Process Pakistan Rs 1.19m, Mohammad Sarfraz Paracha of East Asia Trading Karachi Rs 0.7m, Ghulam Ali Talpur Karachi Rs 0.6m, Lt-Col M . Jaffar Karachi Rs 2.7m, Noor Ali Hirani Karachi Rs 1.2m, Sun Publication Rs 1.3m, Tariq Jaffar Campher Pak Karachi Rs 10m, Mohammad Pervez, Col Akhlaq Ali Khan, Talibul Rasool, Abdul Jalil, Mohammad Yousaf Mirza of Allied Textile Mills Larkana Rs 296m, R Hasan Ali, Hyderabad Rs 0.9m, Mehboob Elahi of Sindh Tanneris Hyderabad Rs 4.89m, Haji and company Lahore Rs 0.9m, Syed Amjad Ali Gujranwala Rs 2.178m, Ch. Mohammad Anwar of Elegzender and co Rs 1.7m, Mohammad Younis of Younis Company Lahore Rs 8.4m, Sh Javed Iqbal and Brother LahoreRs 2.4m, Denn Autos Lahore Rs 1.8m, Begum Sherin Wahab, Abdul Qayum, Mumtaz Ahmed Abdul Jabbar, Mrs Sahiba Qayum of Sarhad Cresent Indsutries Rs 9.5m, Javed Zia, Mrs Kasur Javed, Salman Zai, Umer Javed, Miss Amber Javed nad Zafar Inami and Ghulam Rasool of Okara Textile Mills Rs 126million. And Fazal Elahi Malik, Teshin of Ally Hoisery Mills Lahore got Rs 0.7 million written-off.
In year 2000, the NBP wrote off many loans. In Peshawar Rs1 m of Mrs Aurangzeb of Ms Rahman Ice Factory was written-off.
FAISALABAD: Maryam Fatama weaving factory, Rs 4.5m, Ashfaq Hussain of Al Najaf Traders Faisalabad Rs 2.5m, Ch. Mohamamd Tufail of Rehan Cotton Primahal Rs 1.4m, Ms Sajja International F/abad Rs 0.5m.
MULTAN: Mohammad Hanif Rahm Yar Khan Rs1.0m, Mhamamd Aslam RYK Rs 0.9m, AJ Textile Industry RYK Rs6.9m, Madni electric traders Ahmedpureast Rs 0.666m, Ghulam Jaffar Jalwana Bhwalpur Rs 0.6m, Irfan Salman paper mills Sadiaqabad Rs 7.3m, Mian Tariq Gurmani and Suryia Iqbal Gurmani Thatta Gurmani Industries Kot Addu Rs1.5m, Al. Farooq Electronics Rs0.5m, Al Hasnaian Enterprises Rs 0.646m, Rizwan Textile Mills Rs0.6m, Mehboob Ahmed Rs 0.7m, Mohamamd Khalid Rs0.6m, Abul Sattar Rs 0.5m, Shahid Pervez Rs 0.7m, Al Azhar Textile Mills ( Mirza Azhar Beg nad Mrs Rafiqan Begum) Rs 6.4m, Barington Pharama of Pervez Iqbal Rs 1.9m, Jhandir Textile of Mohammad Akram Rs 0.5m, Mohammad Naeem of Four NS Fabrics Rs 1.3m, Mudasar Haider Chemica Rs1.5m, Sultan Wool Industries, Sahiwal Rs1.11m, Baby soap factory Kasoor Rs 2.7m, Mian AND Company Malsi Rs 0.7m Dhah Brothers weaving Vehari of Munir Khan, Sadia Shabnam, Raheem Baksh Rs 3.2m and Javed Cotton Industries Lodhran of Malik Usman, Malick Meraj Khalid and Mohammad Ajmal Rs 1.5m, and Mashallah Cotton factory Mailisi Rs 0.9m.
HYDERABAD: Sardian Paints Rs 2m, Al Amna Entp Rs 1m, MS Prince Rice Rs 1.3m, Niazi Ice Rs 1.44m, Associates Rs 0.766m, Jan Mohammad Rs 0.6m, Abdul Jabbar Rs 0.7m, Ali Gul Brohi Rs 1.1m, Abdul Majeed Rs 0.9m, MaliK Rice Mills Rs 2.7m, Intasia Entp Rs 43m, Expotex Limited Rs 49m, Excelisor industries Rs 5.1m, All Leather Limited Rs 1m, Mumtaz Mohammad Khan Zai Rs 0.772m, Sameer Garments Rs 0.8m, Rafiq Saigal, Afsar Khan, got two loans of Allied Paper Industries Karachi to the tune of Rs 35m written-off. Abdul Rashid Rs 0.5, Khan Ice Factory Rs 1m, Ashraf Traders Rs 0.7m, Anglo Universal Karachi Rs 0.7m, Gulf Food Industries Rs 0.8m, Makhdoom Traders Rs 0.5m, MA Footwear Rs 1.1m, Commodity Impex Rs 3m, Fetisal Grain Rs 1.2m, Aftab Garments Rs 0.6m, Citizen Process Rs 0.5m, Farm Products Rs 0.7m, Javed Iqbal Rs 0.6m, Masood Ahmed Qureshi Rs 1.14m, Moash Traders Rs 4m, Sabeena Enterprises Rs 8.9m.
