Release of guarantor: Top court reserves judgment in Sharif family case
With the Sharif family in exile, NAB had arrested Director Ittefaq Foundries Dr Mukhtar, the guarantor to the loan
ISLAMABAD:
The Supreme Court has reserved judgment over the 15-year-old plea of National Accountability Bureau (NAB) against the Lahore High Court’s order to release the guarantor in the Rs1.06 billion Ittefaq Foundries loan scam against Sharif family.
In February 2000, NAB had filed a case against the owners of Ittefaq Foundries for not paying back Rs1.06 billion loan to the National Bank.
With the Sharif family in exile, NAB had arrested Director Ittefaq Foundries Dr Mukhtar, who was guarantor to the loan. Mukhtar’s wife had challenged his arrest in the LHC which had ordered release of the guarantor.
The SC bench took up NAB’s appeal on Monday. During the hearing, Ibrahim Satti counsel for NAB contended that the apex court has also declared that case could be registered against guarantor of loan defaulter as well.
The three judge bench of the apex court, headed by Justice Anwar Zaheer Jamali, directed NAB to submit the copy of accountability court’s judgment regarding acquittal of Sharif family in Ittefaq Foundries case.
Published in The Express Tribune, November 11th, 2014.
The Supreme Court has reserved judgment over the 15-year-old plea of National Accountability Bureau (NAB) against the Lahore High Court’s order to release the guarantor in the Rs1.06 billion Ittefaq Foundries loan scam against Sharif family.
In February 2000, NAB had filed a case against the owners of Ittefaq Foundries for not paying back Rs1.06 billion loan to the National Bank.
With the Sharif family in exile, NAB had arrested Director Ittefaq Foundries Dr Mukhtar, who was guarantor to the loan. Mukhtar’s wife had challenged his arrest in the LHC which had ordered release of the guarantor.
The SC bench took up NAB’s appeal on Monday. During the hearing, Ibrahim Satti counsel for NAB contended that the apex court has also declared that case could be registered against guarantor of loan defaulter as well.
The three judge bench of the apex court, headed by Justice Anwar Zaheer Jamali, directed NAB to submit the copy of accountability court’s judgment regarding acquittal of Sharif family in Ittefaq Foundries case.
Published in The Express Tribune, November 11th, 2014.