Apr 11, 2013

Suspicious Role of ECP & Clean Chit for Loan Defaulters to contest in Upcoming Election 2013

The suspicious role of ECP with the loan defaulters who got their loan written off & ECP qualified them to contest General Election 2013
People are asking what Election commission of Pakistan (ECP) did for the following loan defaulters. And how Returning officers have been assessing rather ridiculing the candidates calling them to appear in person to file their nomination papers, asking irrelevant question from the candidates & posing that Returning officers are smarter than any other?

Returning officer who has been disqualifying the candidate in one constituency and has been qualifying the same candidate in another constituency - What a mockery it is?
There were no specific & any viable parameter to weigh the candidate in terms of their honesty and loyalty with the country. The candidate who had been disqualified, they went into appeal and now from the ECP Tribunal such failures have been passed terming qualified to contest in election.

Someone mentioned the name of Ms. Fehmida Mirza a PPP stalwart former speaker National Assembly (2008-2013) she has been loan defaulter & about 87 Crores loan she got written off.

Was it not visible to ECP Returning officer while exercising their power to screen candidate’s eligibility for election? Where that parameter and working strategy are which ECP had formulated and assured the nation that the candidate will have to cross with a lengthy screening process for evaluating his/ her honesty and loyalty they will have to go through the mandated essence of standing clause 62, 63 and 218?
Similarly there have been a lot of loan written off cases against PML (N) but they have been awarded a clean chit to fight for election.

People are suspicious & apprehensive from the screening strategy of ECP – despite getting support form State bank of Pakistan, Federal Board of Revenue, NABs, NADRA & other institutions supporting ECP in order to confirm candidate’s legitimacy, asked by a group of people debating on national politics and politician’s role in the upcoming election.  
However the below is the extract of Supreme court of Pakistan regarding “loan defaulters and written off details of politicians” who has been undermining & plundering national wealth in every successive government.

It looks that another 5 years also will run on the same pattern of frustration and mismanagement which has been a phenomena of PPP during its tenure from 2008-201e said by a senior citizen involved in joint discussion at TV debate forum.
The majority of the people had taken a sigh of relief that the country will get true leaders to rule the country but the dream seems us ineffective if the screening process by ECP went like this, a participant emphasized in TV Talk show.

 ISLAMABAD: Supreme Court Wednesday made public report evolved by a 3-member judicial commission led by Justice Syed Jamshed Ali in respect of the persons who have got waived their loans since 1972.

A 3-judge bench led by Chief Justice Iftikhar Muhammad Chaudhry took up the case for hearing Wednesday.

With the opening of this report several names of important figures will stand exposed and sword of disqualification is likely to hang over the heads of several politicians.

Major defaulters among the politicians were Chaudhries of Gujrat who defaulted in payment of six loans worth Rs 109.66 million against Phalia Sugar, Punjab Sugar and Sapco Limited; Ittefaq group Rs 83 million against Ittefaq Foundry, Saifullah's Rs 37.3 million while Zardari group was in default of Rs 7 million.

The State Bank had issued a total of 33 circulars since 1972 to 2007 in that respect. According to Section 25 of the Banking Ordinance, a loan write off case should be sent to the Parliament but this section had continuously been ignored.

The total amount waived off as loans from 1972 to 1996 is over Rs. 200 billion. Three lists of bad loans have been published since 1993, the first by caretaker PM Moeen Qureshi, followed by two lists by Benazir Bhutto and caretaker government of Meraj Khalid in October 1996 and January 1997respectively. The bad loans which were Rs 1,340 million when Z A Bhutto was removed swelled to Rs 80 billion in August 1993, Rs 126 billion inNovember 1996 and Rs 130 billion in January 1997.

According to details, 244 loans were written-off amounting to Rs 4,724 million between March 1985 and August 1993 but the number of written-off loans increased 942 in November 1996 valued at Rs 8,247 million. Thus during her second term, Benazir government wrote-off 698 loans worth Rs 3,550m.

Some notable beneficiaries of loans written-off before August 1993 included New Era Textile (Rs 136.7m), Hashwani Hotels (Rs120 m), Fancy (Rs 64.89m), Colony (Rs51.4 m), Saifullahs (Rs 39.21m), Hyesons (Rs 35.7m), Habib group against RKD Sugar (17.m), Saigol against Omaryar Limited and Kohinoor Textile Mills (17.1m), Mian Mansha (Rs 7.5m), Bibojee (Rs 4.2m), Packages (Rs4.2m) and Bawany (Rs 2m).

The 698 beneficiaries of written-off loans under Benazir included Farooq A. Sheikh, whose five loans worth Rs 500 million in Adamjee Industries, Dost Mohammad Textile Mills, United Exports and United Group of Industries were written-off. Six loans worth Rs 131m of Jan Mohammad, a member of theNational Group owning the Muslim Commercial Bank, relating to Charsada Sugar Mills were written-off. A few other beneficiaries were: Saifullahs, Hashwani, House of Habib, B.D Avari, Taufiq Sayed Saigol, MNA Shahid Nazir and former NA Speaker Gohar Ayub.

Link of Article: http://thespokesman.pk/index.php/component/k2/item/1201-sc-opens-doors-to-jc-report-defaulters-since-1972-made-public …

List of Top Loan Defaulters till 1996

Amount Borrowed (in millions) = Blue
Amount Default (in millions) = Red

Name Amount borrowed, default (Rs in millions)

1 Ittefaq 3,675 2,891
2 Fazalsons
3,475 3,475
3 Tawakkal
4 Bela Chemicals
5 Abdul Shakoor Kalodia
1,215 1,215
6 Naqvi
1,213 1,060
7 Zahur
8 Ghani
1,023 985
9 Arabian Sea Enterprise
950 913
10 Hyesons
750 725
11 Chaudri Cables
12 Farooq A Sheikh
632 632
13 Habib
615 615
14 Bawany-Alnoor
601 485
15 Chaudry Shujaat
544 381
16 Dawood
540 325
17 Adamjee
Total 20,537 18,466

Top Defaulters in January 1997

Name Amount in Default (Rs. in Million)

Ittefaq 3,013
2 Tawakkal
3 Fazalsons
4 Bela Chemicals
5 Chaudri Shujaat
6 Abdul Shakoor Koladia
7 Fauzi Ali Kazim
8 Saigol
9 Naqvi
10 Zahur
11 Abdullah Al-Rajaih
12 Ghani
13 Habib
14 Adamjee
15 Hashwani
16 Arabian Sea Enterprise
17 Sargodha
18 United
19 Chakwal
20 Dawood
21 Bawany-Alnoor
22 Fateh
23 Packages
24 Colony
Total 25,38
Really a very mind blowing picture had been highlighted by Supreme Court in its verdict.
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