Lahore: Designation of Pakistan’s Foreign Minister Hina Rabba Khar might give an unprecedented relief to her husband Feroz Gulzar as his loan of Rs. 190 million has beenĀ rescheduledĀ for 10 years and all mark up waived.
All short and long term loans on Galaxy Textile Mills, a mill owned by Feroz, taken six years back has beenĀ rescheduledĀ by NIB Bank while markup and other expenses have been waived, a local daily quoted.
“After deal, totally against bank rules and regulations, between Galaxy Textiles Mills and NIB Bank, all loan default cases in banking courts and Lahore High Court have been withdrawn,” it added.
The loan of Rs. 130 million was taken from PICIC Commercial Bank and Pakistan Industrial Credit Investment Corporation Limited on short term and long term basis.
TheĀ borrowers include Hina Rabbani Khar’s father in law Arif Gulzar, spouse Feroz Gulzar and brother in law Asad Gulzar.
Later both the financial institutions were merged as NIB Bank with approval of State Bank of Pakistan.
According to documents available, about Rs. 100 million debt were taken from PCBL in different dates and for different time period. The debt had to be paid back till July 31st, Ā 2007, but it was not paid by Gulzar family.
Similarly a long term debt of Rs. 98 million was borrowed from PICIC Bank which was to be paid till January 2007. Afterwards, on request of Arif Gulzar and Feroz Gulzar, debt was rescheduled in 18 installments, but it was still not paid.
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