ISLAMABAD - The State Bank of Pakistan had informed the Supreme Court that Rs256 billion were waived off between 1971 and 2009, but the Justice (Retd) Syed Jamshed Ali Commission report says that Rs87 billion were written off in 38 years.The Commission’s report says that loans worth Rs 2.38 billon were waived off between 1971 and 1991 whereas loans worth Rs 84.62 billion were waived off between 1992 and 2009. On 3rd June 2011 a three member Commission, headed by Justice (Retd) Syed Jamshed Ali, a former judge of SC, was constituted in respect of recovery of written off loans from 1971 onward and to compile a report. The report not only recommended action against those who got their loans written off but also against the bankers and the officials who helped in getting the loans waived off. The Commission has recommended that action should be taken against former Prime Minister Yousaf Raza Gilani and his wife Fozia Gilani, former president Supreme Court Bar Association Asma Jahangir and her husband Mian Tahir Jahangir, Riaz Lal Jee, friend of President Asif Ali Zardari, Ghulam Dastagir Khan, Islam-ud-Din Sheikh, Younas Habib, Jam Muhammad, Arif Habib, Ramesh Kumar, Chaitan Das, Khawaja Ghulam Ahmed Rashi, Abdul Ghufar Adam Jee, Zafar Sheikh and Farooq Sheikh, Rana Tanvir Hussain, Jam Muhammad Yousaf, Sardar Muhammad Jafar Khan Leghari, Umer Leghari, Yousaf Khan Leghari, Waqar Azeem, Sajjad Azeem, Shaukat Azeem, Abdul Qadir Tawakal, Mirza Iftikhar Baig, Arif Ali Khan Abbasi, Major General Farhat Ali Burki, Khawaja Muhammad Mehboob, Khawaja Ghulam Sulemani and others.The reason that the bank and monetary institutions has given for writing off is only the business. Some of the persons obtained loans from the banks in a way that did not leave the fingerprints on them.The commission also has given the details of the industries’ directors who waived off the loans. According to that Abbas Steel Industry of Riaz Lal Jee, close friend of President Asif Ali Zardari, Rs224.1 million, Riaz Lal Jee another company Orient Rice Mills got Rs261.8 million write off. Against Lal Jee’s Petro-Commodities Company there is Rs218million. Riaz Lal Jee’s Razik Engineering company got Rs11 million written off.Ghulam Qadir’s Khalil Jute Mills got Rs405.6 million waived off. The commission has recommended to recover Rs49.5 million from Islam-ud-Din’s Kiran Enterprises. Younis Habib’s Company had to pay Rs2.47 billion. He had entered into an agreement with National Accountability Bureau to pay back the amount at the end of 2014.Former Prime Minister Yousaf Raza Gilani and his wife got written of Rs45million. Jam Muhammad Yousaf’s Bela Ghee Mills’ got Rs.82.2 millions, while Asma Jahangir, former President Supreme Court Bar Association, and her husband’s Hala Spinning Mill got Rs50 million written off. Famous Broker Arib Habib’s Jet Air Textile Mills got Rs415.7 million, Ramesh Kumhar and Chetan Das’s Pak Absar Ban Industries got Rs44.1 million loan written off. Khawaja Ghulam Ahmed’s Rishi Textile Mill got Rs859.1 million. Abdul Ghafar Adam Jee and Akbar Adam Jee’s Adam Jee Garments waived off Rs239 million, Zafar Sheikh and Farooq Sheikh’s Adam Jee Industries owes Rs448.8 million. Rana Tanvir Hussain’s Batala Ghee Mill got Rs140 million, while Jam Muhammad Yousaf’s Bela Ghee Mills Rs48.6 million. The Commission has recommended that action should also be taken against the bank officials.Sardar Muhammad Jafar Khan Leghari, Umer Leghari, Yousaf Khan Leghari’s Choti Textile Mills got written off Rs304.6 million, Waqqar Azeem, Sajjad Azeem and Shaukat Azeem’s Electro Information and Energy System got Rs62.7 million, Abdul Qadir Tawakal’s First Tawakal Mudarba got Rs628.6 millions, Mirza Iftikhar Baig’s Mumtaz Shahbaz Textile Mill got Rs100 million, Arif Ali Khan Abbasi and Major General Farhat Ali Burki’s Quality Steel Works got Rs981.6 million, and Khawaja Muhammad Mehboob and Khawaja Ghulam Suleman’s Linger Suleman got Rs271 million, and from Mian Muhammad Sugar’s Mills Rs584.9 million, Multan Adbail Oil Rs354.3 million got written off. The commission could only probed 740 different cases, but has proposed that another 222 cases should also be probed as Rs35 billion has been waived off in these cases.The report though found grave irregularities in loans given to politicians, civil and military bureaucracy, but could not get proofs about waiver on political basis, as bank officials conceal the facts because they were afraid of the influential persons. The bankers have given only business reasons for the writing off the loans.During the proceedings in 2011 the court had observed that Circular BPD-29, which provided guidelines on write-off of irrecoverable loans and advances, though ended on April 14, 2003 but the banks still written off loans. The bank officers, who had waived off loans, were mangers also responsible in case the company or mills defaults.The report consisting of three volumes – Volume I (Report of the Commission), Volume-II (Parts I to VII, synopsis of individual cases), Volume-III (Annexures of Volume I) – and the supplementary paper book (containing different correspondence).“The Commission had received 672 loan files for the period 1992-2009. The Commission examined 620 files. Out of the remaining 52 files, 49 cases had been taken over by the Corporate and Indusruction Restructuring Corporation under Ordinance No. L of 2000, one duplicate file (Larkana Woolen Mills) was taken away by the concerned bank. One file contained the evaluation report of the properties subject matter of settlement of Younis Habib and the NAB, while the two files of M/s MAK Dyeing and Finishing Mills Limited.The Commission has given four options, according to that only principle amount should be recovered from the person who got their loans written off, or the difference amount of the principal amount and the amount they had submitted. The tribunals comprising the on duty or retired judges of High Courts should be set up for the recovery of amounts. The commission has also proposed for legislation for the recovery of written off loans. The commission also recommended that action should also been take against the provincial credit committee. However it has given the final authority to the Supreme Court for recovery of loans.The commission has given some options about the recovery of waived off loans but says the ultimate decision in this regard will be taken by the Supreme Court. The commission had to hold bankers responsible for extending short-term or long-term loan facility to borrowers on inadequate securities and to recommend steps to be taken against them. It had to suggest measures to safeguard the amount of loans against arbitrary concessions extended in the past either on political or other considerations.The Supreme Court ordered the report be made public.