LAHORE: Ms Jarral International Rs 1.8m, Ms Ghulam Hussain Rs 0.9m, Ehssan Machinery story Rs 0.5m, Tariq Mansoor Rs 0.8m, Zab Poly Proplyeine Products Rs 3.4m, Syed Waseem Ahmed Rs 0.55m, and M/S Wasjid Ali of Gulberg-II Rs 18m.
ISLAMABAD: Bashir Awan Rs 0.7m, Tariq Rehman Rs 0.7m, Amir Nawab Rs 0.9m, Azra Noreen Rs 2.2m, Nasir Fatima Rs 2.2m, Inamullah Saeed Rs 1.2m, M Safdar Rs 0.88m, Star Corporation Rs 2.735m, Mughal Ice Plant of Col Rafiq Baig Rs 1.3m, Shaheen Engineering Rs 2.2m, Fazal Electric Rs 0.7m, Malick Mohammad Akhtar Rs 0.5m, Yaqoob Brothers Rs 0.5m, Amjad Gilani, Tariq Gilani and Khalid Gilani of Nisa Enterprises Rs 0.5m.
EX-MBL: They belong to Karachi. Al Rehman Services Rs 0.6m, Baba Manna Rs 1.m, Saeedudin Zubair Rs 0.6m, Trade Link of Manzoor Qaider Rs 1.2m, Bhai Hashim Rs 0.7m, IK Corporation Rs 0.7m, M Farooq Rs 0.6m, and Saleem Khan Rawalpindi Rs 0.7m.
QUETTA: Sonmiani Fish Rs 2.2m, Abdul Qadier Rs 0.511m, Mohammad Alam Rs 0.5m, Hanid Moula Dad Rs 0.5m, Mohamamd Ramzan Rs 0.5m, Mohammand Hassan Rs 0.5m, Gul Mohammad Rs 0.5m, Mazar Khan Rs 0.5m, Faiz Ahmed Rs0.7m, Abdul Mateen Rs 0.86m, Shin Gul Tareen Rs 0.6m, Abdul Qadir Rs0.6m, Mohamamd Zahir Rs0.77m.
The loan written-off during year 2001:
KARACHI: Amed Trading Rs 2.9m, Farna Ice Rs 1.2m, Mohamamd Yasin Rs 1m, Shaffaf Ice Factory Rs 2.5m, Anwar Iqbal Rs 1.1m, Engineering Products Rs 1.5m, Indus Oil Expellers Rs 3m, Poshak International Rs 0.8m, Eastern Garments Rs 21m, Asif Owais Rs 0.6m, Nazir Ahmed Rs 0.8m, Mohammad Khursheed Khan Rs 0.5m, Mohammad Ramzan Rs 1m, General Traders Rs 10m, Quality Builders Rs 1.5m, Karachi Water Proofing Rs 0.9m, Mohammad Ramzan Rs 0.6m, Hukum Khan Rs 0.8m, Syed Raziddin Rs 0.5m, MS Tehseen Rs 0.5m, Yousaf Cheema Rs 0.7m, Jamil Rs 1.3m, Shabbir Ahmed Junami, Tasveer Ahmed Jumani, Taheree Ahmed Jumani, Azshraf Kahton, Salla Jumani, Shaukat Memon and Ms Shereen Jumani of Annud Textile Mills got a massive loan of Rs 279m written-off.
Abid Hassan Rs 0.5m, Haq Nawaz Dahri Rs 0.5m, Shah Nawaz Khan Rs 0.5m, Fizza Nazim Rs 0.8m, Mohammad Hayat Rs 0.5m, Nadeem Ahmed Rs 0.7m, FB Burki Ice Factory Rs 1.4m, Karachi Transport Corporation Rs 79m, Babar Rafiq Rs 0.6m, Nisar Ahmed Rs 0.5m, Qaisruzzman Rs 0.6m, Sajjad Hussain Rs 0.5m, Nasir Rafiq Rs 0.5m, Badar Ahmed Rs 0.5m, Manzar Farreed Rs 0.6m, Khalid Mehmood Rs 0.6m, Saeed Ahmed Rs 0.6m, Jawaid Textile Industries Rs 0.9m, Mansoor Yousaf Rs 0.5m, Mohammed Ismail Rs 0.5m, Aamir Hashmi Rs 0.551m, Sajid Ali Rs 0.7m, Mushtaq Hussain Rs 0.5m, Tahir Ehtasham Rs 0.6m, Mohamamd Noman Bhatti Rs 0.5m, Saleemuddin Rs 0.5m, Anissudin Rs 0.6m, Mobina Begum Rs 0.6m, Miss Tabassum Shehnaz Rs 0.6m, Mohaamd Yousaf Rs 0.6m, Mant Lal Maulal Rs 0.67m, Athar Batool Rs 0.78m, Shahid Khan Rs 0.5m, Azam Afraid Rs 0.6m, Syed Qasim Hussain Rs 0.539m, Syed Khaliluddin Rs 0.575m, Abdul Qayum Rs 0.681m, Mohammad Burhan Khan Rs 0.825m, Syed Khuram Raza Naqvi Rs 0.543m, Saad Ahmed Rs 0.6m, Hasan Shakeel Rs 0.8m, Ali Hassan Rs 0.534m, Mohammad Irfan Rs 0.55m, Shafiq Ahmed Rs 0.8m, Khwajamoinul HasanRs0.666m, Raza Hassan Rs 0.5m, Syed Afaq Rs0.6m, Syed Mohammad Nasim Ali, Rs0.6M, Mohammad Aslam Rs 0.6m, Syed Aslam Ali Rs 0.6m, Asif Rehman Rs 0.665m, Asif Rehman Rs 0.66m, Asim Ilyas Rs 0.5m, Adnanul HassaN Rs 0.8m, Syed Rasheed Ahmed Rs 0.5m, Monbina Afzal Rs 0.7m, Kamran Rauf Rs 0.7m, Najam Akthar Rs 0.8m, S Sharafifuddin Rs 0.8m and Imtiaz Hussain Zaid Rs 0.6m.
