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Sunday 1 May 2016

Top Loan Defaulters List: PML(N) Tops All Lists

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: The Spokesman Pakistan - 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 


Source: http://defence.pk/threads/top-loan-defaulters-list-pml-n-tops-all-lists.240308/#ixzz47R4WCyQf

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