The Punjab Cooperative Board for Liquidation (PCBL) has so far disbursed an amount of Rs 6.233 billion among the affected persons of as many as 102 defunct societies. Out of Rs 2 billion of banks' consortium loan, the Board has also disbursed Rs 1.75 billion among the affected, said Brigadier Muhammad Farooq Maan (Retd) while addressing a press conference here on Tuesday. As such, the Board has made total or partial payment to 85 per cent of the affected, he added. He expressed hope the Board would complete the process of making payments to the affected by the end of this year.
He stated hundred per cent payments has been made to the affected of National Industrial Co-operative Finance Corporation, National Industrial Co-operative Credit Corporation, Pasban Co-operative Finance Corporation, United Development Co-operative Society, Pakistan Development Co-operative Corporation, Prime Industrial Co-operative Development Society, Zamindara Co-operative Development Society, Qudratabad Co-operative Multipurpose Society, Mercantile Co-operative Finance Corporation, and Gujar Khan Co-operative Urban Finance Corporation. Besides, arrangements have also been made for making 50 per cent payment among the account holders of Service Credit Corporation, he maintained.
To a question, he revealed the payments could not be made to 23,000 account holders of those 29 companies, which have no assets to clear liabilities of the affected. Responding to another question, he said they were paying Rs 150 to 200 million to the affected every month. He said the Board has liquidated 37 small corporations out of 102 while liquidation process of another five small corporations would be completed by the end of this month.
A formal request has been made to the Prime Minister for providing funds so that payments could be made to those affected, whose defunct societies have no assets to clear the liabilities. He asked the affected to submit their claims after verifying their accounts from the bank manager with a copy of national identity card. Those who were residing abroad must give authority letter to their relatives or legal heirs through Pak embassies or Counsel General immediately, he said.