Khalid Beg Rs 0.5m, Mohammad Aman Rs 0.6m, Tariq Baloch Rs 0.666m, Mohamamd Mobin Sheikh Rs 0.6m, Ms Golden Plant Ind Rs 0.7m, S Ali Ahmed Zaidi Rs 0.7m, Siddiqi Rs 1.1m, Ms Pakistan Rs 1.4m, Ms Metropolitan Rs 190m,
Altaf Husain Shah Rs 0.5m, Mehmoodul Hassan Rs 0.5m, Mashiuddin Rs 0.9m, Aitzazuddin Rs 1.55m, Ihtashamuddin Rs 0.55m, FS Aizuddin Rs 0.5m, FS Ayazuddin Rs 1.6m, Mrs Shaim Fatima Rs 0.6m, Iqbal Shakoor Rs 0.6m, Mujeebuddin Rs 0.5m, Mrs Meharur Nisa Rs.7m, Anwar Raza Khan Rs 0.7m, Anwar Raza Khan Rs 0.7m, Mohmmad Jamil Rs 0.9m, Sardar Shakeel Rs 0.6m, Rashid Ali Rs 0.6m, Mohmmad Hanif Rs 0.8m, Abdul Shakoor Rs 0.6m, Adnan Husain Rs0.7m, Ahsan Anjum Rs 0.66m. Fareed Gul Rs 0.6m, Khuda Bux Rs 0.5m, M Faisal Rs 0.7m, Basir Alam Rs 0.6m, M Waseem Rs 0.65m, Mrs Rubena Rs 0.665m, Shahbaz Aqeel Rs 0.659m, Sharjeel Qaider Rs 0.5m, Tahir Anjum Rs 0.655m, Abdul Azim Rs 0.5m, Abdul Razak Rs 0.5m, Akhtar Hussain Rs 0.5m, Asif Sormoo Rs 0.554m, Fayyaz Ahmed Rs 0.544m, M Saleem Rs 0.5m, Sadia Bano Rs 0.5m, Moizuddin Rs 0.5m, Adul Haq Rs 0.54m, Mrs Kasur Perveen Rs 0.5m, Mohammad Rafiq Rs 0.55m, Mohammad Saleem Rs 0.5m, Rana Mohamamd Rs 0.545m, Rukhsan Begum Rs 0.5m, Rehan Shahid Rs 0.5m, Tahir Raza Rs 0.5m, Ashifaq Ahmed Rs 0.5m.
Year 2002: Following tycoons got their loans written-off in 2002.
Agri Autos Inds, Haleema Majeed Sons, Amie Investment, Sultan Textile Mills, Century Weaving, Husasin Towels, Durrani Associations, Nasir Khan, Muhammad Zafeef, Mohammad Usman, Ali Bux, Malick Munsif Khan, Mohammad Usman, Nabi Bux Baloch, Nisar Fatima, Akhar Bhugi Assoicates, Irfan Basharat, Samco Industries, Saeed Hasan, RN Stell products, Punjab Ceremic, Mahbub Ashraf, Gulberg Caterers, Samanabad enterprises, Azhar company, Sindhu Marbal company, Shabirruddin, Mohammad Husain, Rashid Sons, Rehman Oil Mills, Abu Bakar cold storage and oil factory.
BHAWALPUR: Shafi Oil mills, Ahmed Industries, Goheer Oil mills,
MULTAN: Union Straw paper board, jail traders, Omar Hardware, Khan Brothers cotton, Ali Intp, NK Medicot private limited, Al Munir textile private limited and Sadiqabad textile mills. Sinopak. (The list is still incomplete because of space constraints)
A few of those who got loans written off were genuine cases as they suffered sick industry or bankruptcy. Their loans were written off according to rules and prevalent law. Some of the beneficiaries, however, submitted bogus claims and the banks did not follow rules and regulations in writing off their loans. REFERENCE: Guess who walked away with nation’s 100 bn rupees? By Rauf Klasra Friday, December 04, 2009 Chaudhrys, Saifullahs, Jatois, Legharis, Tawakals, Saigols,Jams, generals; some cases were genuine http://thenews.jang.com.pk/top_story_detail.asp?Id=25898
ISLAMABAD: As if the generous writing off of loans worth Rs59.94billion during the General Pervez Musharraf reign wasn’t bad enough, now official documents show that hundreds of these borrowers were even given these loans with such casualness and deliberate neglect that not even the national identity cards of the borrowers were demanded by the banks, what to talk of other collateral and sureties. The official record of these written off loans submitted to the National Assembly and available with The News revealed that in an unbelievable large number of cases the lending institutions, a bank and another (now defunct) financial entity, had issued huge loans to the individuals without even getting their National Identity Cards (NICs) as per prudential requirements. The bank has not given any reason about how the loans were issued to these business parties and the individuals without getting their proper NICs as per requirements. One official has commented that this was not possible without the active collaboration of the bank officials as no bank could give loan to anyone without NICs. The following cases reveal just another ugly aspect of this sordid plunder of national wealth where, barring a few genuine deserving cases, billions were siphoned away by hundreds of corrupt businessmen colluding with equally corrupt bankers. There were some genuine cases where loans were written off in accordance with the rules. In all cases listed below, none of the cited borrowers had been forced by the lending institutions to submit their ID cards, an otherwise basic requirement.
