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,
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