• Sunday, September 24, 2017

In three years, PML-N waives off Rs280b loans

Discussion in 'Pakistan Economy' started by LA se Karachi, Jul 23, 2016.

  1. LA se Karachi

    LA se Karachi FULL MEMBER

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    ISLAMABAD: In the murky business of waiving off bank loans, the incumbent government has put to shame the record of hundreds of private companies.

    Documents submitted in the Senate revealed on Friday that whereas private companies managed to get over Rs50 billion in bank loans waived off over the last three decades, the present government has written off over Rs280 billion in bank loans over a three-year period.

    Rs22b loans written off so far during PML-N tenure

    In response to a question posed by Senator Azam Swati, Finance Minister Ishaq Dar in a written reply suggested that some 400 corporate enterprises had gotten their loans written off in the last 30 years.

    But in stark contrast loans exceeding Rs280 billion were written off in the three-year-tenure of the PML-N government. Of this, Rs270 billion was waived off in 2015, Rs4.4 billion in 2014 and Rs6 billion in 2013.

    Details suggest that a company M Younas Habib got a loan amounting to Rs2,476.397 million written off by Habib Bank Limited (HBL) in 1997 and Younas Habib is the directors/partners/ proprietors of the company.

    Mian Textile Industries Limited got a total of Rs404.464 million bank loan of the United Bank Limited waived in 1997. Mian Muhammad Jahangir, Mian Khurshid Ahmed and Mian Waheed Ahmed are directors/partners/proprietors (DPP) of this company.

    Golden Textile Mill (Hassan Ali Chatoor) got a loan of Rs589.718 waived in 2002. This loan was also taken from the UBL.

    Punjab Transport Corporation also got Rs524.145 million of UBL loan waived in 2002 while Mehr Dastagir Spinning Mill Limited (Khawaja Muhmmad Yousaf, DPP) got Rs1,160.560 million of loan from the same bank written off in 2005. The UBL also waived a total of Rs1,116.774 million loan of Redco Textile Limited (Saifur Rehman Khan as DPP) in 2006.

    Pakistan seeks rollover of $494 million-loan

    Mohib Textile Mill (Pvt) Limited in 2002 got written off a total of Rs1,117.489 million loan taken from the National Bank of Pakistan (NBP). Asif Saigol, Arif Saigol, Abid Saigol, Shahzad Saigol, Shahid Saigol, Shafiq Saigol Jr and Sarwar Ali have been mentioned as the directors/partners/ proprietors of the company.

    The NBP in 2003 also wrote off Rs1,387.595 million in outstanding loans against Spinning Machinery Company of Pakistan.

    Saadi Cement Limited also got written off an NBP loan of Rs1,265.969 million in 2004. Zaheer Mustafa Jaleel, Farrukh Waqaruddin Junaidi and some other person are mentioned as directors/partners/ proprietors of the company.

    Siraj Steel Limited got written off in 2006 an NBP loan amounting to Rs1,412.662 million. Chaudhry Qasim and a few others have been stated as directors/partners/ proprietors of the company.

    In 2008 the NBP also waived Pakistan National Textile Mill’s loan amounting to Rs1,166.543 million. The documents carry the names of Agha Tajammal Hussain and some others as directors/partners/ proprietors of the company.

    Every Pakistani now owes over Rs101,338 in debt

    Abdullah Apparels got Rs154 billion written off, Raksons Engineers got Rs53 billion written off, Khayaban Ghee Mills Rs52 million, MSC Textile Rs1.4 billion written off [in 2015].

    Crescent Industrial Chemicals got Rs1.2 billion written off in 2013, Mehr Dastagir Spinning Mills Ltd Rs1.1 billion in 2005 and Redco Textiles Limited and Eurogulf Enterprises got waived respectively Rs1.1 billion and Rs5.3 billion in 2006. Chaudhry Cables Pvt Ltd got Rs1 billion written off in 2008.

    Published in The Express Tribune, July 23rd, 2016.

    http://tribune.com.pk/story/1147449/three-years-pml-n-waives-off-rs280b-loans/
     
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  2. smuhs1

    smuhs1 SENIOR MEMBER

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    Thats my ganja hope he break every single record by leaving pakistanis naked in a blizard. Pakistan deserves him.
     
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  3. Benign Persona

    Benign Persona FULL MEMBER

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    har shaakh pay ullo bheta hai, anjam e gulistan kya hoga
    Pakistan need a bloody revolution otherwise these people arent going anywhere, they come for 5 years squeez our resources and money and run to england and USA. they getting richer and richer the poor becoming more poor, pakistani nation need a miracle to get rid of this corrupt class.
     
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  4. Imad.Khan

    Imad.Khan SENIOR MEMBER

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    Don't worry about Pakistanis, they deserve people like the ganja royal family because they voted for them and will continue to vote for them.
     
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  5. tarrar

    tarrar SENIOR MEMBER

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    Now you all know know what happens to all that loan taken from IMF. it only goes in the pockets of corrupt & incompetent bastards.
     
  6. litman

    litman FULL MEMBER

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    don't make an attempt to derail democracy. :D
     
  7. Northern

    Northern FULL MEMBER

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    Best Government ,They've proved it once again.
     
  8. notorious_eagle

    notorious_eagle PDF THINK TANK: CONSULTANT

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    Corruption is at an all time high. I guess the loans from IMF and World Bank are being put to good use, loan write offs for the rich because after all they need money more than the poor. The poor can eat grass, or sleep in the open fields.
     
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  9. Dawood Ibrahim

    Dawood Ibrahim SENIOR MEMBER

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    For me today's Robinhood is NS and his gang
    They steal from the poor and spend it on themselves
     
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  10. New World

    New World SENIOR MEMBER

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    so everyone got his/her loan get waived as they side with PNL-N in 2014 Islamabad Dharna..
     
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