The ID cards of five directors of Ms Bawani Industries were missing. This loan was ultimately written off. One foreign national Saral Dynamic Hardware Bobignv too managed to get a loan of Rs5.5million and later got his total outstanding Rs6.4million written off including the principal amount and Rs0.8million mark up. The loan was given in foreign currency to this foreign national. The two banks wrote off billions of rupees during the Musharraf era and in one case, the defunct bank wrote off a loan of Rs137million outstanding against four individuals.
First Tawakal Modrab Karachi got Rs 628million written off while the borrowers—-Abdul Qadir Tawakal, Rafiq Tawakal,Ali Husasin Mooney and Abid Husain did not even bother submitting their NICs. Shahfa Corporation Lahore and its owners Saluddin Ahmed Sahaf, Wajiddin Mahmood Shaf also got Rs146million written off. Regnet Dyeing and Finishing Mills also got Rs 91million written including Rs50million principal loan. Fatima Foods Lahore also got Rs 80million written off with Rs 40million principal loan waived off. National Garments also got Rs 335million written off including Rs 140million principal amount. In Multan Mohib textile got Rs 1.17billion written off including principal amount of Rs546million. In Karachi Bawani Industries got Rs 70million written off including 11.3million principal amount. The names of the fathers of borrowers are not on official record of the bank who got this loan written off. The papers show that even a London based n ex-employee of a bank, Abdul Haleem also got Rs 2.744million written off and now the bank says it did not have even the ID card of its own former employee available in record. His principal loan was Rs 2.7million which was written off.
Adamjee Industries also got Rs 48million written off including Rs168million principal amount. Farooq Sheikh, Mrs Shereen Farooq, Zafar Sheikh, Mumtaz Saleem, Tahir Sehikh got Rs 168million loan and got the whole principal wavied off. They also got the mark up of Rs225million written off too. Master Rubber Tyer owners Fayyaz Malik and Farooq Malik got 52m written off. Even an industrial unit Ms Metropolitan National Textile Karachi owned by Sikandar Ali Jatoi, Mazhar Ali Jatoi, Jamal Hassan, SM Masood was given the loan without any NICs. A sum of Rs190million outstanding the Jaoti family was also written off. The papers showed that even, the owners of Daweeo Corporation -Kim Woo Choong, Kim Joun Sung, Lee Woo Bok, Yoon Nuke Neon, Chug Myuong Kul did not submit their Ids at the time of obtaining Rs10.8million loan. Interestingly, the same amount was later written off by the bank. They got principal amount written off in addition to Rs2.3million mark up payable against this loan.
Even Ch Shujaat Hussain, Pervez Elahi and their family members who got Rs37.987 loan written off never produced their national identity cards. Hearts International Rawalpindi got Rs0.9million written off while the bank did not have the IDs of Dr Major Gen retired Zulifkar Ali Khan, Dr Abdus Qudus Khan, Mohammad Rafi, Shamim Ashraf Khan, Naheed Mashud Kiani, Rahat Azfa. Johoson and Philips also got Rs 64 million loan written off and there is no record of NICs of the borrowers-Bilal Ahmed Qureshi, Raja Ahmed Khan, Habibulah Baig, Rasid Y Chinoy, Abdul Rehman Khan, Syed Abdul Noor. Johnson and Philips again got another loan of Rs26million written off and once again the same borrowers did not give their NICs. Ahmed Chemical limited owners Aftab Khan, Jehan Ara Khan, Mahjabeen Ahmed, Sabiuddin Ahmed, Iqbal Ahmed Khan, Iram Aftab, Aftab Ahmed Khan NICs are not available. They got Rs0.6million written off. Ksornos Corporation Lahore also got Rs 4.3million written off. Again NICs of Sh Abdul Hafeez, Sh Imran Hafeez, Sh Salman Hafeez, Sh Nauman Hafeez, Qari Khalid Mahmood, Shahbaz Murad and Zahida Hafeez are not available in the record. Zodesh Limited got Rs 40million written off. The borrowers Zoraia Lashari, Imrana Lashari, Ms Lubna Lashari and Hayat Khan did not give NICs.
GUJRAT: Mohammad Akram Rs 2.5m, Fazal Hussain Rs 0.6m, Malik Mohammad Akthar 0.5m, Yaqoob Brothers Rs 0.5m, Nisa Enterprise Rs 0.5m (Islamabad).
