Sharifs mill got 49.5m Mehran bank loan

Geo News has received the documents of funds given to the industries of the Sharif brothers. According to the documents, Mehran Bank provided Rs49.5 million to Chaudhry Sugar Mills without any collateral. The money was deposited into account 001-10200 on April 4, 1993. The directors of the Chaudhry Sugar Mills include Shahbaz Sharif, Hussain Nawaz and Hamza Shahbaz. The documents further state that the COO of Mehran Bank, Younus Habib had directed an immediate release of these funds. It is also stated that the directives for the immediate disbursement of the funds came from the PM House. Two cheques amounting to Rs46 million were issued from Chaudhry Sugar Mills to Ittefaq Foundry on the same day. Meanwhile, PML-N senator Parvez Rasheed while speaking to Geo News said that this was a business loan and had nothing to do with politics. Rasheed added that the loan was paid back with interest that was more than two times the capital amount.