Govt campaign to vilify Tareen backfires

While the federal government has released documents alleging loan write-offs by Pakistan Tehreek-e-Insaf (PTI) senior leader Jahangir Khan Tareen, official documents have surfaced indicating that Tareen had nothing to do with the loans written off by the banks.

Official documents from the State Bank of Pakistan (SPB), United Bank Limited (UBL), Muslim Commercial Bank (MCB) and Faysal Bank to the election commission of Pakistan and other government departments appear to vindicate the stance of Tareen.

An official letter no. CPD/CPU-1/122/4238/2013 dated April 1, 2013 says that the loans mentioned by the bank in its earlier letter had reflected the loans attained by the companies and not by the directors appointed by the government.

The letter said that Jahangir Tareen, who had been nominated as a director on behalf of the government for M/s Heavy Mechanical Complex, had nothing to do with the loans attributed to him.

“The directors cannot be treated as defaulter on behalf of the company which defaulted. Therefore, for the purpose of election verification, the above-named persons may not be treated as defaulters,” the letter added.

TAREEN NOT ON THE HOOK:

The letter added that PTI leader Jehangir Tareen is not personally responsible for the liabilities of the company and cannot be treated as a defaulter on behalf of the company.

The letter written by a director of the SBP to ECP Secretary Ishtiaq Khan verifies that Jehangir Tareen may not be held responsible or treated as a defaulter with respect to the above-mentioned companies.

Another letter by Faysal Bank also absolved Tareen of writing off Rs 21.57 million in loan acquired from Royal Bank of Scotland by the Faruki Pulp Mills Ltd.

A letter from the corporate head of Faysal Bank says the loans were written off prior to Tareen’s appointment as a director of Faruki Pulp Mills Limited. Tareen remained the company’s director from December 29, 2010 till February 4, 2013.

Another letter by MCB Bank AVP Shahid Hussain regarding a loan of Rs 9.015 million for Faruki Pulp Mills Lt also said that Tareen had nothing to do with the writing-off of the loans. The letter said that he had not defaulted on any loan or obtained any write-off on a loan from the MCB.

Another letter from UBL Divisional Head Nadeem Siddiqui clarified that the Rs 19.234 million loan obtained by Faruki Pulp Mills Ltd pertained to the company before the joining of Tareen as the company’s director.

The letter added that the settlement of the loan, including the write-off of Rs 19.234 million, had been settled prior to Tareen’s joining of the company.