Mohammad Saleem Rs0.7m,
QUETTA: Abdul Qadir Rs 0.511m, Mohammad Alm Rs 0.4m, Haji Moula Dad Kalat Rs 0.5m, Mohammad Hassan Rs 0.5m, Mohammad Ramzan Rs 0.5m, Gul Mohammad Rs 0.5m,
KARACHI: Babar Rafiq Rs0/6, Mosar Ahmed Rs 0.5m, Qaisaurz Zaman Rs 0.6m, Sajid Husain Rs 0.570m, Nasir Rafique Rs 0.531m, Badar Ahmed Rs0.596m, Mazhar Fared Rs 0.683m, Khalid Mahmood Rs 0.653m, Saeed Ahmed 0.61m, Jawad Textile Industries 1m, Masnoor Yousuf Rs0.536m, Mohammad Ismail Rs0.595m, Amir Hashmi Rs0.5m, Sajid Ali Rs0.7m, Mushtaq Hussain Rs 0.579m, Tahir Ehtasham RS 0.6M, Mohammad Noman Bhatti Rs 0.54m, Saleemuddin Rs 0.522m, Anisuddin Rs 0.522m, Monbina Begum Rs0.639m, Miss Tabasum Shehnaz Rs 0.6m, Mohammad Yousuf Rs 0.665m, Mant Lal Mault Rs 0.674m, Athar Maqbool Rs 0.7m, Shahid Khan Rs 0.5m, Azaam Afridi Rs 0.633m, Syed Qasim Hussain Rs 0.539m, Abdul Qayyum Rs 0.681m, Mohammad Burhan Khan Rs0.825m, Syed Khurram Raza Naqvi Rs 0.543m, Hassan Shakeel Rs 0.825m, Ali Hassan Rs 0.534m, Mohammad Irfan Khan Rs 0.550m, Shafiq Ahmed RS 0.820M, Ali Hassan Hassan Rs 0.534m, Mohammad Irfan Khan Rs 0.550M, Khawaja Moin Hasan Rs 0.666m, Raza Hasan Rs0.528m, Syed Afaq Moid Rs 0.679m, Syed Mohammad Nasim Ali Rs0.680m, Syed Aslam Ali Rs0.67m, Asif Rehman Rs 0.665m, Asim Ilyas Rs 0.5m, Adnan Hassan Rs 0.820m, Syed Rasheed Ahmed Rs0.5m, Mobina Afzal Rs 0.7m, Kamran Rauf Rs 0.74m, Najma Akthar Rs0.825m, S Sharifuddin Rs 0.825m, Imtiaz Hussain Zaidi Rs 0.6m, Khalid Baig Rs 0.589m, Mohammad Awan RS 0.6M, Tariq Baloch Rs0.668m, Mohammad Mobin Sheikh Rs 0.614m, Ms Golden Paint industries Rs0.7m, Mohammad Arshad Shakeel Rs 1.441m, Altaf Hussain Shah Rs 0.5m, Mehmoodul Hassan Rs 0.548m, Mashuddin Rs0.9m, Atizaudin Rs 1.5m, Wajihuddin Rs1.5m, Ihtashamuddin Rs 0.557m, FS Aizauddin Rs 0.5m, FS Azauddin Rs 0.58m, Mrs Rubina Rs 0.655m, Abdul Azim RS 0.556M, Abdul Razakk Rs 0.5m, Akthar Hussain Rs 0.519m, Asif Soomro Rs 0.554m, Fayyaz Ahmed Rs 0.544m, M Saleem Rs 0.539m, Sadiq Bano Rs 0.54m, Moizudin Rs 0.562m, Abdul Haq Rs0.5m, Mrs Kasuar Perveen Rs0.514m, Mohammad Rafiq Rs 0.551m, Mohammad Saleem Rs 0.591, Rana Mohmmad Rs0.545m, Rukhsana Begum Rs0.504m, S. Rehan Shahid Rs0.560m. Hssan Khan Rs 0.503m, Kashan Ali Rs 0.624m, Saleem Medical Store Rs 1.5million, Ms Huma Electric Inds Nameem Ullsah Rs 1.4m, Ms Tariq Electric Inds Rs 3.2m, Ms New National Steel Inds Rs 2.5million, Ms Kashmir Industrial Corp Rs 1.1m,
Irfan Basharat Rs 2.1m, Jhangir Hadier Rs 6.5m, Mohammad Sadiq Rs 2.66m, Punjab Ceremaic owners Zahid Shkeel Rs 7.6million, Ms Gulberg Caters owned by Mohammad Aslam Rs0.9m. REFERENCE: No ID no worry, get loans and get them written off also By Rauf Klasra Saturday, December 05, 2009 http://thenews.jang.com.pk/top_story_detail.asp?Id=25915
ISLAMABAD: If you thought that only civilian and politicians got billions of rupees worth of loans written off from state-owned banks, you thought wrong. Records now show that many top military officers got their loans written off. This lucky lot included five lieutenant generals, two major generals and a battalion of other senior uniformed beneficiaries, with some Army (mis)managed institutions to boot. The Army controlled institutions also got their share from the national plunder with the Army Welfare Trust (AWT) got a massive loan written off worth Rs 14.49 million from a state-owned financial entity, which is now defunct (hardly a surprising fate).
Some of the cases were, however, genuine as their loans were written off in accordance with rules.
According to the official list of loan write-off beneficiaries tabled in the National Assembly, Lt General (retd) Ali Kuli Khan and his father Lt General Habibullah Khan had their loans written off. General Kuli had shot to prominence when he was ignored by the then prime minister Nawaz Sharif in favour of Gen Musharraf in a bid to succeed General Jehangir Karamat as the next COAS. The list shows that General Kuli Khan got two loans written off from the Allied Bank of Pakistan while he was still serving in the Army in the mid 90s. The first loan was of Rs1.8 million and second was Rs1.6 million outstanding against Janana De Malucho Textile Mills Limited, Kohat owned by his father General (retd) Habibullah Khan. General Kuli was then one of the directors of the textile mills. After the death of General Habib, he became the chief executive of this textile unit. General Habib, too, was a beneficiary of this loan write off. It’s a little known fact that Chief of the Army Staff General Ashfaq Parvez Kayani had once served as the staff officer to General Ali Kuli Khan during his stint as Chairman Joint Chiefs of staff in 1998 when Jahangir Karamat was the Chief of Army Staff (COAS). General Kuli shot to prominence within the ruling political circles when he was heard opposing the forced resignation of General Kamarat and had indicated to make Nawaz Sharif ‘fall in line’ if he became the next COAS. Later, Gen Kuli Khan had denied this charge in an interview with this correspondent. But, Ch Nisar Ali Khan had also confirmed to this correspondent in an interview that Ali Kuli was not elevated to the post of the Army chief precisely for this reason after some of his quotes were conveyed to Nawaz Sharif. Talking to The News from Peshawar, General (retd) Ali Kuli Khan said that he “did not remember” getting any loan written off by him during his military service. General Kuli said, “There might be some rescheduling of the loans by the banks outstanding against the mills.” He said only the politicians get loans written off by using their clout. Of course, general can dare anyone argue with that logic.
