Defaulters agree to pay back loan

ISLAMABAD - Defaulters of Bank of Punjab (BoP) in Rs 9 billion scam on Tuesday agreed to pay back the loan they were sanctioned without fulfilling legal requirements. Haris Steel Mills owners involved in the fraud case were produced before the three-member bench of the Supreme Court headed by Chief Justice Iftikhar Muhammad Chaudhry. Justice Tariq Pervez and Justice Mian Shakirullah Jan were other members of the bench, which heard the case regarding Haris Steel Mills Ltd versus BoP. Main accused, Sheikh Muhammad Afzal and his son Haris Afzal, who were arrested from Malaysia submitted their apology before the court and admitted that they were ready to solve the matter within a few weeks. Sheikh Afzal admitted that he loaned for 26 different companies with names of his relatives and his employees and he himself was responsible for the whole tragedy. No other was responsible for that heinous crime, so I myself will return whole money with proper responsibility, he explained. Sheikh Afzal revealed that former BoP president Hamesh Khan had received Rs 500 millions from him and several others received expensive gifts and houses in Defence Housing Authority. Besides, other bank officers who have been bribed by the absconders are Haroon Aziz (Rs 40 millions), Azizul Hameed (Rs 40 millions), Shoaib Qureshi (Rs 0.8 million) while Noman Arif and Zia-ul-Haq were also gifted precious prizes. He requested the court to recover millions of rupees from all above-mentioned persons through NAB. Chief Justice appreciated the efforts of DG FIA and Foreign Office for arresting the absconders and presenting them before the court. Wasim Sajjad, counsel for Sheikh Nisar, who was allegedly involved in Rs 700 million fraud, informed the court that his client surrendered and wanted to appear before the court. His name was not on ECL as the court was told in previous hearing, he explained. He requested the court to provide protection to his client, as he was willing to join the investigation team. Meanwhile, A K Dogar, counsel for Sheikh Yaqoob, informed the court that his client wanted to settle the dispute as he would return Rs 1.8 billion. Azam Khan, Director Legal FIA, submitted a detailed report regarding arrest of absconders from Malaysia. CJ directed Prosecutor General NAB Dr Danishwar Malik to release Ijaz Afzal s/o Haris Afzal after thorough investigation. He also asked NAB not to hares Farreha Afzal w/o Haris Afzal and her teenage son Hamza during investigation. During the proceedings, NAB put summary of valuation of all assets unearthed/frozen by NAB so far. Moveable assets of Sheikh Afzal in Malaysia are Rs 0.10 billion, moveable assets in UAE are Rs 1.35b while immoveable assets in Malaysia and UAE are Rs 2.2b. Immoveable assets of Sheikh Afzal in Pakistan are Rs 2.8 billion while moveable assets in Pakistan are Rs 0.80b. Besides, the Supreme Court was informed that Hamish khan could not be traced yet. Meanwhile, the court adjourned the hearing until December 2.

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