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Only wilful defaulters will be taken to task, says NAB chief

RECORDER REPORT

KARACHI: National Accountability Bureau (NAB), Chief Lt. Gen. Syed Amjad Hussain has assured the delegation of the Federation of Pakistan Chambers of Commerce and Industry that the circumstantial defaulters will not be prosecuted and only wilful defaulters will be taken to task.

This assurance was given when a delegation of FPCCI headed by Ilyas Bilour, immediate past president and Chairman, Standing Committee on Sick Industries of the FPCCI called on him in Islamabad on Tuesday.

The NAB chief appreciated the efforts of the FPCCI for the revival of sick units and assured that a meeting would be convened soon for the revival of sick units as well as recovery of the non-performing/stuck-up loans. He accepted an invitation extended by Ilyas Bilour to visit the FPCCI.

The delegation while apprising the NAB chief of the recovery/settlements made by the committee under the State Bank Incentive Scheme, informed him that the stuck-up loans of Rs.12.2 billion were settled whereas cash recovery was Rs. 4.5 billion.

The delegation further informed that the SBP committee had also helped the banks in the revival of sick units and loans of over Rs. 11 billion were restructured/rescheduled. The delegation offered the services of the FPCCI standing committee on sick industries for the revival of the sick units.

The committee informed the NAB chief that banks were reluctant to make advances to the on-going industrial units as well as to the new units. The delegation said that viable sick units were not being provided with the working capital which was in the knowledge of the State Bank of Pakistan governor, who had agreed with the FPCCI that advances to private sector had declined.

The delegation comprised Mian Mohammad Usman, Senior Vice Chairman of standing committee on sick industries, Faiz Rasool Khan, President, Sarhad Chamber of Commerce and Industry, Naseem-ur-Rehman and Sardar Mohammad Ashraf, members managing committee of the FPCCI.