Lt General (retd) K M Azhar, who later became active in politics, of Rex Breen Batteries got Rs16 million written off by the Agriculture Development Bank. His business partners were Misbah Azhar, Sward Azhar, Ahmed Jamal Siddiqui, Syed Ijaz Ahmed Hashmi, Mauro Dr Bashir Ahmed. Lt General (retd) SA Burkey and Lt General (retd) Safdar Butt also figure amongst the happy generals benefiting from the state institutions generosity. Another prominent name on the list is that of Air Marshal (retd) A Rahim Khan. Air Marshal (retd) Viqar Azeem also got Rs15 million written off from Pakistani Kuwait Investment Co. Lt General (retd) SA Burkey, Major General Zahid Ali Akbar, Brig MM Mahmood, Begum Omar Mahmood, Saeed Ahmed also got loans written off. Gohar Ayub Khan, brother of General Kuli Khan—Raza Kuli Khan also got a loan of Rs7.2 million written off against Rehana Woolen Mills. Tariq Ayub Khan, Zahid Ahsan, Ahsan Khan were the directors of the mills whose loan was written off by the financial institution SAPICO.
Major General (retd) M Mumtaz from Abbottabad, Lt Colonel (retd) Shaukat and Major (retd) Tajuddin Rs1.2 million, Major General (retd) Ghaziuddn are also in the list. Major General (retd) G Umar also got Rs8.5 million written off from the Agriculture Development Bank. Lt General (retd) Safdar Butt, Major General (retd) Abdullah Malik, Brig (retd) M M Mahmood, Col (retd) M Zafar Khan, Mohammad Afzal Khan, Mrs Hamida Farhat also got benefits from the UBL. General (retd) Abdullah had resigned after the military coup of General Zia and had opposed the military take over of July 1977. Talking to The News, Brig (retd) Mahmood denied that his industrial unit EFF, EFF Industries had got the loan written off. He clarified that he had entered into an agreement with the bank but this package was never implemented until recently. The list also names Brig (retd) M A Baig and Qamar Ahmad, BA Siddiqi, Zubair Rashid, Mohammad Sadiq Baig, Riazur Rehman, Mrs Mamomnna Khatoon, Mrs Mehr Riaz, Mr Taufiq Ahmed Rs 1.09 million (UBL). Lt-Col (retd) Ch M Anis Ahmed, Col Atta ullah, Shahid Atta, Mst Qamar un Nisa Rs 2.6 million, Irfan Rice Mills of Col (retd) Nazar Hussain Rs 1.6 million, Mehr Textile Mills, Chakwal, Col Mohammad Ayub Khan, Ch Nisar Ali Khan, Ch Asad Ali Khan, Mrs Sultana Zakia, Mohammad Nawaz, Ch Ghulam Ali Khan. Major General (retd) Khadim H Raja, Air Marshal (retd) A Rahim Khan, Mrs Sattar Azim Khan also got loan written off. Mohammad Textile Mills Limited of Air Commodore (retd) Amanullah got a loan of Rs95 million written off from the UBL. His other business partners were Khurshid Alam, Mohamamd Rafiq, Mrs Bilquis Begum, Tanveer Ahmed, Naseer Ahmed, Begum Sultana Fammay Khan, Sobia Fammy Khan. Air Vice Marshal (retd) Ata Elahi Sheikh of the National Fructose Limited also got Rs43 million written off. His business partners were Shakirullah Durrani, Mohammad Aslam, Qamaruzaman, Syed Safiullah, Dr Mohammad Yousuf, Khan Akbar Majeed and TR Sariq. Sairani Cotton Ginning Factory owners Capt (retd) Shahraz Latif and his business partners Shahnaz Latif, Ch Mohammad Ashraf also got loan written off. Air Marshal (retd) A Rashid Sheikh, Air Vice Marshal (retd) S Moinur Rab, Group Captain (retd) Mohammad Ismal Khan, Salman Rashid of Sky Rooms Limited got Rs 8.4 million loan written off. Brig (retd) SM Bakar Naqvi, Mian Ahmed Rabbani, Pervez Iftikar Khan, Abdul Aziz, NM Khanzada and Major (retd) Afzalul Haq also among the beneficiaries.
