Loan default: NAB shares data on Sharif graft references

PML-N says NAB objections are part of a conspiracy.


Abdul Manan/asad Kharal April 04, 2013
The two brothers were found accused of loan default in the Hudaibiya Paper Mills scandal by the NAB during the scrutiny of their nomination papers. PHOTO: TMN/FILE

LAHORE:


The National Accountability Bureau (NAB) has passed on information to election authorities about three graft references against Pakistan Muslim League-Nawaz’s leadership, an official said. The references are pending in the Accountability Court, Rawalpindi.


The move drew an angry response from the party, whose spokesman counselled the corruption watchdog not to do “politics”. The party intends to give a detailed response at a press conference on Friday.

NAB’s reply to the Election Commission of Pakistan (ECP) is part of the scrutiny process of candidates and it has not spared PML-N chief Nawaz Sharif and ex-provincial chief minister Shahbaz Sharif.

The two brothers were found accused of loan default in the Hudaibiya Paper Mills scandal by the NAB during the scrutiny of their nomination papers, sources told The Express Tribune.

The record was sent to the returning officers (ROs) through the ECP. The NAB found that the Sharif brothers were accused in the case of loan default of Rs3,486 million rupees in the Hudaibiya Paper Mills case.

NAB records show that the Sharif brothers had filed a petition for quashing the First Information Report (FIR) against them in the Lahore High Court (LHC) and the case was still pending. “In that respect, they [Sharifs] were still accused in the default case,” said an official.

The case was filed in March 2000 with the Attock NAB Court where the Sharif brothers were accused of misusing their authority and accumulating wealth beyond their means. The other accused included their third brother Abbas Sharif, Nawaz Sharif’s son Hussain Nawaz and his daughter Maryam Nawaz, Hamza Shahbaz, and Senator Ishaq Dar.

“The competent authority to decide the candidature of the Sharif brothers were the respective returning officers and not the NAB,” said a NAB spokesperson while reacting to television reports that the NAB had objected to the candidacy of the two PML-N leaders.

The NAB spokesperson said that the bureau has neither raised objections on any candidate during the scrutiny of the nomination papers nor has it returned the name of any candidate with objection to election commission.

NAB has received more than 18,000 nomination forms and it has only provided the information that was to be provided to the special cell of the poll body.

But the PML-N directed its wrath at the anti-corruption authority. A party spokesman said NAB’s objections against Nawaz Sharif and Shahbaz Sharif were based on mala fide intentions.

“NAB should not do politics but rather it should refrain from becoming a party in this regard”. The NAB’s report against the Sharif brothers is part of a well-calculated conspiracy.

He said the PML-N will disclose facts at a news press conference on Friday (today).

In a separate statement, PML-N’s spokesperson Senator Pervez Rasheed said there is no discrepancy in the assets declared on the nomination papers of the PML-N president.

Published in The Express Tribune, April 5th, 2013. 

COMMENTS (24)

Monica | 8 years ago | Reply

Of course he has to pay money back and not to forget to include interest plus the penalty. And by the way, I would assign him a pretty big penalty. Maybe this is a stupid comparison but still, whenever we, average people, for example obtain money in advance and have to pay back on time and of for some reason we fail to do that we have to response for our actions buy covering a penalty and companies like Nawaz sharif & co for some reason think it is not that necessarily!

Mehreen | 8 years ago | Reply

Both these brothers do not meet criteria to run for elections. They are corrupt, plunders and disloyal to this land. They do not fulfill requirement of article 62 and 63 and ECP should declare them disqualified and SC should send them behind bars. See A loan of Rs3 billion against the Sharif brothers remains outstanding despite a lapse of about ten years when the physical assets of four industrial units Ittefaq Foundries, Brothers Steel, Ittefaq Brothers and Ilyas Enterprises were surrendered to nine lending banks, who haven’t got a penny back since 1998. The Sharif brothers were lauded in the national press in 1998 for surrendering their physical assets to nine banks but in actual terms, these banks did not get a single penny back after one of their (Sharif’s) own directors moved the court and got a stay order against selling of these assets. The stay order in favour of Ittefaq Brothers remains effective till date. Meanwhile, the representatives and legal experts of these nine banks are said to have recently met at Lahore to decide a new course of action to recover the loans from the Sharif brothers who have been shown as “defaulters” of the banks. The National Bank of Pakistan is the worst affected bank with a stuck up loan of Rs1.5 billion. Earlier, in his capacity as Prime Minister, Nawaz Sharif in a highly charged televised address to the nation, had announced to surrender all the physical assets of Itefaq Foundries, Brothers Steels, Ittefaq Brothers and Ilyas Enterprises to the nine banks, whom the Sharifs reportedly owed Rs3.09billion. The process of selling the Ittefaq Foundries was stopped when one of the relatives of Sharif Brothers moved an application in the Lahore High Court in 2005 and the matter is still pending with the courts without any payment to the concerned banks. This is just a glimpse of corruption by Sharif brothers, if I go in details, a brief book could be written. In true sense it is pot calling the kettle black. Mian Sahib first return the money of embezzlement and corruption. What else ECP needed to disqualify them????

VIEW MORE COMMENTS
Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