The Supreme Court on Monday reserved its judgement against a Lahore High Court (LHC) verdict that had released guarantor of defaulter (Ittefaq Foundries) in a Rs 1.06 billion loan case. A three-member bench led by Justice Anwar Zaheer Jamali took up an appeal of National Accountability Bureau (NAB) filed 14 years ago against a Lahore High Court Judgement in the matter.
The NAB had arrested a Director of the Ittefaq Foundries, Dr Mukhtar, who was guarantor of a loan; however, his wife challenged his arrest in the LHC. A five-member LHC bench directed the NAB to release the guarantor after which the NAB challenged High Court's verdict in the apex court. The NAB had filed a reference against M/S Ittefaq Foundries Lahore over the default of Rs 1.06 billion loan by the Sharif family in 1998.The NAB contended that on June 11, 1998 the then Prime Minister Mian Nawaz Sharif in a public address stated that he had handed over the assets of his family to the banks to pay back the loans of the Sharif family.
The reference added that pursuant to this announcement of Nawaz Sharif, a petition was filed in the court through the creditor banks against the company. "During the hearing of the petition the court constituted a three-member committee comprising Javed M.Dar, the then Regional Chief Executive, NBP Lahore, Kh.Abdul Qadeer(a Chartered Accountant) and Chaudhry Muhammad Sadiq (an Advocate) to take over the possession of the company, make a complete inventory of its properties and to explore the possibilities of its disposal - Despite the fact that besides the member of the Sharif family (Mian Muhammad Sharif, Mian Nawaz Sharif, Mian Shabaz Sharif and Mian Abbas Sharif - Mian Javed Shafi, Mian Yousaf Aziz, Mian Tariq Shafi and Mian Riaz Miraj had also submitted their personal gurantees against the above said loan facility extended by the NBP Wapda House branch, Lahore".
The reference further disclosed that the Sharif family, being the owner/in possession of the company, as well as the other companies of the steel division of Ittefaq offered the company to the court to sell the same for the repayment of loans of the Sharif family to the Creditor Banks/DFIs. The NAB urged the court through reference to determine whether or not the guarantors are also guilty of a wilful default under the NAB Ordinance 1999.
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