The National Accountability Bureau (NAB) has arrested Muhammad Yaqoob son of Haji Muhammad Latif, resident of 3-P, Model town, Lahore. According to NAB release here on Friday.
"Muhammad Yaqoob, head of the family and chief executive director of M/s Nadia Ghee Mills (Pvt) Limited and M/s Nabi Steel (Pvt) Limited, executed irrevocable joint and several appropriate guarantees in favour of Faysal Bank Limited."
He mortgaged his properties and executed personal guarantees in favour of the bank as security for repayment of the loan. All transactions in connection with the credit facility were carried out at his behest. He made correspondence on behalf of the company for rescheduling/adjustment of the loan and is liable to discharge the outstanding liability of Rs 356.911 million.
Comments
Comments are closed.