ISLAMABAD: The Supreme Court has sought the list of ten big cases of loans written off every year since 1971, Geo News reported Tuesday.SC also said to review the State Bank Circular 29.
The three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry was hearing the suo moto case regarding the waiving of bank loans worth billions of rupees.
When the court asked for the details of loans written off during past two years, the counsels told the court that loans worth Rs50 billion were waived during the said period.
Meanwhile, the counsel of State Bank of Pakistan told the bench that it has provided the list adding that the private banks waived them.
How could the commercial banks write off laons on their own while they operate under SBP laws, the CJ questioned, adding that they would be recovered if irregularities were found?
The SBP report presented to the court showed the sum of the loans written-off from 1971 to 2009 to be in the vicinity of Rs256 billion.