Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Standard view
Full view
of .
Look up keyword
Like this
0 of .
Results for:
No results containing your search query
P. 1
Loan Waiver

Loan Waiver

Ratings: (0)|Views: 25|Likes:
Published by Omer Arif

More info:

Published by: Omer Arif on Sep 14, 2010
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less





 Loan Waiver Beneficiaries
In a country where over 40 per cent of the population is said to be languishing underthe poverty line with families surviving on less than $2 a day, the shamefulrevelation of the filthy rich getting loans worth over Rs100 billion written-off owing totheir 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 1,000influential 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 militarygovernment. The list was submitted in the NA when Zafarullah Jamali was the primeminister and Shaukat Aziz was the finance minister.The first loan of Rs70 million was outstanding against the Punjab Sugar Mills and waswritten off by the National Bank of Pakistan along with the actual loan amount. Themill was owned by Chaudhry Shujaat Husssain, Chaudhry Mansoor Elahi, ChaudhryPervez Elahi, Chaudhry Gulzar Mohammad, Chaudhry Wajahat Hussain, ChaudhrySabhat 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 againstPunjab Sugar Mills. The beneficiaries were once again Ch Manzoor Elahi, Ch ShujaatHussain, Pervez Elahi, Wajahat Hussain, Shafaat Hussain, Gulzar Ahmed and MrsQaisra Elahi, Khalida Begum, and Kauser Hussain. The UBL once again wrote off another loan of Rs34.1 million outstanding against the Spaco Private Limited. Thebeneficiaries 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 industrialestablishments as “sick industry or on the pretext of bankruptcy.” Many of themdenied having got their loans written-off.The mighty Chaudhrys of Gujrat — Ch Shujaat Hussain, Ch Pervez Elahi and theirfamily members — reportedly got three different bank loans of Rs120 million writtenoff 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 familymembers had quietly got several bank loans written off, which had been outstandingagainst their sugar and textile mills and other industrial units.These bank loans were mainly written off by the state-run National Bank of Pakistanand 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 Rs30billion loans were written off between 1985-2002, which had been outstandingagainst the top politicians and powerful industrial groups of the country. The list wascompiled by the then caretaker government of 1993 led by Moin Qureshi.In 2007, Auditor General of Pakistan revealed in its report that during the period2002-2007, a sum of Rs54 billion was written off by Musharraf government. Thus,
Generated by Foxit PDF Creator © Foxit Softwarehttp://www.foxitsoftware.com For evaluation only.
total figure had reached to Rs85 billions. But, now the recent official report to the NAduring the question hour revealed that the total figure of written-off loans had finallycrossed over Rs100 billion, after adding the loan amounts written off during twoyears of PPP government since 2008.The official list of loan write-off beneficiaries of different periods since 1985 to 2002revealed that former speaker Gohar Ayub Khan’s family and former Chief MinisterBalochistan Jaam Yousuf, are also among other prominent politicians, who got theloans 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 PervezMusharraf -Abbas Sarfraz is also among the beneficiaries who got a massive loanagainst his sugar mill written off. Lt General Habibullah and Brig M Jan are amongthe 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, ArbabSaddaullha Khan, Shah Jehan Khan, Nisar Khan are part of the list submitted in theNA in 1994 in response to a question by MNA Barjees Tahir. First, the Saifullahbrothers got loans written off against their mill— Ms Kohat Textile Mills from theNational Bank. The matriarch of the Saifullah family, Mrs Kalsoom Saifullah also gota 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 Rs6.7million 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 beneficiariesincluded Jafar Khan Leghari, Jamil Ahmed Khan Leghari, Yousuf Khan Leghari, TariqKhan Leghari, Atta Mohammad Leghari, etc.Saigal group got the loan written off against Omaryar Limited, Lahore. The group gotanother loan of Rs4 million written off from the UBL.A loan of Rs10.3 million was written off by Investment Corporation of Pakistan. IqbalZ Ahmed, Mrs Saira Ahmed also got a loan of Rs5.5 million written off from UnitedBank of Pakistan. Another small loan of Rs1.4 million got written off from UBLagainst Hassan Ali and company. A loan of Rs18 million was also written off againstHashoo Holdings.Meanwhile, investigations conducted by this correspondent after going through theofficial record of the National Assembly Secretariat, where all these loan documentswere placed from time to time since 1994, even Daewoo Corporation of Pakistan wasone 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. Theloan was outstanding against Kim Waoo Choong, Kim Joun Sung, Lee Woo Bok, YoonNuke NEON, Chui Myoung Kul.The list showed that Karachi-based businessmen have been treated with exceptionalkindness by the National Bank of Pakistan. According to the list of such people whoseloans and principal amounts were written-off during the last three years, NationalBank of Pakistan wrote off billion of rupees from taxpayers’ accounts. Most of thewritten-off loans went to the textile and industrial giants of the country owned by
Generated by Foxit PDF Creator © Foxit Softwarehttp://www.foxitsoftware.com For evaluation only.

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->