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Posted by admin in Looters and Scam Artists, PAKISTAN BILLION RUPEES LOAN DEFAULTER on April 14th, 2013
Pakistan Loan Rat Defaulter No:3 : West Pakistan Tank Terminal-: PAY BACK OUR MONEY
According to the National Accountability Bureau reference, the NDFC had approved a financial facility of Rs 40 million in 1994 in favour of M/s West Pakistan Tanks Terminal (Pvt) Ltd as a trade finance facility.
Subsequently, the facility was converted into working capital funds for the purchase of molasses to be exported abroad and was disbursed in January 1995. Abbasi, the then NDFC chairman, collaborating with sponsors Sadaruddin Ganji, his son Hasham Sarduddin Ganji, Saleem Dawood and Sajid Ahmed of M/s West Pakistan Tanks Terminal, allegedly committed numerous procedural and processing irregularities while granting the financial facilities.
The NDFC itself made inquiries into the matter with the consultation of M/s Raza Kazim Associates. The NDFC then requested legal action against Abbasi, as the loan amount was still outstanding, and an FIR (40/1997) was registered against the accused in July 1997.
Previously, the court had issued warrants under Section 88 (attachment of property of person absconding) of the Criminal Procedure Code (CrPC) against Abbasi, Hasham Ganji and Saleem Dawood, who were declared absconders.
The investigation officer then submitted a report to the court under Section 87 (proclamation for person absconding) of the CrPC regarding the arrest of the absconders. The other co-accused, Sardruddin Ganji, was released on bail while Sajid Ahmed was remanded in judicial custody. On January 15, the court indicted both the co-accused on corruption charges. They, however, pleaded not guilty and opted to contest the case.
KARACHI, Feb 7: The Sindh High Court on Tuesday admitted an appeal filed by Sadruddin Ganji, a business tycoon, against his conviction in a graft reference.
A division bench headed by Justice Maqbool Baqar issued a notice to the prosecutor of the National Accountability Bureau and put off the hearing to Feb 22.
The appellant was sentenced to seven years in prison and a fine of Rs1 million was imposed on him on Feb 2 by an accountability court that found him guilty of defaulting on the financial facilities he had.
According to the verdict, the prosecution through the evidence placed in court proved that the accused had obtained loan facilities from a private bank and upon non-repayment, the bank filed a recovery suit in the high court, which issued a decree to the amount of Rs657.635 million with 21 per cent markup.
According to the reference (12/2007) filed by the National Accountability Bureau, Sindh, Sardaruddin Ganji and his son Hashim Ganji of West Pakistan Tank Terminal obtained financial facilities worth Rs250 million from a private bank in 1996 for their firm, which was set up to import palm oil, export molasses and store stock in tank terminals. However, it said, the accused remained unable to pay back the loan.
The charge-sheet filed by NAB in 2007 alleged that the accused obtained the loan in the form of letters of credit for the import of palm oil and did not repay the amount as per agreement and committed wilful default of Rs1.122 billion.
The State Bank of Pakistan presented a list of loan defaulters before the Supreme Court on Wednesday October 20, 2010.
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