The National Accountability Bureau (NAB) held Chaudhry Mohammad Arif, chairman of Rose Associates, again after the Islamabad High Court recalled his bail on Tuesday.
Arif was charged with willful default of a Rs309 million loan.
The defaulter had taken a loan of Rs150 million from Saudi-Paki Industrial and Agricultural Investment Company in 2006. The amount was to be returned within two years.
After his failure to repay the loan for several years, the company had approached the courts and the State Bank of Pakistan (SBP) for assistance in recovery. A court recalculated the total recoverable amount at Rs309 million, including various penalties and fines. Meanwhile, the SBP governor had referred the case to NAB.
During the bail plea, Arif’s lawyer had argued that SBP did not have the authority to refer a case to NAB.
The court had thereby released Mohammad Arif on bail. The high court recalled his bail on Tuesday after he violated the conditions of his release.
Published in The Express Tribune, January 20th, 2016.
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