Bank loans of 8.571 billion waived off during General Pervez Musharraf rule
Islamabad, Pakistan: Pakistan is a country where private media mostly concentrate on alleged corruption or writing off loans by democratic government but documents placed at the Senate of Pakistan exposed that former President of Pakistan General Pervez Musharraf and his team waived off banks loans amounting 8.571 billion from year 2002 to year 2006. Figures indicate that loans of over two billions were written off every year during the above mentioned period.
This was revealed in documents placed at the House of Senate of Pakistan. Meanwhile, the State Bank of Pakistan has clarified reports appearing in various sections of press regarding loan written-off during last 30 years by banks/Dfis and stated that reports are factually incorrect and misleading. 8571
According to SBP, loans amounts of Rs 50 million and above total amount of written-off loans/waiver of Mark-up/ other charges Amount to Rs.171 billion and not Rs 430 billion as reported in Press.
Documents placed in Senate indicate that rules of army was not straying behind in writing off loans and loans were written off during the period of former President General Musharraf and his team like political governments.
Document submitted in Senate revealed that Golden Textile Mill (Hassan Ali Chatoor) got a loan of Rs589.718 waived in 2002. This loan was also taken from the UBL.
Punjab Transport Corporation also got Rs524.145 million of UBL loan waived in 2002 while Mehr Dastagir Spinning Mill Limited (Khawaja Muhmmad Yousaf, DPP) got Rs1,160.560 million of loan from the same bank written off in 2005.
The UBL also waived a total of Rs1,116.774 million loan of Redco Textile Limited (Saifur Rehman Khan as DPP) in 2006.
Mohib Textile Mill (Pvt) Limited in 2002 got written off a total of Rs1,117.489 million loan taken from the National Bank of Pakistan (NBP). Asif Saigol, Arif Saigol, Abid Saigol, Shahzad Saigol, Shahid Saigol, Shafiq Saigol Jr and Sarwar Ali have been mentioned as the directors/partners/ proprietors of the company.
The NBP in 2003 also wrote off Rs1,387.595 million loan outstanding against Spinning Machinery Company of Pakistan.
Saadi Cement Limited also got written off an NBP loan of Rs1,265.969 million in 2004. Zaheer Mustafa Jaleel, Farrukh Waqaruddin Junaidi and some other person are mentioned as directors/partners/ proprietors of the company.
Siraj Steel Limited got written off in 2006 an NBP loan amounting to Rs1,412.662 million. Chaudhry Qasim and a few others have been stated as directors/partners/ proprietors of the company.