Banks waive Rs153.5bn loans in eight years

 
LAHORE: Businessmen, political leaders, retired army men, and journalists are among over 3,300 people who got Rs153.5 billion loans written off from 11 financial institutions between 1999 and 2007.




The list of loan write-off beneficiaries, prepared by the federal government, is likely to be presented in the National Assembly soon.



According to a copy of list available with Dawn, 630 people got loans totalling Rs60.8 billion waived from the Bank of Punjab, 485 people/groups benefited to the tune of Rs59.55 billion from the ‘generosity’ of the Industrial Development Bank of Pakistan, the National Bank gave relief of Rs23.5 billion to 1,088 people, Zarai Taraqqiati Bank favoured 556 individuals and businesses with Rs1.88 billion write-offs, First Women Bank waived loans of 139 people/groups amounting to Rs782.8 million, 204 people/groups benefited from SME Bank with Rs279.7 million, the Bank of Khyber waived Rs499.3 million of 98 individuals/groups, Pak-Libya gave relief to 48 people with Rs896.9 million, Pakistan Kuwait Investment Company to 22 individuals with Rs63.4million, Saudi Pak Industrial & Agricultural Investment Company to 31 people with Rs169.4 million and the Pak Oman Investment Company favoured one with a Rs1.78 million waiver.



Major beneficiaries include Siraj Steel of Muridke with Rs1.412 billion, Mohib Textil Mills of Multan Road, Lahore, (Rs1.117billion), Maj-Gen Mian Abul Qayyum (retd) of Qurel Cassette (Rs900 million), Adamjee Garments, Adamjee International and Golden Valley Trading, Adamjee Karachi (Rs239milliom), Kohinoor Looms of Raiwind, Lahore (Rs945million), Mekran Fisheries (Rs961million), Quality Steel Works of Manghopir Road, Karachi, (Rs981million), Pakistan Fertilizer of Gulshan-i-Iqbal, Karachi (Rs323million), Associated Industries Garments of Nazimabad, Karachi (Rs406 million), Fateh Textile Mills of Hyderabad, (Rs352million), Metropolitan Steel Corporation (Rs747million), Adamjee Industries of Karachi (448million), Glamour Textile Mills of Abid Majid Road, Lahore, (533million), Allied Textile Mills of Larkana (Rs296million), Anand Textiles Mills (Rs279million), First Tawakal Modaraba of Shaheen Road, Karachi, (Rs628million), National Garments of Lahore (Rs335million), Salahuddin Sahaf and Wahiduddin Sahaf’s dyeing & finishing, and food industries (Rs317million), Haleem Ghouri and Karik Ghouri of Aleem Sons (187 million), Oberoi Textile Mills (Rs260million),Taymur Spinning Mills of Lahore (Rs185million), Sampak Paper & Board of Lahore (Rs216million), Okara Textile Mills (Rs126million), Khairpur Textile Mills (Rs146million), Techno Glass Industries of Lahore (Rs215million), Metropolitan Steel Corporation of Karachi (Rs190 million), Bhittai Food Industries (Rs248million), Malik Food Industries (Rs367million), General Dairies (Rs246million), Fruit Sap Ltd (Rs242million), Crescent Standard Investment Bank of Lahore (Rs370million), Aries Global (316m), Aghosh Public School (285m).



PML-Q leaders Chaudhry Shujaat Hussain, Pervaiz Elahi, Wajahat Husaain, Mansoor Elahi, Sabah Elahi and other family members’ Punjab Sugar Mills, Khanewal, had got a ‘meagre’ loan of Rs37.9million written off. And so do Sardar Jaffar Khan Leghari Rs338,000 and Tehmina Durrani Rs105.9 million.



Similarly, Barex Ltd of Lahore owned by senior journalist Mujeebur Rehman Shami and other family members got Rs3.89million loan written off.