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Summary Chief Justice of Pakistan Justice Iftikhar Muhammad Chaudhry has said that all the loans waived by banks were given out of the public money that must be spent for the public welfare.
A four-member Supreme Court bench, chaired by Chief Justice Iftikhar Muhammad Chaudhry, was hearing the case of written-off loans on Monday. During the hearing lawyer of the State Bank Iqbal Hazir did not provided the complete list of loan-waiver beneficiaries to the court. He told the court that waiving of loans was legal as it was done under the circular number 29 of the State Bank. Justice Khalilur Rehman Ramde said that it was hard to believe that billions of rupees were waived under the umbrella of law. He said that industrialists could not be allowed to swallow the billion of rupees of public. They made money from their industries and did not return their loans as well, he added.The chief justice said that the State Bank should give the accurate facts, otherwise the court would summon the governor State Bank for explanation. He added that the court cannot let the plundering of public money.