Col (retd) M Yaqoob of Aswan Tentage and Canvas got a huge loan of Rs276 million written off from Bankers Equity. His other business partners were Col (retd) M Yaqoob, Mohamamd Afzal Chugtai, Mohammad Siddiqi, Haji Ghulam Sabir and Idris Ahmed Butt. Farook Pulp of Mjaor Nasim A Farooqi, Naeem A Farooqi, Pervez Farooqi, Munir Ahmed Khan and Saleem Farooqi got 2.1 million loan written off. Captain (retd) Shaukat of Locus Enterprises got Rs8.8 million written off. His business partners were Wiqar Abbas, Khalid Khan, Col (retd) M Sadiq Khan, Nabil Hasan, Masoud Abbasi and Abdul Razak. Raja Iftikar Kiani of Ms Alliance Textile Mills, Jhelum got a wavier of Rs16 million from the MCB.
A Lt-Col, who owned the Meditex Intl got Rs6.322 million written off from the HBL. His business partner was Col (retd) Bashir Ahmed. Commander Abdul Latif also got Rs 10 million written off. Shangrila Macropole Inn, Lahore got Rs4.3 million loan written off. Brig (retd) Mohammad Aslam Khan and Co got Rs4.3 million written off. Feroz Sons Textile Mills Mirpur owners Col (retd) Munir Hussain, Nasim Farms’s and Major General (retd) Qazi Nasim Majeed are also among the beneficiaries. Col (retd) Saleem of Special Iron and Steel Mills Limited, Lt General (retd) Habibullah Khan, Brig (retd) M Jan Hahang M Khandawala, Raza Kuli Khan, Col (retd) M Sharif Khan, Begum Tehmina Habibullah, M I Khurram, M Nazir Khan and IA Khurram are also among the beneficiaries. Major (retd) Mohamamd Anwar, S Aijaz Ali Shah, S Amjad Ali Shah, S Ghulam Qadir, S Aftab Ali Shah, S Ali Gohar Shah, S Amin Shah also on the list. Lt-Col (retd) M Jaffar, JH Dinshaw Rs 7.2 million, Chemphar Pakistan Limited of Brig (retd) Shareef Rahat, Captain (retd) AM Murad and Major (retd) Tariq Baig are also among the beneficiaries. REFERENCE: Five generals also got their loans written off Sunday, December 06, 2009 By Rauf Klasra http://thenews.jang.com.pk/top_story_detail.asp?Id=25928
ISLAMABAD: A loan of Rs3 billion against the Sharif brothers remains outstanding despite a lapse of about ten years when the physical assets of four industrial units — Ittefaq Foundries, Brothers Steel, Ittefaq Brothers and Ilyas Enterprises — were surrendered to nine lending banks, who haven’t got a penny back since 1998. The Sharif brothers were lauded in the national press in 1998 for surrendering their physical assets to nine banks but in actual terms, these banks did not get a single penny back after one of their (Sharif’s) own directors moved the court and got a stay order against selling of these assets. The stay order in favour of Ittefaq Brothers remains effective till date. Meanwhile, the representatives and legal experts of these nine banks are said to have recently met at Lahore to decide a new course of action to recover the loans from the Sharif brothers who have been shown as “defaulters” of the banks. The National Bank of Pakistan is the worst affected bank with a stuck up loan of Rs1.5 billion. Earlier, in his capacity as Prime Minister, Nawaz Sharif in a highly charged televised address to the nation, had announced to surrender all the physical assets of Itefaq Foundries, Brothers Steels, Ittefaq Brothers and Ilyas Enterprises to the nine banks, whom the Sharifs reportedly owed Rs3.09billion. The process of selling the Ittefaq Foundries was stopped when one of the relatives of Sharif Brothers moved an application in the Lahore High Court in 2005 and the matter is still pending with the courts without any payment to the concerned banks.
According to official documents available with The News, in 1998, the directors of Ittefaq Group offered to surrender these units to settle the claims of all the banks instead of making cash payments to settle their accounts. Nawaz Sharif as the prime minister had then announced to hand over these assets to the Lahore High Court to monitor the sale of assets of his units. The names of directors of Ittefaq Foundries are Mian Tariq Shafi, Mian Javed Shafi, Mian Abbas Shafi, Mian Riaz Miraj, Mian Shahbaz Sharif, Mian Yousuf Aziz and Mian Nawaz Sharif. Likewise, the directors of Brothers Steels included Mian Yousuf Aziz, Mian Yahya Siraj, Mrs Nusrat Shahbaz, Mian Naseem Tariq, Mian Memoona Idris, and Hussain Barkat. The directors of Ittefaq Brothers were Mian SHahbaz Sharif, Mian Mohamamd Idris and Mian Pervaiz Shafi.
