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BoP case to be precedent in recovering Rs 256bn written off loans: CJP

Discussion in 'Insaf - Justice' started by ajpirzada, Feb 27, 2010.

  1. ajpirzada

    ajpirzada PDF THINK TANK: CONSULTANT

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    Staff Report

    ISLAMABAD: The Bank of Punjab (BoP) loan scam will be made a precedent in recovering loans of Rs 256.6 billion written off in the last 38 years, Chief Justice of Pakistan Iftikhar Muhammad Chaudhry observed while hearing the Rs 9 billion loan scam at the BoP by the Haris Steel Mills.

    A three-member Supreme Court bench was informed by the National Accountability Bureau (NAB) on Friday that about Rs 5.6 billion had been recovered out of the total Rs 8.4 billion in the Haris Steel Mills case, while efforts were underway for the recovery of the remaining amount.

    The case of the written off loans is pending before the court and is likely to be taken up next month.

    During the last hearing, the court had directed NAB, BoP, FIA and the Foreign Ministry to prepare a detailed, joint report on the recovery of the loan, which NAB presented in the court on Friday.

    The joint report said Rs 5.6 billion had been secured through voluntary return/plea bargain of both movable and immovable properties. It said the market value of the assets secured was Rs 6.18 billion, however, the forced sale value was Rs 5.61 billion.

    The CJP directed all the parties concerned to meet again to prepare a report on further progress in the case. He said the money paid to the lawyers in the case should also be recovered.

    Daily Times - Leading News Resource of Pakistan
     
  2. ajpirzada

    ajpirzada PDF THINK TANK: CONSULTANT

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    well for those with typical capitalist mindset, free judiciary is now worth Rs. 5.6bn :)