Rs700m Loan | Arrest Warrants Issued Against Defaulters to Include Elites from G-B

Written by  Published by:Pakistan Views Thursday, 24 March 2016 18:04

GILGIT: Gilgit-Baltistan Chief Court has issued arrest warrants for several defaulters over their failure to return loans worth millions of rupees. Chief Court Justice Muhammad Alam on Wednesday ordered the authorities to produce the defaulters at the next hearing. Former finance minister Muhammad Ali Akhtar, businessman Haroon Khalid and G-B governor’s son Saleem were also on the list of defaulters.

Officials said that the amount collectively owed exceeds Rs700 million which they obtained from the Sost branch of the National Bank of Pakistan several years ago.

One official said defaulters failed to pay the loan despite being issued several notices. Over the years, the NBP management also filed various petitions in banking court to recover the unpaid money.

After the non-recovery of loans, the head office of NBP posted Zubair Ali Sheikh as the new regional head in G-B in 2014. He made effective loan recovery policies which annoyed influential locals and politicians who had defaulted. As a result, some lawmakers recently tabled a resolution in the G-B Legislative Assembly asking the government to transfer Zubair. They accused him of being rude to lawmakers which they claimed was tantamount to disrespecting public representatives.

Earlier, National Accountability Bureau arrested some corrupt NBP officers from Sost branch who were facilitating defaulters. They were identified as Izzat Baig, Issa Khan and Kifayatullah.

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