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Pakistan

LHC orders auction of Ittefaq Textile Mill owned by Sharif family

Lahore (Monitoring Desk): Lahore High Court has ordered auction of Ittefaq Textile Mill owned by Sharif family to repay the loans of private banks by the textile mill owner.

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

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.