KARACHI: As far back as 2009, a complete list of bank defaulters was floated in the media. A report of the same was also submitted with the Supreme Court and it was expected that the apex court would take up the matter and bring to book the businessmen, politicians, retired army officers and journalists who were among over 3,300 people who had loans worth Rs153.5 billion written off from 11 financial institutions between 1999 and 2007.
However, it is disappointing to note that this matter of great national interest has been let in abeyance for some unknown reason and the defaulters, as well as their bankers, have not been held accountable for their actions. It would be fully justified if the honourable Court passed an order against the bank loan defaulters and their accessory financial institutions and ordered NAB or the institutions concerned to bear the mark-up on the bungled up amount if they fail to recover the same in the grace time awarded by the Supreme Court. A similar order has been passed by the Court in the missing Nato containers case. Unless there is quick adjudication on the case, the national exchequer will lose billions of rupees.
Mazhar Butt
Published in The Express Tribune, September 1st, 2012.
