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ADBP to refer cases of chronic defaulters to NAB

MULTAN: The higher authorities of Agriculture Development Bank of Pakistan (ADBP) have decided to refer the cases of chronic and wilful defaulters, who owe millions of rupees to bank for last many years, to the National Accountability Bureau (NAB).

All the regional managers have been directed in this regard to furnish a list and specific details including copies of relevant record about these defaulters for further proceedings against them to make sure recovery and help revive the ailing economy of the country.

The record sought by the ADBP authorities included the list of directors/partners/proprietors, with change if any, including their address and contact numbers.

It also include copies of demand promissory notes (a most important document usually submitted by the borrowers for obtaining loan), copies of article and memorandum of association, list of authorised signatories, details of requests of the parties for financial facilities, details of personal guarantee held, details of finance agreements, list of securities and related documents with change if any, statement of all accounts, photocopies of collateral security and related documents, the details on which first default occurred, copies of correspondence between bank and the parties regarding adjustment of liabilities.

Details about any agreement between bank and the parties about rescheduling/restructuring, waivers of mark up and/or interest and write off, if any, details of wilful default committed by the party, detailed report about efforts of the bank for recovery of default amount have also been sought.

Besides, details and queries have also been made about whether any criminal complaints were previously filed against the defaulters with FIA or any court of law.

The regional managers have been directed to send short complaint letters addressed to Chairman NAB stating the details of default along with summary reports and list of witnesses.ÑAPP