Illegal waivers: CJP warns of sending cases to banking courts if loans not returned

ISLAMABAD: The Supreme Court on Tuesday warned companies and individuals accused of having billions of rupees worth of loans waived illegally, to return the money to the country or face consequences.

A three-member bench led by Chief Justice Saqib Nisar was hearing a suo motu case on illegal waivers of bank loans by influential persons and companies.

In his remarks during the hearing, the chief justice lamented that the Pakistani nation carried a huge debt burden. If we fail to bring back the nation’s wealth then we don’t deserve to occupy this office, he remarked.

Offering the accused parties one more chance, Chief Justice Nisar ordered them to pay 25 per cent principal amount on the loans they got waived illegally.

The top judge warned that the apex court would send all 222 cases of illegal loan waivers to the banking courts if the accused did not avail the offer.

We will instruct the banking courts to wrap up all the cases within six weeks, the chief justice remarked.

The accused would be instructed to submit the 25 per cent principal amount to an account opened in the Supreme Court’s name, he stated, adding that the court may decide a markup itself.

The hearing was adjourned till Wednesday, June 27.