Thursday, October 21, 2010

TAX, LOAN DEFAULTERS www.nadeemmalik.pk

TAX, LOAN DEFAULTERS www.nadeemmalik.pk

 
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PM's wife paid Rs45.5m against Rs570m liabilities

Sunday, 22 Nov, 2009
 
ISLAMABAD: Although the wife of Prime Minister Yousuf Raza Gilani had settled her default case with the National Accountability Bureau (NAB), she had been given 'undue favour' and asked to pay only Rs45.5 million against total liabilities of Rs570 million, sources in the NAB alleged on Saturday in an interview with Dawn.
A scrutiny of Fauzia Gilani's case revealed that she had obtained two loans totalling Rs200 million from Zarai Taraqiati Bank Limited (ZTBL), but she settled the case after committing 'wilful default that prevailed over a decade'.
According to documents, the sources said, the principal of Rs200 million had swelled to Rs570 million as non-payment of instalments spanned a decade. However, she managed to settle the case by paying back Rs45.521 million.
The sources said she had obtained a loan of Rs120 million for Multan Edible Oil Extraction and another loan Rs77 million for Pak Green Fertilisers.
According to the NAB press release, the cases were settled by the ZTBL in pursuance of the Sindh High Court's order of Oct 2, 2006, and March 17 of last year and a circular of the State Bank.
In consequence, ZTBL forwarded a request to NAB for withdrawal of the cases.
'After having received clearance of liability certificate from ZTBL regarding full payment of the settlement amount of Rs45.521 million, NAB withdrew references against the companies.'
The source said Mrs Gilani had gone through the prescribed procedure of settlement of 'wilful default cases'. They interpreted the move as a 'confessed wilful default'.
The NAB Ordinance defines wilful default as: 'Wilful default under this ordinance if he does not pay, or continues not to pay, or return or repay the amount due from him to any bank, financial institution, cooperative society, Prime Minister Gilani faced two other cases in NAB—illegal appointments in National Assembly when he was National Assembly speaker and purchase of vehicles. Both cases were settled in the Islamabad High Court.
A case of the prime minister's personal secretary, Tariq Khakwani, in which he was accused of obtaining a plot in Sector I-8, Islamabad, under the prime minister's quota in 1988-89 is still alive in Lahore High Court.
 The NAB had filed an appeal against its own reference and had requested an accountability court to dispose of the case.
However, the court turned down the request and the NAB moved LHC against the accountability court's decision.
The LHC upheld the verdict of the accountability court and the case is still pending.

 
 
 
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PM's wife gets Rs38m bank loan written off

ISLAMABAD: The wife of Prime Minister Yousuf Raza Gilani is one of the main beneficiaries of the recent loan write-off policy of the National Bank of Pakistan. The bank waived a loan of over Rs 38 million taken by Pak Green Fertiliser Limited (PGFL) which she owned as one of its main partners.

According to NBP's annual report of 2009 and its advertisement published in newspapers on April 1, the bank wrote off the PGFL loan last year.

The prime minister's press secretary Shabbir Anwar told Dawn that Mrs Gilani had nothing to do with the wavier as she had left the firm in 2007 and the loan was written off in 2009.

The monetary benefit availed by Fauzia Gilani's firm is in clear contrast with what the prime minister had claimed in the National Assembly that he and his wife never sought any waiver in bank loans.

The NBP has written off a total of Rs 638.461 million loans of 28 different firms, including the one owned by the prime minister's wife. The Supreme Court had taken strict notice of writing off of bank loans taken by politicians and bureaucrats and directed the National Accountability Bureau to take action against those who had availed undue benefits in this regard.

According to the NBP, an amount of Rs 38.891 million was settled on the instructions of the Sindh High Court and under State Bank's rules. But later even the settled amount was written off by the bank.

"As per the directives of the SHC the account of Pak Green Fertiliser Ltd was settled by the NBP under SBP Circular 29 of Oct 15, 2002. In line with the high court's directives, the NBP settled the account in Oct 2006, and accordingly the settled amount was shared between ZTBL (main lender 89.76 per cent) and NBP (10.23 per cent)," the NBP said.

According to the NBP's annual report, PGFL is owned by Ziaur Rehman, Khalid Hassain Chaudhry, Fauzia Yousuf Raza Gilani, Chaudhry Munawwar Hussain, Anwar Nasreen Gilani, Syeda Samina Ibrar and Naseem Akhtar.

It could not be ascertained whether or not two separate loans obtained by Mrs Gilani's two firms from ZTBL have also been written off.

However, the bank's annual report and the advertisement have clearly mentioned the name of Mrs Gilani.

