Loan defaulters: Court orders placing 27 names on ECL

A banking court has ordered the government to put the names of 27 defaulters of the Bank of Punjab (BoP) on the no-fly list and to block their identity documents. Amex Private Limited, Amford Marketing Private Limited, Shama Exports Private Limited and Chenab Limited owe the BoP about Rs8.5 billion and their representatives have not appeared in court despite repeated notices. Amex is accused of defaulting on Rs4.93 billion, Shama Export on Rs1.01 billion, Chenab on Rs2.4 billion while Amford has defaulted on payment of Rs200 million. The special banking court had summoned 27 defaulters on December 16, 2015. Their arrest warrants were issued in January but the defaulters went to the high court, which directed them to appear in the special banking court. The banking court again issued non-bailable warrants on August 17. Finally Judge Abdul Qayyum Khan ordered the authorities to block the CNICs to ensure their presence in court.

Published in The Express Tribune, October 6^th, 2016.