- Justice Nisar says recovered amount to be used for dams’ fund
ISLAMABAD: Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Thursday directed defaulting individuals and companies to pay at least 75 per cent of the principal amount of the written-off loans.
The top judge was hearing a case related to the illegal waiver of bank loans amounting to billions of rupees by influential companies and businesspersons.
The CJP also said that those persons who wish to comply with the court’s orders must inform the court about how long they will take to repay the amounts.
Justice Nisar also observed that the recovered amount will be used for the dams’ fund.
Earlier, the CJP warned that cases of those who failed to comply with the apex court’s orders would be sent to banking courts. It had issued notices to 222 companies, accused of having loans written off.
Moreover, an appeal seeking restoration of 29 ‘fake’ bank accounts in the alleged Rs35 billion money laundering case was dismissed by the CJP. The appeal was filed by Ansari Sugar Mill, TCB Sugar Mills and Noudero Chamber.
The petitioners had requested the apex court to allow transactions using 29 ‘fake’ accounts, earlier opened in Summit Bank, Sindh Bank and United Bank Limited (UBL) for the alleged purpose of channelling ‘illegal funds’.
During the hearing, the petitioners’ counsel urged that the apex court’s order to halt the operations of these accounts will eventually lead to the closure of their companies.
Meanwhile, the FIA had been investigating into the alleged fake bank accounts from which money was laundered and has named Pakistan People’s Party (PPP) Co-Chairman Asif Zardari and his sister, Talpur, among the 32 suspects.
The FIA inquiry started when the financial monitoring unit of the State Bank of Pakistan generated a ‘suspicious transaction report’ in January of this year regarding ten bank accounts.
The accounts at a private bank were opened in 2013, 2014 and 2015 from where transactions worth billions of rupees were made.
It was reported by an FIA official that the money in the account was gathered from various kickbacks, commissions and bribes.