Tuesday, 9 December 2014

Ittefaq Foundry: NAB asked to submit report

A "referee judge" of the Lahore High Court here on Monday directed the National Accountability Bureau (NAB) to submit by December 11 the reports about loans along with mark-up paid by Ittefaq Foundry. Justice Sardar Shamim Khan, acting as a referee judge, was hearing an appeal of the Sharif family challenging the reopening of Ittefaq Foundry reference by the NAB.

The counsel for Ittefaq Group, Ashtar Ausaf, told the judge that the foundry had paid off complete liability that it owed to banks along with the mark-up. He urged to the judge to send the case to a trial court so that the application could be withdrawn. The NAB had reopened three references - Hudebiya Papers Mills, Jati Umra land purchase and Ittefaq Foundry - against the Sharif family. An appeal against reopening of two first references was already allowed by the referee judge.

Meanwhile, the Lahore High Court (LHC) on Monday disposed of the petitions of National Bank of Pakistan filed for recovery of loans from Ittefaq Foundry as the foundry had cleared its loans. Earlier, an Executive Vice President (EVP) of the bank told the court that the foundry had cleared all liability. He also submitted a written report to this effect. The court after examining the bank's statements submitted disposed of the petitions.
Copyright Business Recorder, 2014

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