Khalid Maqbool's son-in-law involved in 1.8Bn default from BoP

[sparklingway]

Ex-governor’s son-in-law defaulted on Rs 1.8 bn loan ​

BoP scandal snowballs as NAB digs more dirt
By Ansar Abbasi

ISLAMABAD: The Bank of Punjab scam is snowballing into Pakistan’s modern-day Watergate scandal as some latest revelations show the son-in-law of former Punjab governor, Lt-Gen (retd) Khalid Maqbool got a whopping Rs 1.8 billion from the bank and defaulted.

The BoP scam, which has already uncovered the multi-billion scandals of Harris Steel loan (Rs 9 billion); the controversial sale of Phalia Sugar Mill of the Chaudhrys of Gujrat for Rs 2.2 billion with BoP money borrowed by a sitting director of the Bank and the mind-boggling lending of over Rs 18 billion to five sitting directors of the BoP in violation of the Bank policy, has now popped up yet another Rs 1.8 billion scam.

Much more is, however, expected to surface as the prime accused of the BoP scandal Hamesh Khan opens his mouth.

Sources in NAB confided to The News that the Bureau had been formally approached by the present Bank of Punjab management, seeking an inquiry against the son-in-law of the former Punjab governor, Lt-Gen Khalid Maqbool, for not returning the Rs 1.8 billion loan that was given to Ahsan Latif’s (the son-in-law’s) company on political pressures.

According to the sources, the director general, NAB, Lahore, received a letter from the head of the Special Assets Management (SAM) group of the Bank of Punjab to initiate an inquiry against Ahsan Latif, whose company M/s Gas Naturale owes Rs 1.8 billion to the BoP.

“M/s Gas Naturale (Pvt) Ltd through its directors has obtained a loan amounting to Rs 1.8 billion. The loan was awarded in an unorthodox manner, and the BoP stepped in as a sole lender to the project because of political pressure exerted by the party who happens to be son-in-law of the then Punjab governor,” the BoP letter written to NAB said, adding: “Due to lending at such a large scale without merit, the loan is in default now causing loss to the bank and the project is completely stuck. The borrower is not paying its portion of equity nor is ready to transfer the project to the BoP.”

The BoP management requested NAB to help the bank recover its money by ordering inquiry/investigation into the matter under the NAB ordinance so that culprits could be brought to justice and amounts may be recovered from them.

Both Khalid Maqbool and Ahsan Latif when contracted by The News were not available. According to a telephone operator at Maqbool’s Lahore residence both the former governor and his son-in-law are presently abroad and may return by the end of the month. The person, who attended The News call neither disclosed as to which country Maqbool and Latif had gone nor did he give any of their contact numbers. The operator, however, provided to this correspondent mobile numbers of Maqbool’s PA called Tariq, but he was, too, inaccessible as his cellular numbers were not connecting.

The BoP sources, however, confirm that the bank had approached NAB in this case for inquiry and recovery of the money. The bank sources alleged that Ahsan Latif secured undue favours from the bank following political pressure during the governorship of his father-in-law the retired general and former NAB chairman.

The sources said that following political pressure, the Bank management had to give loan to Ahsan Latif’s company despite the fact that the company was financially incapable to support such a mega project. These sources also talk of managerial incapability of the BoP to handle the project as the group had no significant experience in the said field or business of that scale in any other industry.

“The BoP’s credit decision to solely finance such a project was imprudent,” one of these sources said, adding, “Misleading and factually incorrect information was submitted to the bank, with wilful intent to deceive the bank authorities.”

It is also said that while this project was suffering from escalation and delays, the BoP allowed another loan of Rs28 million to M/s Synergy Power, belonging to the same group- Gas Naturale (Pvt) Ltd.

Meanwhile, documents also show that former governor Maqbool, during early 2008 when he was still the governor of the province, entered into an agreement with the BoP, which is owned by the Punjab Government, whereby he had rented out his commercial property at the DHA, Lahore, to the BoP for Rs 620,000 per month.

