Bank loans: G-B chief court issues arrest warrants for loan defaulters

Former finance minister Ali Akhtar, G-B governor’s son included in list

GILGIT: Gilgit-Baltistan Chief Court has issued arrest warrants for several defaulters over their failure to return loans worth millions of rupees. Chief Court Justice Muhammad Alam on Wednesday ordered the authorities to produce the defaulters at the next hearing. Former finance minister Muhammad Ali Akhtar, businessman Haroon Khalid and G-B governor’s son Saleem were also on the list of defaulters.

Officials told The Express Tribune the amount collectively owed exceeds Rs700 million which they obtained from the Sost branch of the National Bank of Pakistan several years ago.

One official said defaulters failed to pay the loan despite being issued several notices. Over the years, the NBP management also filed various petitions in banking court to recover the unpaid money.

Against malpractice

After the non-recovery of loans, the head office of NBP posted Zubair Ali Sheikh as the new regional head in G-B in 2014. He made effective loan recovery policies which annoyed influential locals and politicians who had defaulted. As a result, some lawmakers recently tabled a resolution in the G-B Legislative Assembly asking the government to transfer Zubair. They accused him of being rude to lawmakers which they claimed was tantamount to disrespecting public representatives.

A document available with The Express Tribune revealed the NBP regional head strictly implemented the bank’s policy and appointed officers for the recovery of loans.

Earlier, National Accountability Bureau arrested some corrupt NBP officers from Sost branch who were facilitating defaulters. They were identified as Izzat Baig, Issa Khan and Kifayatullah.

Published in The Express Tribune, March 24^th, 2016.