LAHORE: The Lahore High Court (LHC) on Monday ordered the auction of the Sharif family’s Ittefaq Textile Mills on December 15, for the repayment of loans taken from private banks.
The LHC judge resumed hearing of the petition filed by Muslim Commercial Bank (MCB) for the auction of Ittefaq Textile Mills.
During the proceedings, Justice Shahid Kareem was informed by the bank’s lawyer that close acquaintances of the former prime minister had mortgaged Ittefaq Textile Mills to obtain loans for the business.
However, due to their inability to repay the loans taken from the bank, the mill was subsequently declared a defaulter in 2000.
The bank’s counsel further stated that the defaulters Haroon Yousaf, Yousaf Aziz, Kausar Yousaf, Saira Farooq and Ayesha Haroon had provided a guarantee for the loans.
The counsel also informed the court that in December 2016, a decree of over Rs250 million was issued against the defaulters, however, only Rs140 million was paid by the defaulters.
The counsel pleaded for selling the mill for the payment of the outstanding amount.
The court has ordered that the mill should be put up for auction on December 15, 2017.