The said agreement was signed between Maqbool and the BoP on March 1, 2008, but on April 4, 2008, the then governor, approached the BoP’s GM Operations, seeking the cancellation of the agreement, contending that the said property was required by him (Maqbool) for his personal use. The agreement though signed for 12 years with one year advance of Rs7.4 million because of Maqbool’s change of mind possibly after the PML-N-PPP government took over the Punjab’s rule the said agreement was cancelled.

After the cancellation of the agreement, Maqbool returned to the BoP the advance money that he had received and included a pay order of Rs5.3 million and a crossed cheque of Rs372,000.

 

[Khalids]

No body is commenting on it, you know why.

If he were a relative of a politician, a dirty politician, the thread would have got 100s of comments criticizing the whole political and democratic minded people.

We must hate power corruption.

 

[sparklingway]

If he were a relative of a politician, a dirty politician, the thread would have got 100s of comments criticizing the whole political and democratic minded people.

That is a very big truth.

We must hate power corruption.

Everybody must receive the seem benefit of the doubt. The law doesn't use the past or any other beliefs to convict a person, rather it has to be innocent until proven guilty and proven guilty is beyond a reasonable doubt. In our cases, the political class is guilty-never-proven-innocent in the minds of the people.

The bias certainly is a worrying thing because people indirectly are hating people and personalities rather than the instrument of corruption, abuse of power and the crime itself.

 

[greatsequence]

There is also something coming up soon on the generals who became ambassadors abroad during Musharaf era. I think the time to expose army corruption is coming.

 

[ice_man]

That is a very big truth.



Everybody must receive the seem benefit of the doubt. The law doesn't use the past or any other beliefs to convict a person, rather it has to be innocent until proven guilty and proven guilty is beyond a reasonable doubt. In our cases, the political class is guilty-never-proven-innocent in the minds of the people.

The bias certainly is a worrying thing because people indirectly are hating people and personalities rather than the instrument of corruption, abuse of power and the crime itself.

sir the whole NATION is corrupt! what are you talking about! whoever can lay his hands on whatever they do so!

however, everyone blames the politicians because they are supposed to lead this nation & change its way of looking at corruption!

for example when people do remittance they saay yaar waisay bhi zardari kii jaaib mein jayega konsa mera paisa ya tax kahin saahi jaga jayega!


people like jamshed dasti are re elected shows how lies is considered as a NO big deal!

so a 1.8 billion scam is "NO BIG DEAL" for pakistanis not like this money if recovered will make the ordinary pakistani a happy man! not like it will reduce is burden! nor will it make roti,kapra,makaan cheaper!!!

 

[TaimiKhan]

No body is commenting on it, you know why.

If he were a relative of a politician, a dirty politician, the thread would have got 100s of comments criticizing the whole political and democratic minded people.

We must hate power corruption.

He was a retired general, he was a governor at that time, so why bringing in what you are trying to.

It doesn't matter who he is, or who his chacha or mama is, he did it the wrong way, he should be accountable.

Everybody should be help accountable for whatever they have done, be it a uniform man or someone else.

This is not the first case we have seen, and won't be the last. People from all walks of life have done corruption, and all should be held for it. But since we have the same Oligarchs coming and going while running the country, they will just do target accountability.

In future, when this govt goes, billions of scams will be unearthed.

People now don't come to discuss such issues, as people have been fed up, as everyone looks at its own self, no one thinks about the country.

I have very good insight into the operations and affairs of NAB, and you will be amazed with the level of corruption and the cases they go through and prosecute.

Millions and Billions are minted by grade 17, 18 officers, leave aside the generals and politicians.

So when accountability is talked about, talk about whole of Pakistan.

 

[Khalids]

Thanks for explaining my point.

I hope people sitting in the positions, as yours, might come up with poofs in the courts to, at least, start the process of proving the accused ones guilty.

 

[waraich66]

Har Shak par Auloo Bheta Hay Anjame Gulistan kya hu ga

What Musharaf team did with nation is coming slowly on surface.

 

[waraich66]

He was a retired general, he was a governor at that time, so why bringing in what you are trying to.

It doesn't matter who he is, or who his chacha or mama is, he did it the wrong way, he should be accountable.

