The Ministry of Finance has informed the Senate that different commercial banks waived off loans worth Rs 280 billion during the tenure of present government from 2013-15.
In a written reply to a question asked by Senator Azam Khan Swati about the written-off loans during the last thirty years, the Finance Ministry submitted that Rs 430.975 billion were written off from 1990 to 2015.
The beneficiaries who got their loans written-off from different government included public and private firms, commercial and government banks, private companies and mills, industrialists as well as powerful retired military generals.
According to Ministry of Finance that submitted a detailed report of those who had written off their loans during the last thirty years, revealed that private companies managed to get over Rs 50 billion in bank loans waived off from 1990 to 2015.
The report stated that some 400 corporate enterprises had gotten their loans written off in last 30 years. Some commercial banks waived off Rs 280 billion from 2013 to 2015 during the three-year-tenure of the PML-N government, of which, Rs 270 billion were written off in 2015, Rs 4.4 billion in 2014 and Rs 6 billion in 2013.
Details suggest that Mian Textile Industries Limited got a total of Rs 404.464 million bank loan of United Bank Limited waived in 1997. Mian Muhammad Jahangir, Mian Khurshid Ahmed and Mian Waheed Ahmed are directors/partners/proprietors (DPP) of this company.
Golden Textile Mill (Hassan Ali Chatoor) got a loan of Rs 589.718 waived in 2002. This loan was also taken from UBL.
Punjab Transport Corporation also got Rs 524.145 million of UBL loan waived in 2002 while Mehr Dastgir Spinning Mill Limited (Khawaja Muhammad Yousaf, DPP) got Rs 1,160.560 million of loan from the same bank written off in 2005. United Bank also waived a total of Rs 1,116.774 million loan of Redco Textile Limited (Saifur Rehman Khan as DPP) in 2006.
Mohib Textile Mill (Pvt) Limited in 2002 got written off a total of Rs 1,117.489 million loan taken from National Bank of Pakistan (NBP). Asif Saigol, Arif Saigol, Abid Saigol, Shahzad Saigol, Shahid Saigol, Shafiq Saigol Jr and Sarwar Ali have been mentioned as the directors/partners/proprietors of the company.
In 2003, National Bank written off Rs 1,387.595 million in outstanding loans against Spinning Machinery Company of Pakistan. Saadi Cement Limited also got written off NBP loan of Rs 1,265.969 million in 2004.
Zaheer Mustafa Jaleel, Farrukh Waqaruddin Junaidi and some other persons are mentioned as directors/partners/proprietors of the company. Siraj Steel Limited got written off in 2006 NBP loan amounting to Rs 1,412.662 million. Chaudhry Qasim and a few others have been stated as directors/partners/proprietors of the company.
In 2008, the NBP also waived Pakistan National Textile Mill’s loan amounting to Rs 1,166.543 million. The documents carry the names of Agha Tajammal Hussain and some others as directors/partners/proprietors of the company.
Abdullah Apparels got Rs 154 billion written off, Raksons Engineers got Rs 53 billion written off, Khayaban Ghee Mills Rs 52 million, MSC Textile got Rs 1.4 billion written off, in 2015.
Crescent Industrial Chemicals got Rs 1.2 billion written off in 2013, Mehr Dastgir Spinning Mills Ltd Rs 1.1 billion in 2005 and Redco Textiles Limited and Eurogulf Enterprises got waived respectively Rs 1.1 billion and Rs 5.3 billion in 2006. Chaudhry Cables Pvt Ltd got Rs 1 billion written off in 2008.
In separate written replies to questions by Senator Muhammad Azam Swati of PTI and the ruling PML-N Senator Nisar Muhammad Khan, Finance Minister Ishaq Dar shared this information consisting of about 193 pages.
The major banks which waived off loans included Habib Bank Limited (HBL), National Bank of Pakistan (NBP), MCB Bank, Industrial Development Bank Limited, Saudi Pak Industrial and Agriculture Investment Company Limited, Faysal Bank, Citi Bank, Duetsche Bank AG, ZTBL, Samba Bank, United Bank Limited and Standard Chartered Bank (Pakistan) Limited.
Those who got loans written off from HBL include: Younis Habib, Rs 2476.397 million, Abdullah S Al-Rajhi Est, Rs 1,031.899 million, Balochistan Foundry Limited Rs 663.537 million, Karim Cotton Mills Limited Rs 435.213 million, Swat Textile Mills Ltd Rs 399.008 million, Punjab Industries Development Board Rs 355.413 million, Bannu Sugar Mills (Pvt) Ltd Rs 319.969 million, Madad Ali Madad Group Rs 300.309 million, Awami Textile Mills Ltd Rs 292.805 million, Zaibtan Textile Mills Ltd Rs 239.445 million, Arag Industries Ltd Rs 200.065 million, Haroon Textile Mills Ltd Rs 175.921 million, Pak Asia Ind (Pvt) Ltd Rs 147.006 million, Molasses Trading & Export Co Rs 143.261 million, New Era Textile Mills Ltd Rs 136.577 million, Harapa Textile Millis Ltd Rs 129.844 million, Global Marketing Limited Rs 125.812 million, Zahoor Cotton Mills Ltd Rs 112.484 million, Shalimar Silk Mills Ltd Rs 109.403 million, Karim Silk Mills Ltd Rs 108.086 million, Consolidated Exports Ltd Rs 88.208 million, Fishery Products (Pvt) Ltd Rs 88.092 million, Ahsan Illahi & Brothers Rs 77.570 million, F P Textile Mills Limited Rs 71.202 million, Kotri Textile Mills Ltd Rs 66.787 million and Sindh Road Transport Corporation Rs 62.354, University of Sindh Rs 59.752 million, Al-Rasheed Indus (Pvt) Ltd Group Rs 57.960 million, Kashir Karwool Ltd Rs 54.896 million, Jan Brothers (Pvt) Ltd Rs 54.247 million, Abbas Khalili (deceased) Rs 54.137 million, Sattar Cotton Ginning Rs 53.136 million and BR Hermon & Mohatta Ltd Rs 51.584 million.
Those who got loans written off from NBP include; Afsar Textile Mills Ltd Rs 51.188 million, Pakistan National Produce Company Ltd Rs 77.207 million, N&E Importers Ltd Rs 198.792 million, D & D Wholesale (Glasgow) Ltd Rs 135.917 million, Wapda Rs 133.038 million, Drupatex (HK) Dan Exports Rs 106.996, Habib Arkady Rs 71.304 million, Malik International Ind (Pvt) Rs 68.38, Punjab Corporation Rs 360.56, Bannu Sugar Mills (Pvt) Ltd Rs 249.727, Metropolitan Steel Corp Rs 181.305 million, Haroonur Rashid Textile Mills Ltd Rs 133.514 million, Larkana Woolen Mills Rs 128.144 million, Naseer Ahmed & Company Rs 96.463 million, Mak Dyeing & Finishing Mills Rs 75.801 million, Hayat Textiles Rs 110.064 million, Harrapa Textile Mills Rs 160.424 million, Harrapa Textile Mills Rs 90.121, NON NO Co Ltd Rs 73.646 million, Allied Textile Mills Rs 296.801 million, VIU Wing Const Co Ltd Rs 134.409 million, Abdullah Saleh Rs 123.998 million, Ahsan Industries Rs 72.134 million, Okara Textile Mills Rs 126.517 million and General Nile Delta Bux Co Rs 51.821 million.