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Loan defaulters are here and we are paying for that....

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    Loan defaulters are here and we are paying for that....

    They recently moved to US in Midwest. Within the last six months they have bought a house three different chain stores and invested in different areas. When this weekend I met them they were telling me how things have gone bad in Pakistan, the prices are going high, the violence is getting rampant and the business community is suffering and now the tax Gov. is trying to impose, its bad for the country. The picture he presented got bleak with each new detail they were telling me. Then I remembered, I asked, what happened to that juice factory you had in Faisalabad? Oh that, it couldnít work, we had to claim bankruptcy. ďSo what will happen to the loan you tookĒ I asked, ďthat, we took care of that, the loan was leveled buy the MNA and an SEVP of bankĒ. Oh ...then he talked about how great this country is and the business ethics here are great. We should follow these principals in Pakistan.....bla bla bla

    It was 1997, they took 45 Caror Rs. (450 Million) as a loan form the Gov. through a national bank and a MNA friend. It took one and half year to build up the factory and about 80 people started working there. As soon as the factory started working, they started coming to the states. And now the factory after just three years is closed, 100 people out of job and the amount of loan leveled, meaning they donít have to pay that.

    The bank SEVP is still there, he didnít do anything wrong, he just sanctioned the loan to a secure party on a very high markup as required by the lenders to the bank. The MNA is still there, I even knew then that the project was never worth 45 cror, but the loan was sanctioned. And when bankruptcy was filled the application was approved from the federal Gov. through a federal finance sec. And no courts involved.

    So who should be paying all this money back to the lenders, as per Shakut Aziz , YOU and ME. The 100 people who lost their jobs should be paying for these loans. This is what has been going on since the last 30 years, compared to the amount the govt. took as loan for development, the country should have been an economic power till now. But the question is WHY should the average Pakistani citizen pay for the money he didnít take, and now to recover the lost money the Gov. is trying to impose 15% GST, I think even in America the tax is not 15% in any state.

    Is it really that hard to get the money back, Is it very hard to get these people, no, but the network which provided them these loans is still there. Its not the Gov. itís the network of high profile people in the Gov., the untouchables, these are the one who should be apprehended. But by whom, the military... we are still waiting...and do you think they donít know all this, they know, but have you ever seen someone cutting his arm.... No, because itís a part of him

    To reiterate my point, to show you the unwilling ness of the govt. to touch theses higher ups, the govt. even after the conviction of a person from an ATC court could not fortify his assets, because the assets are linked with other higher ups and the chain goes to the very top. And once again the money should be paid by the masses.

    #2
    Very touchy!

    Once I read Qazi Hussain Ahmed's statement, though I'm not a great believer in statements, but what he said that Ulemas cannot carry out accountability, niether military nor politicians. Inka hisab koi majha, sajha hi karay ga. Very touchy indeed!

    Anyway, if you have some infos about the defaluters, u can email to NAB. I went to Pak.gov site, and to my surprise couldn't find NAB's addy. LOL

    I'll be back later with some reaction when I have analyzed your post.

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    Sarfraz Khan

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      #3
      Well, I found the National Accountability Bureau . But its poorly maintained.


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      Sarfraz Khan

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