SC seeks list of people who got Rs38 bn loans rescheduled

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ISLAMABAD: The Supreme Court on Monday rejected the Bank of Punjab (BoP) counselís plea to defer the case for six months and observed that the BoP multi-billion rupee scam case would be decided on a day-to-day basis and ordered to present on Tuesday (today) the list of those people who got Rs38 billion loans rescheduled.

A three-member bench of the apex court, headed by ChiefJustice Iftikhar Muhammad Chaudhry, was informed that the current profit of the bank was recorded at Rs11.30 billion after the recovery of defaulted loans. Submitting a report pertaining to details of recoveries and action taken against the defaulters in pursuance of the court orders, the bankís counsel, Anwar Mansoor, apprised the court that during the financial year 2008-09, the BoPís loss was recorded at Rs10 billion.

He further said that after recovering the outstanding amount from defaulters and borrowers, the bank made Rs11.30 billion profit. He further submitted that a former director of the bank was given Rs4 billion loan.

The court observed that it had nothing to do with the bankís profit because the court did not intend to become a partner of the bank, and the court just wanted to know the soundness of legality of all the settled and rescheduled loans of the bank.

The chief justice observed that in the light of Aftab Sultan Commission report in the current matter, the bank was not authorised to settle and reschedule loans of those who were pointed out in the report. The case was adjourned till today.

Courtesy: †The News

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