According to the official papers, Shahbaz Sharif and Nawaz Sharif owed bank loan of Rs1.5billion to National Bank of Pakistan, HBL Rs717million, UBL Rs340million, MCB Rs239million, Ist Punjab Mudraba Rs110millino, Bank of Punjab Rs61million, ADBP Rs58million, PICIC Rs17million and ICP Rs8million. The papers reveal that when the assets of these four defaulting units were surrendered to the LHC, in a bid to settle their claims all the banks unanimously agreed to get the court order to this deal. The documents showed that while hearing this application under section 284, the Lahore High Court ordered to constitute a committee comprising 3 members, a representative of banks, a chartered accountant and an advocate being the court representative. The mandate of the committee was to take the possession of the said units of the Ittefaq Group, to protect and preserve their assets and to auction them through court procedure. Under the said committee a bid of Rs2.48billion was received which was about half a billion rupees less than the actual loan money. The bid was submitted to the court in 2005. However, the final court order for auction has not been yet issued till today following the petition filed by some of directors of the Ittefaq Group. In 2006, committee member Iqbal Haider Rehman after his appointment as additional judge Lahore High Court was replaced by Pervaiz Akthar Malik, advocate and Kamran Amin NBP, due to change of his assignment in the banks, was replaced by Mr Salaim Ansar. Now this committee comprised Salim Ansar, Khajwa Abdul Qadir and Pervaiz Akhtar Malik. The official papers show that since filing of the bid of Rs2.48billion with the court in 2005, duly accepted by all the banks and recommended by the committee, the matter was still stuck up at the Lahore High Court for an order and despite all efforts of the committee, no progress has been made. The documents show that several meetings of the creditor banks had been convened by NBP at Lahore where the legal experts other than the dealing councils of the banks were also invited to consider the alternative course of action to expedite this matter. However, legal complications have arisen to such an extent that no concrete solution of the problem could so far be unanimously adopted. Talking to The News, president NBP Ali Raza confirmed that a sum of Rs1.5billion was outstanding against the Sharif brothers as the loan was yet to be settled. He said the physical assets were surrendered by the directors of these units but the court had yet to give its approval to the bidding price of Rs2.4billion obtained in 2005. Talking to The News, PML-N spokesman MNA Ahsan Iqbal said that there was an understanding with the banks in 1998 and the physical assets were handed over to them as part of “settlement”. He said actually the Sharif brothers never got their loans written off and the matter was declared “technical default” after the banks were put under pressure during the second government of PPP to seek the payment of loans prematurely. He said this was a sort of “technical default” and the cases later landed in the court. REFERENCE: Rs3 bn loan outstanding since ’98 – Ahsan terms it ‘technical default’, no loan write-off ever sought Sunday, December 20, 2009By Rauf Klasra http://www.thenews.com.pk/daily_detail.asp?id=214283
Was Judiciary sleeping?????
ISLAMABAD: The main wheeler and dealer of the ISI during the 2002 elections, the then Maj-Gen Ehtesham Zamir, now retired, has come out of the closet and admitted his guilt of manipulating the 2002 elections, and has directly blamed Gen Musharraf for ordering so. Talking to The News, the head of the ISI’s political cell in 2002, admitted manipulating the last elections at the behest of President Musharraf and termed the defeat of the King’s party, the PML-Q, this time “a reaction of the unnatural dispensation (installed in 2002).” Zamir said the ISI together with the NAB was instrumental in pressing the lawmakers to join the pro-Musharraf camp to form the government to support his stay in power. Looking down back into the memory lane and recalling his blunders which, he admitted, had pushed the country back instead of taking it forward, Zamir feels ashamed of his role and conduct. Massively embarrassed because he was the one who negotiated, coerced and did all the dirty work, the retired Maj-Gen said he was not in a position to become a preacher now when his own past was tainted.
He said the country would not have faced such regression had the political management was not carried out by the ISI in 2002. But he also put some responsibility of the political disaster on the PML-Q as well. The former No: 2 of the ISI called for the closure of political cell in the agency, confessing that it was part of the problem due to its involvement in forging unnatural alliances, contrary to public wishes. Zamir’s blaming Musharraf for creating this unnatural alliance rings true as another former top associate of Musharraf, Lt-Gen (retd) Jamshed Gulzar Kiyani has already disclosed that majority of the corps commanders, in several meetings, had opposed Musharraf’s decision of patronising the leadership of the King’s party. “We had urged Musharraf many times during the corps commanders meeting that the PML-Q leadership was the most condemned and castigated personalities. They are the worst politicians who remained involved in co-operative scandals and writing off loans. But Musharraf never heard our advice,” Kiyani said while recalling discussions in their high profile meetings.
He said one of their colleagues, who was an accountability chief at that time, had sought permission many times for proceeding against the King’s party top leaders but was always denied. Kiyani asked Musharraf to quit, the sooner the better, as otherwise the country would be in a serious trouble. Ma-Gen (retd) Ehtesham Zamir termed the 2008 elections ‘fairer than 2002’. He said the reason behind their fairness is that there was relatively less interference of intelligence agencies this time as compared to the last time. But he stopped short of saying that there was zero interference in the 2008 polls. “You are quite right,” he said when asked to confirm about heavy penetration of ISI into political affairs during the 2002 elections. But he said he did not do it on his own but on the directives issued by the government. Asked who directed him from the government side and if there was somebody else, not President Musharraf, he said: “Obviously on the directives of President Musharraf.” Asked if he then never felt that he was committing a crime by manipulating political business at the cost of public wishes, he said: “Who should I have told except myself. Could I have asked Musharraf about this? I was a serving officer and I did what I was told to do. I never felt this need during the service to question anyone senior to me,” he said and added that he could not defend his acts now.
“It was for this reason that I have never tried to preach others what I did not practice. But I am of the view that the ISI’s political cell should be closed for good by revoking executive orders issued in 1975,” he said. Responding to a question regarding corruption cases that were used as pressure tactics on lawmakers, he said: “Yes! This tool was used, not only by the ISI. The NAB was also involved in this exercise.” Former corps commander of Rawalpindi, Lt-Gen (retd) Jamshed Gulzar Kiyani said majority of corps commanders had continued opposing Musharraf’s alliance with top leadership of the PML-Q. “Not just in one meeting, we opposed his alignment with these corrupt politicians in many meetings but who cared. Now Musharraf has been disgraced everywhere, thanks to his political cronies.” REFERENCE: The man, who rigged 2002 polls, spills the beans By Umar Cheema Sunday, February 24, 2008 http://www.thenews.com.pk/top_story_detail.asp?Id=13159
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