Islamabad: The State Bank of Pakistan on Monday failed to provide details of bank loans written off during the last two years to the Supreme Court.
A four-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday was hearing a sou motu case pertaining to Rs54 billion written-off loans.
Chief Justice Iftikhar Chaudhry asked the SBP’s counsel Iqbal haider to provide details based on truth or else the bank’s governor would be summoned in the court.
The counsel contended that the circular regarding waiving of loans was issued according to the law.
The court observed that it would not allow plundering of national wealth at any cost.
The CJ remarked that the money of written-off loans should be spent on the welfare, prosperity and education of poor children.
He ruled that the court would now monitor how the SBP governor recovers the written-off loans.
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