Everybody should be help accountable for whatever they have done, be it a uniform man or someone else.

This is not the first case we have seen, and won't be the last. People from all walks of life have done corruption, and all should be held for it. But since we have the same Oligarchs coming and going while running the country, they will just do target accountability.

In future, when this govt goes, billions of scams will be unearthed.

People now don't come to discuss such issues, as people have been fed up, as everyone looks at its own self, no one thinks about the country.

I have very good insight into the operations and affairs of NAB, and you will be amazed with the level of corruption and the cases they go through and prosecute.

Millions and Billions are minted by grade 17, 18 officers, leave aside the generals and politicians.

So when accountability is talked about, talk about whole of Pakistan.

Please dont try to cover the story , i know their family personally , his son in law is son of son in law of famous smuggler Ata Mahani .

 

[TaimiKhan]

Please dont try to cover the story , i know their family personally , his son in law is son in law of famous smuggler Ata Mahani .

Are you in your set state of mind ??

Can you point where I am trying to cover the story or them ??

I clearly stated, whoever has done wrong, be it a uniform man or someone else, they all should be held accountable.

Everyone who has harmed this nation through monetary corruption or other corruption.

Be it Musharaf or Nawaz or Zardari.

Each and everyone of them.

 

[waraich66]

Are you in your set state of mind ??

Can you point where I am trying to cover the story or them ??

I clearly stated, whoever has done wrong, be it a uniform man or someone else, they all should be held accountable.

Everyone who has harmed this nation through monetary corruption or other corruption.

Be it Musharaf or Nawaz or Zardari.

Each and everyone of them.

Thanks for clarification.How can we protect nation from corrupt leadership ?

 

[SekrutYakhni]

Are you in your set state of mind ??

Can you point where I am trying to cover the story or them ??

I clearly stated, whoever has done wrong, be it a uniform man or someone else, they all should be held accountable.

Everyone who has harmed this nation through monetary corruption or other corruption.

Be it Musharaf or Nawaz or Zardari.

Each and everyone of them.

Over 50 million people are corrupt. Look around you, don't you pay some dimes to the government clerk or to the police officer?
The main reason of corruption on lower levels is insufficient pay. While on higher levels, it's greed.

 

[waraich66]

Over 50 million people are corrupt. Look around you, don't you pay some dimes to the government clerk or to the police officer?
The main reason of corruption on lower levels is insufficient pay. While on higher levels, it's greed.

Few leaders made whole nation corrupt by accepting IMF and World loans and conditions , even SSP is eligible for Zakat if he is not involved in corruption.

In early 60's the basic salary of Grade 17 Officer was getting 3 times the value of 10 gram(Tola) Gold .

 

[sparklingway]

Few leaders made whole nation corrupt by accepting IMF and World loans and conditions , even SSP is eligible for Zakat if he is not involved in corruption

IMF or WB loans don't do anything to you rather can and do help you if political and economic stability is achieved through necessary steps. They are avoidable but they aren't the evil that you portray. Stop this uninformed rant.

 

[waraich66]

IMF or WB loans don't do anything to you rather can and do help you if political and economic stability is achieved through necessary steps. They are avoidable but they aren't the evil that you portray. Stop this uninformed rant.

IMF and World bank loans were always misused by our Leaders , otherwise Pakistan will be more developed nation than Korea and other Asian Tigers.

How it is uninformed rant??????

The unflinching support that the Bank and the IMF give to multinational corporations against the wishes of third world governments is another reason why poverty is still rampant in Africa and elsewhere. For example, in 1998 the Pakistani anti-corruption agency investigated over 20 Western companies for paying kickbacks to Benazir Bhutto's government for public contracts to provide electricity. Six of the companies later confessed to offering bribes. Instead of receiving support from Britain, France, the US, IMF, World Bank and other Western governments they were told to quash the investigation on the grounds that investors would shy away from Pakistan. The IMF even made a package of loans conditional on the government dropping the charges against the companies involved. Source: www.thecornerhouse.org.uk/item.shtml?x=51975 In the end Pakistan had no choice but to stop the investigations.

http://www.americanchronicle.com/articles/view/103967