Thursday, April 17, 2008

Loans Write Off - What a curse on our nation

Every now and then i come across this loan write off thing..I dont know what is this all about but there is something to it that makes this new available round the clock. Otherday , i happen to come across this news report about some suicidal note. it was a sorry tale of a person who used to sell ice cream in abpara in islamabad. He had taken loan from some lady (Rs. 80000 only) and since he was unable to pay after 3 months time, he took his life with his own hands (Pity on his soul).

Now, after reading 2days newspapers, i was unable to understand that how billions were write off to people who already got billions. What if some person or bank or organization would be there who support these poors too. What if??

Let me write down what i got to know from 2days daily..

In Daily Express they mentioned the loans write off from HABIB BANK & ALLIED BANK in 2007. Both of them wrote off 560 politicians and industrialists loans which amounted to Rs.22013100000.

HABIB BANK wrote off 538 people & institutions loans which amounted to Rs. 4723100000. Maximum loan written off went to the proud son(SHAFAY HUSSAIN) of CHAUDARY SHUJAAT which amounted to Rs.59599000.

ALLIED BANK wrote off 22 people & institutions loans which amounted to Rs. 18191500000. Maximum loan written off went to MAST QALANDAR COTTON FACTORY which amounted to Rs.17702000000.

EXPRESS LINK

What else they want from Pakistan? If this money been spent on Power generation and wheat support price and health sector like things, i am sure all the votes would be in PML-Q laps...

Shamshad Akhar once said in her speech that "Govt. privatized 4 major public sector banks and supported a program of restructuring and improving asset quality which involved write off of loans (in the range of Rs 54 billion)".

Link here : Shamshad Akhar (See Page 5)

Here are rest of the reports in Major newspapers

The News (Supreme Court Report)

The News (Previous Govt)

Dawn (National Bank)

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