Tag Archives: Default

NAB nabs exporter over bank default

NAB nabs exporter over bank default

KARACHI – A leading exporter has been arrested by the National Accountability Bureau (NAB) -Sindh for alleged wilful bank default of Rs311 million. According to an announcement of NAB-Sindh on Wednesday, Abdul Qadir Jangda, proprietor of M/S Bukhari Commercial Exporters was arrested from Lahore for defaulting on commitments to KASB Bank and National Bank, and submitting fake property documents.
A complaint was filed through the State Bank governor against Jangda, and Muhammed

APTMA vexed by ‘default’ of Indian cotton exporters

LAHORE – All Pakistan Textile Mills Association (APTMA) Chairman Gohar Ejaz has complained of the ‘engineered default’ on the part of Indian cotton traders working hand in glove with government policymakers, meddling in the cotton trade and repeatedly delaying shipments of contracted cotton deals to Pakistan.
He said despite producing 32.5 million cotton bales this year, a growth of 10 percent comparing with the previous fiscal year, the Indian government has made amendments in

NAB arrests two for Rs 174m loan default

KARACHI – The authorities of National Accountability Bureau (NAB) Sindh, on Friday arrested two directors of private industry on allegations of willful loan default of Rs 174 million availed from National Bank of Pakistan (NBP). According to an announcement of NAB , accused Anwar Ahmed Rajwani and Salman Karim Rajwani were engaged in the business of garment manufacturing as ARK Garments.
The Karachi based industry availed financial facility of Rs 174 million from NBP in 1985 and

Franchises default on Rs 9.2m payments to USC

ISLAMABAD – Thirty-three franchised stores located in six districts have defaulted on Rs 9.2 million payments to the Utility Stores Corporation (USC) of Pakistan.
A source in the USC said that out of the 33 defaulter franchises, 19 are located in Multan, the home district of Prime Minister Syed Yusuf Raza Gilani. Together they owe Rs 2.3 million to the USC.
Nine franchised stores are located in Rahim Yar Khan, two in Khanewal, and one each in Haripur, Sialkot and

Pakistani crew detains ship over wage default

KARACHI: The Pakistani crew of a vessel named Glory, operated from Dubai, assumed control the ship, taking exception to the nonpayment of their wages by its Iraqi owner.
The ship has been detained at Karachi Port for more than two weeks under the admiralty law, sources told Pakistan Today. Sources further revealed that this particular case is to be resolved in local courts, while the crew has conducted the takeover of the ship.
The owner of the ship has arranged bank