ISLAMABAD - Barrister Zafarullah Khan, through an application on Monday, moved the Supreme Court requesting it to allow him to bring out new facts about Rs.256 billion waived off loans from 1971 to 2009 by about 1000 persons or companies which have been left out in commission’s report about such loans.

The applicant further requested the top court that malpractices of SBP and other commercial banks with the collaboration of FBR were to be dealt with legal hands. 

The top court had already issued notices to 222 individuals who have got their loans written off to the tune of Rs54 billion from different banks.

“Let notice be issued to all 222 individuals/companies per detail provided in part-II of volume-II of the report of the “Commission on written-off loans” against whom action is recommended for further action; ensure their presence on the next date of hearing and to submit their replies before such date,” said the notice issued by a two-member bench headed by Chief Justice Mian Saqib Nisar after hearing a suo motu case about the written-off loans.

The instant application claimed that a staggering amount of Rs125 billion was waived off as ‘bad debts’ during the tenure of ex-governor SBP Dr Ishrat Hussain and former finance minister Dr Shaukat Tareen.

It further claimed that Rs125 billion were written off during the tenure of Gen (r) Pervez Musharraf and former prime minister Shaukat Aziz from 2000 to 2006.

“According to reports, a large number of loans were written off under circular No.29/2002, issued by the State Bank of Pakistan of major beneficiaries had been politicians and industrialists. This circular was for only one year from 2002 till 2003, but the loan waiving off continued till 2007 even when new ex-governor of SBP Shamshad Akhter superseded the previous CBP governor,” the application said.

The names of Pakistan Muslim League Quaid-e-Azam chief Ch Shujaat Hussain and former Punjab chief minister Pervaiz Elahi were found in the list of 1000 influential business, the application said.

The application further stated that some army men had got their loans of Rs18 billion written off from the government-owned banks and Chaudhrys got Rs1.2 billion loans written off from three banks including National Bank of Pakistan and United Bank Limited. 

“These facts as stated were taken out from the record of National Assembly Library. But their names did not appear in the notices issued by this court,” the application stated.

The applicant has requested the top court to punish and recover the money from all defaulters and others including managers of SBP and FBR who had written off the loans.