According to the document and media reports, two firms of Mrs Gilani obtained two separate loans of Rs200 million from ZTBL. The loan amount with interest surged to Rs570 million because of default on payment for over a decade. However, she got the case settled by giving only Rs45.521 million.

http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/the-newspaper/front-page/19-pms-wife-gets-rs38m-bank-loan-written-off-940-hh-05
 
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The top 50 defaulters

 ISLAMABAD: The State Bank counsel presented a list of loan defaulters before the Supreme Court on Wednesday. The list includes 50 top defaulters.
The list contained names like Eurogulf Enterprises, Younus Habib, West Pakistan Tank Terminal Rs 1977.38 million, Mercury Garments Industries Rs 1565.89 million, Siraj Steels Ltd Muridke 1412.66 million, Spinning Machinery Co Rs 1387.60 million, Saad Cement Ltd Karachi 1265.97 million, Pakistan National Textile Rs 1,166.45 million, Mehr Dastagir Spinning Mills Rs 1,160.5 million, Mohib Textile Mills Rs 1,117.49 million, Redco Textiles Ltd Rs 1,116.77 million, Chaudhry Cables Rs 1,050.58 million, Abdullah S Al Rajhiest Rs 1,031.90 million, Quality Steel Works Rs 981.60 million, Mekran Fisheries Rs 960.12 million, Kohinoor Looms Rs 945.41 million, Aziz Spinning Rs 864.95 million, Farooq Habib Textile Rs 827.15 million, Northern Polythene Rs 825.59 million, Firdous Spinning Mills Rs 780.14 million, Balochistan Foundary Ltd Rs 663.54 million, Tawakkal Group of Industries Rs 642.22 million, Mian Muhammad Sugar Mills Rs 584.90 million, Punjab Cooperative Board for Liquidation Rs 538.23 million, Pakpattan Dairies Rs 467.12 million, Adamjee Industries Rs 448.84 million, Karachi Property Investment Rs 1003.19 million, AH International Private Limited Rs 901.21 million, Coral Cast Ltd Rs 900.92 million, Rashi Testile Mills Rs 859.17 million, Muhammad Ibrahim Murad Rs 748.15 million, Metropolitan Steel Rs 747.67 million, Tristar Polyester Ltd Rs 737.02 million, Bindder Insad Tourism Rs 734.44 million, Commodore Industries Rs 722.76 million, Target Readymade Garments Rs 696.46 million, First Tawakal Muzarba Rs 628.65 million, Synthetic Leather Industries Rs 620.56 million, Nabchoon Garments Factory Rs 597.52 million, Golden Textile Mills Rs 589.72 million, Saadi Cement Rs 584.11 million, Service Fabrics Ltd Rs 571.23 million, Glamour Textile Mills Rs 533.88 million, Punjab Road Transport Corporation 524.15 million, Ravi Agri Dairy Products 509.73 million, Pakistan Concrete Rs 477.70 million, AlJamia & Alquasi Trading Rs 462.67 million, Apparel Trading Establishment Rs 454 million, Fabri Tex Limited Rs 454.32 million.
 
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Nadeem Malik Prime Minister Yousaf Raza Gilani, Finance Minister Hafeez Shaikh and Hina Rabbani Khar and main Opposition leader Nawaz Sharif filed ZERO TAX RETURNS with the ECP. Pakistan faces one of the worst economic crisis with runaway inflation, extremely low tax to GDP rate and a stagnated economy that led to almost 3000 billi...on rupee increase in debt burden in just 3 years. (www.nadeemmalik.pk)

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Nadeem Malik Pakistani Prime Minister Gilani, Finance Minister Hafeez Shaikh and Hina Rabbani Khar and main Opposition leader Nawaz Sharif filed ZERO TAX RETURNS with the ECP. Pakistan faces one of the worst economic crisis with runaway inflation, extremely low tax to GDP rate and a stagnated economy that led to almost 3000 billion... rupee increase in debt burden in just 3 years. (www.nadeemmalik.pk)

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Pakistan faces one of the worst economic crisis with runaway inflation, extremely low tax to GDP rate and a stagnated economy that led to almost 3000 billion rupee increase in debt burden in just 3 years. We need more taxes, but Pakistani Prime Minister Gilani, Finance ...Minister Hafeez Shaikh and Hina Rabbani Khar and main Opposition leader Nawaz Sharif filed ZERO TAX RETURNS with the ECP. (www.nadeemmalik.pk)
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Nadeem Malik TOP TAX DODGERS, OUR LEADERS- FOR THE LOVE OF PAKISTAN: Kashmala Tariq (PML), Tasneem Ahmad Quershi (PPPP), Iqbal Zafar Jhgra (PML-N) and Umer Cheema (Journalist) in Today's episode of Islamabad Tonight with Nadeem Malik (www.nadeemmalik.pk)
*Prime Minister Gilani and 25 Cabinet Ministers, including Finance Minister Haf...eez Sheikh filed ZERO TAX returns (www.nadeemmalik.pk)

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TOP TAX DODGERS, OUR LEADERS- FOR THE LOVE OF PAKISTAN: Kashmala Tariq (PML), Tasneem Ahmad Quershi (PPPP), Iqbal Zafar Jhgra (PML-N) and Umer Cheema (Journalist) in Today's episode of Islamabad Tonight with Nadeem Malik (www.nadeemmalik.pk) *Prime Minister Gilani and 2...5 Cabinet Ministers, including Finance Minister Hafeez Sheikh filed ZERO TAX returns (www.nadeemmalik.pk)
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