Murtaza Khar acquitted from Rs 611m default case | Pakistan Today

Murtaza Khar acquitted from Rs 611m default case

An accountability court on Monday acquitted Ghulam Muhammad Murtaza Khar, younger brother of former Punjab governor Ghulam Mustafa Khar, in a reference of willful default of bank loan of Rs 611 million.
Defense counsel Muhammad Nasir Mahmood argued that the offence of willful default was not applicable on the accused as he was arrested on November 11, 1999, while the offence of willful default was made a part of NAB Ordinance in February 2000. He further argued that the accused was paying his loan as per the terms and conditions settled at the time of re-scheduling the said loan and the bank also had no complaints against him thus he could not be termed defaulter.
NAB’s prosecutor Tariq Ameer Qureshi argued that the accused was a ‘habitual defaulter’ of bank loans. He re-scheduled the loan for three times but did not pay back. A reference was filed against Khar that he along with other directors of Yahya Textile Mills, obtained loan from HBL Arms Unit Branch, Multan and did not return. The bank re-scheduled a loan of Rs 120 million on June 16, 1994 and then again a loan of Rs 302 million was re-scheduled on May 28, 1995, but the accused failed to pay back the loan.
Finally, in October 1998, HBL re-scheduled the loan of Rs 611 million for the accused, which when failed to pay it back, the bank forwarded the case to Federal Investigation Agency (FIA), who initiated an inquiry and arrested the accused on November 11, 1999. After the inquiry’s completion, the reference was filed against Khar, who got his bail order from the Supreme Court and also obtained stay orders on the announcement of judgment. The Supreme Court on April 7 disposed of Khar’s appeal and directed accountability court to pronounce judgment. The accountability court, while concluding the hearing, acquitted Khar.
BOP SCAM: REMAND EXTENDED: An accountability court on Monday extended the judicial remand of former Bank of Punjab (BOP) president Hamaish Khan, former Kazakhstan honorary consulate Seth Nisar Ahmad and Haris Steel Mills Director Sheikh Muhammad Afzal until June 12. The accused are involved in BOP scam in which Rs 12 billion have been embezzled. American nationality holder, Khan is the key figure of BOP case, and has been charged that he issued Rs 6.20 billion loans to Afzal beyond his authority.
Nisar is also a beneficiary in this case and his liability is Rs 930 million, which he got illegally as loans in connivance bank high-ups. The court while extending the remand directed NAB authorities to file the reference in court by the next date of hearing. On Monday, Jason Rieff, an America, observed the proceedings and met the accused in courtroom.

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