LAHORE  - Justice Ayesha A Malik of the Lahore High Court Thursday directed the Sharif family to pay mark-up of Rs 3.5 billion against a collective loan taken from different banks and financial institutions.

A consortium of National Bank of Pakistan and other financial institutions had filed the petition seeking directions for Sharif family for the payment of money they had borrowed from them.

A lawyer on behalf of the banks contended that the basic defaulted loan amounting Rs 6 billion had been recovered after selling of Ittefaq group’s four units. However, he said the mark-up was yet to be recovered.

He requested the judge to direct the respondents to pay them the mark-up. After hearing the arguments of the petitioners’ counsel, the judge directed the family to pay mark up to the banks and other financial institutions. The proceedings adjourned for a date yet to be fixed by the registrar office.

Different bank and financial institutions had sanctioned the collective loan to Ittefaq Group of industries between 1982 and 1998.  The banks added the markup charges against the actual credit for its non-payment.