Pakistan News

People whose bank loans were waived off will have to pay back: CJ

ISLAMABAD: Chief Justice Mian Saqib Nisar on Thursday said that people whose loans from banks were waived off must be recovered, even by selling their assets.

A three-member bench, headed by the Chief Justice heard a sou moto case on State Bank of Pakistan allegedly allowing commercial banks to waive off non-performing loans estimated at Rs54 billion, under a scheme introduced by former president Pervez Musharraf.

During course of proceedings, the lawyers of a private bank and National Bank of Pakistan appeared before the court.

Chief Justice Nisar enquired from the lawyers about the amount waived off, to this private bank’s lawyer said that Rs 54 billion were waived off. The Chief Justice demanded details pertaining to the loans waived on political basis.

Additional Attorney General informed the court that there were 223 suspicious cases.

Chief Justice said he was reopening the old cases, in some cases there might be settlement between parties, however the court would examine the matter.

The CJP said the NBP waived off loans to many owners of textile mills, but no investigation was made in those matters. “The money will be recovered from those who got the loans waived off on political basis,” the chief justice maintained.

Meanwhile, Barrister Zafarullah informed the bench that politicians such as Muhammad Khan Junejo, Yousaf Raza Gilani, Benazir Bhutto, Chuadhry Brothers, Nawaz Sharif and Chaudhry brothers also got their loans waived off.

Chief Justice said that now the question is that how court could run that case further.

Subsequently, while seeking summary of loans waived off from the banks, the case was adjourned for a week.

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