Loan default: NAB shares data on Sharif graft references

Published: April 5, 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

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


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. 

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Reader Comments (24)

  • Imran
    Apr 5, 2013 - 3:48AM

    These sharifs are not angels or prophets they should be treated just as a common Pakistani as Jamshed dasti and if proven guilty then ban them from election…..enough is enoughRecommend

  • Ch. Allah Daad
    Apr 5, 2013 - 4:11AM

    Hidden hand in full swing to block PML(N) leadership and assist Tsunami to win elections, but people of Pakistan will not let it happen.


  • SHB
    Apr 5, 2013 - 4:18AM

    Either pay up or shut up.
    Nawaz sharif & co must pay the money back with interest and penalty .


  • ;-)
    Apr 5, 2013 - 4:23AM

    a circus begins……..????Recommend

  • Abbas Khan
    Apr 5, 2013 - 4:57AM

    Sharif brothers corruption is well known to everyone now let us see if election commission has any real guts.


  • Khalid_Germany
    Apr 5, 2013 - 6:11AM

    Root all these corrupt politicians irrespective of their associations. No more thugs in politics


  • rizwan
    Apr 5, 2013 - 6:53AM

    From PTI Supporter:

    No we don’t want sharifs to get retire hurt… we want to fight them, beat them and beat them badly….

    back off election commission !!!!


  • naeem khan Manhattan,Ks
    Apr 5, 2013 - 6:56AM

    People talk about hidden hands but the fact is that did they default or not, they are accused of almost Rs3,486 billion and that is with B. These people when in power do mega corruption and when confronted then they accuse the party which is suppose to investigate and report it to the court. If they deny this then come up with the proof other wise hush up and face the consequences. Pakistani people has been fleeced for 6 decades and it is time that they answer to the people. if a poor person steals bread then he is fined and jailed but looters like this are living free in luxury.


  • Bhatti
    Apr 5, 2013 - 7:44AM

    The noora league’s game should soon be up if their checkered history is brought in notice of ECP.


  • Falcon
    Apr 5, 2013 - 7:45AM

    Finally…someone took notice of it…I am happy that the people of this country are not sleeping


  • Moosa Khan
    Apr 5, 2013 - 8:55AM

    And they pay none to pennies in taxes.


  • Kamal
    Apr 5, 2013 - 9:05AM

    This will surely test Fakhru Bhai’s strength of character. let’s hope the old man prevails


  • roadkashehzada
    Apr 5, 2013 - 9:19AM

    @Abbas Khan:
    why PTI dudes r quick to comment and then embarass themselves later. NAB is not court and cases are still pending. how and how can they be disqualified without a verdict?if NAB is so concerned, why doesnt it finalise the cases?
    a reminder: dogar court also disqualified them but later supreme court reversed the verdict and appreciated their role in restoration of judiciary. so sit back, relax and focus on 11th May.Recommend

  • Common Pakistani
    Apr 5, 2013 - 9:28AM

    @Ch. Allah Daad:
    which people? the ones who come just for biryani’s?


  • Asif-Paki
    Apr 5, 2013 - 10:11AM

    A conspiracy is in full swing to jeopardize the elections; What is the fact no one knows; This is not a sin to take loan from Banks infact it is the economic way and legal, and every industry / factory is built on Equity- Debt mechanism, where Investor together with Loan money built up the factory. However, loan must be returned. If loan has not been returned that legal / banks / govt did not take action in time when it was required. Where are Bank officials who are responsible. Shariffs have no control on Banks for last 15 years as all Banks are controlled by federal Govt through State Bank. How this is possible that Bank were quiet for sych long period if loan had not been returned. Sharifs are politicians so they would not take risks; If NAB has investigated then it must be only allegation and not guilty or convicted in the court of law so Sharifs can not be Disqualified on such action.


  • Apr 5, 2013 - 10:29AM

    @Ch. Allah Daad: We have been hearing of these cases for over a decade and no action has been taken. Why? Why are they enjoying life on defaulted money?
    Why don’t you acquire a loan and try to default? Then you will hate the music and hide your face. These people must PAY, PAY, and PAY the amounts due to the banks. This must not be treated as a ‘sanctioned default.’ Salams


  • Waseem Sarwar
    Apr 5, 2013 - 12:06PM

    @Ch. Allah Daad:
    why not pay the loan back and fail this “hidden hand”? :)


  • Okara Bull
    Apr 5, 2013 - 12:07PM

    They must have to pay back loan in first hand. We have population half under poverty line and some have loans of billions. That is not justice.
    Sharif has lot of money and it is not hard for them to return loans in order to contest.
    All are same front of Law.
    Jamshaid Dasti or Nawaz sharif law will be treat equal to them.


  • 80s
    Apr 5, 2013 - 12:09PM

    This is a real test of independence of judicial system. Regardless of the stature of any individual, or their political affiliations, whosoever has done damage to this country should not be allowed to contest and be scrutinized accordingly. Although, this will pretty much include most of our politician, but what needs to be done, should be done. May God be with you!


  • Khalid
    Apr 5, 2013 - 1:36PM

    Noora in trouble again – may be Musharraf can lend a helping hand since he is a buddy buddy now,


  • imran
    Apr 5, 2013 - 2:58PM

    Sharifs are third richest in Pakistan… is there money really all legal… check out new Pakistan’s rich list 2013..its must see very good information about sharifs in it.. they r worth 3 billion dollars.. more richer than zardari


  • voice of pakistan
    Apr 5, 2013 - 3:02PM

    Zardari is also not proven guilty,,mian saab and zardari are same


  • Mehreen
    Apr 5, 2013 - 10:39PM

    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????


  • Monica
    Apr 8, 2013 - 2:06PM

    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!


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