Thursday, May 1, 2014
Pakistan's Corrupt Ruling Family: Sharifs got huge interest relief over bank loans
Sharif family got relief in payment of huge amount of interest over Rs. 3.25 billion loans they borrowed from banks. According to media reports, Sharif family had borrowed Rs. 3.11 billion overall loans from eight banks in a period of 16 years from 1982 to 1998. The loans borrowed from the banks included National Bank, which issued Rs.1.5 billion loan to the family, sources said. Sharif family handed over their four factories to the banks against their loans and later got stay orders against selling of these factories from courts. According to sources, the stay orders were lapsed this year in February. Sharifs settled the issue with banks before the sale of these factories. They paid only principal amount of the bank loans outstanding against them and got written off around six billion rupees interest of loans piled up through past 16 years, sources added.