Can't connect right now! retry
Monday Nov 13 2017

LHC orders auction of Ittefaq Textile Mills on Dec 15 to repay loans

Lahore High Court. Photo: File 

LAHORE: The Lahore High Court (LHC) ordered on Monday the auction of Ittefaq Textile Mills, owned by associates of the Sharif family, to repay loans taken from private banks.

Hearing the Muslim Commercial Bank’s petition seeking the auction of mills for repayment of outstanding loans, Justice Shahid Kareem was informed by the bank’s counsel that former prime minister Nawaz Sharif’s close associates obtained loans after pledging the shares of the mill, situated on over 27 kanals of land on Multan Road, Lahore.

The mill was declared a defaulter in 2000 after failing to repay the loan taken from the bank.

The petitioner’s counsel stated further that defaulters Haroon Yousaf, Yousaf Aziz, Kausar Yousaf, Saira Farooq and Ayesha Haroon provided a guarantee for the loans. 

He added that in December 2016, a decree of over Rs250 million was issued against the defaulters. The mill owners paid back over Rs140 million and have yet to repay over Rs110 million.

The counsel pleaded for selling the mill to repay the remaining amount.

The court then ordered for selling the mill on December 15, 2017.