ISLAMABAD: The Supreme Court of Pakistan on Friday sought replies within a week from as many as 222 companies and firms which had got loans worth billions of rupees written off by commercial banks.
Headed by Chief Justice Mian Saqib Nisar a bench of the apex court was hearing a suo motu case pertaining to the State Bank of Pakistan (SBP) allowing commercial banks to write off non-performing loans (NPLs) under a scheme introduced during the regime of former military ruler Pervez Musharraf.
The chief justice categorically stated that if the companies didn’t return the loans they got waived off, the matter will be referred to the National Accountability Bureau (NAB). He added properties of defaulters will also be seized.
The hearing of the case has been adjourned till 19th of this month.
At the previous hearing, a federal law officer informed that the report of the commission, which was formed to look into the written-off loans, has been submitted to the court by the SBP Governor.
Issuing notices to all those having got their loans written off, the chief justice vowed that action would be taken against them.
The bench observed that the money waived off will be recovered even if it required seizure of the shares, units or assets of those involved. Every single penny will be recovered, it added.
The court was informed that the loans were revoked in 2002 on the basis of a circular issued by the State Bank of Pakistan (SBP) after the then finance minister Shaukat Aziz approved the loan write-off scheme.
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