Adeel
Founder
?Nawaz, Shahbaz do not owe Rs 171m to BoP?
Thursday, January 21, 2010
LAHORE: A spokesman of the Bank of Punjab has clarified that Nawaz Sharif and Shahbaz Sharif have not obtained any loan from the BoP since 1990.
The bank, in a statement issued here on Tuesday, maintained that the former chief minister Ch Pervaiz Elahi in a televised interview had made an abortive view to give an impression that Nawaz Sharif and Shahbaz Sharif owed Rs 171 million loan to the bank.
To correct the record, the spokesman stated that during the second tenure of Nawaz Sharif as prime minister, immediately after the nuclear blasts and sanctions, he voluntarily offered the assets of his family for the retirement of debts in a televised address to the nation.
In this context, a petition was filed in the Lahore High Court under the Company Ordinance in which the assets of all the four companies owned by the Sharif family were offered for retirement of debts. The company judge of the LHC accepted the petition on the willingness of the consortium comprising as many as eight banks. It is worth mentioning that the BoP was also a part of this consortium. Following the acceptance of the petition, the LHC constituted a ?Sale Committee? on July 8, 1998 to take over the entire assets of the four companies of Sharifs, to have the assets evaluated and to search for suitable buyers for these assets. The highest bid received by the committee was Rs 2.48 billion. The offered price was acceptable by all the parties, including the eight creditor banks, led by the National Bank of Pakistan. The Sale Committee constituted by the LHC, after finalisation of its report, submitted that same in the court for final approval. However, due to an injection (stay order) issued by the division bank of the same bank in 2004, the same order could not be passed by the company judge of the LHC.
It is worth mentioning that the management of the borrowers? projects had already handed over the project assets to the court and over a period of time the market price of assets under sale head have considerably increased. Moreover, the committee constituted by the LHC had also, during this period, sold the assets worth millions of rupees, at different times, to pay off the dues of Ittefaq Foundry.
http://www.thenews.com.pk/daily_detail.asp?id=219840
Thursday, January 21, 2010
LAHORE: A spokesman of the Bank of Punjab has clarified that Nawaz Sharif and Shahbaz Sharif have not obtained any loan from the BoP since 1990.
The bank, in a statement issued here on Tuesday, maintained that the former chief minister Ch Pervaiz Elahi in a televised interview had made an abortive view to give an impression that Nawaz Sharif and Shahbaz Sharif owed Rs 171 million loan to the bank.
To correct the record, the spokesman stated that during the second tenure of Nawaz Sharif as prime minister, immediately after the nuclear blasts and sanctions, he voluntarily offered the assets of his family for the retirement of debts in a televised address to the nation.
In this context, a petition was filed in the Lahore High Court under the Company Ordinance in which the assets of all the four companies owned by the Sharif family were offered for retirement of debts. The company judge of the LHC accepted the petition on the willingness of the consortium comprising as many as eight banks. It is worth mentioning that the BoP was also a part of this consortium. Following the acceptance of the petition, the LHC constituted a ?Sale Committee? on July 8, 1998 to take over the entire assets of the four companies of Sharifs, to have the assets evaluated and to search for suitable buyers for these assets. The highest bid received by the committee was Rs 2.48 billion. The offered price was acceptable by all the parties, including the eight creditor banks, led by the National Bank of Pakistan. The Sale Committee constituted by the LHC, after finalisation of its report, submitted that same in the court for final approval. However, due to an injection (stay order) issued by the division bank of the same bank in 2004, the same order could not be passed by the company judge of the LHC.
It is worth mentioning that the management of the borrowers? projects had already handed over the project assets to the court and over a period of time the market price of assets under sale head have considerably increased. Moreover, the committee constituted by the LHC had also, during this period, sold the assets worth millions of rupees, at different times, to pay off the dues of Ittefaq Foundry.
http://www.thenews.com.pk/daily_detail.asp?id=219840
