Loan defaulters: Arrest warrants issued for G-B lawmakers, businessmen

The accused had each taken a minimum loan of Rs50 million from the NBP.

GILGIT: A court has issued arrest warrants for two Gilgit-Baltistan (G-B) lawmakers, senior politicians and businessmen for defaulting on loans worth millions of rupees.

G-B High Court’s Justice Muhammad Alam also ordered the seizure of property of the defaulters, which include G-B Minister of Finance Muhammad Ali Akhtar from the Pakistan Peoples Party (PPP), Pakistan Muslim League-Nawaz (PML-N) senior leader Mir Ghazanfar, Pakistan Muslim League-Quaid (PML-Q) legislator from Nagar valley, Mirza Hussain, and G-B Chamber of Commerce President Javed Hussain.



Renowned businessmen Haroon Khalid and Shabbir Wali are also on the list of defaulters that was released on Wednesday.

“The deputy commissioners of the respective areas have been asked to implement court orders and sell out the defaulters’ properties,” said Advocate Imran Hussain.

All accused had allegedly obtained a minimum loan of Rs50 million each from the Sost branch of the National Bank of Pakistan (NBP) several years ago and did not pay it back despite several notices. Over the years, the NBP management also filed various petitions in the banking court to recover the unpaid money.

Prior to the court’s ruling, the defaulters had pleaded with the past government to write-off their loans. They claimed the landslide in Attabad in Hunza had negatively affected their business with China. The lake formed as a result of the landslide submerged the 25-kilometre road linking G-B to the neighbouring country.

Advocate Imran said the accused could appeal against the decision at G-B’s apex court, while the next hearing is set to take place on August 15.

Published in The Express Tribune, August 9^th, 2013.