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Summary Chief Justice of Pakistan Iftikhar Muhammad Chaudhry on Thursday remarked that the State Bank of Pakistan (SBP) was writing off loans despite the fact that a case against wavering of loans had been sub judice.
He said that special accountability and banking courts would be formed for the recovery of the loans.A 3-member bench of the Supreme Court headed by the chief justice conducted the hearing of written off loans case on a sue motu notice.The counsel for SBP, Iqbal Haider said that Rs.11 billion loan of a single company was written off and the loss to the national treasury could be judged by this single example.According to a SBP report, all the written off loans money was shifted to Dubai, however, no case had been registered against anyone involved in money laundering. This was public wealth and it must be returned to the national treasury, Haider said.He said that various committees were formed but no solid movement could be made so far.Strict laws are implemented against the defaulters in America and Britain but there was no information about the existence of any law against the loan defaulters, he concluded.
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