The Supreme Court on Monday sought current financial status of the Bank of Punjab and directed its President Naeemuddin Khan to appear before it on May 22. Adjourning the hearing of Rs 9 billion Bank of Punjab scam, a three-member bench led by Chief Justice Iftikhar Muhammad observed that the bank preferred to extend advances to private companies instead of benefiting its depositors.
In observance of the court orders, Anwar Mansoor, the counsel for the bank, submitted a report comprising as many as eleven volumes on BoP''s transactions, which were dismissed by the Chief Justice for not carrying the required information. During the proceedings, the Chief Justice directed Mansoor to apprise by the next hearing the bench about the money recovered from defaulters and the actions that it took against defaulters.
The court also directed the counsel to submit a chart showing details of outstanding accounts receivable of the performance of the solvency committee in the current matter, and conditions under which the Bank agreed to recover loans from private limited companies.
The bench observed that prima-facie it appeared that BoP''s management was providing concessions to loan defaulters. Mansoor apprised the court that in some cases recovery was difficult because of adjudication in various courts. Expressing dissatisfaction over BoP''s performance in the present matter, the Chief Justice remarked that the court would issue an order in the matter to dispel the impression that it was helpless. The hearing of case was adjourned till May 22.
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