KARACHI, Aug 16: The biggest sale of properties mortgaged as security for finances by Abdul Sattar Lasi Group was held through public auction on August 13 under section 15 of the Financial Institutions (Recovery of Finance) Ordinance 2001 without intervention of court by Saudi-Pak Commercial Bank for recovery of its Rs1046.114 million loan (principal Rs 829.580 million and mark-up Rs 216.534 million).

The public auction was allowed by the Supreme Court vide its order given on August 13, 2003 at Quetta.

A total of 14 properties of Sattar Lasi Group were put to auction participated by about 50 people and bids were received for 13 of them. The counsel of the bank, Nafis A. Siddiqui was present to assist and oversee the auction’s legal technicalities.

Earlier the Balochistan High Court on a petition filed by Wasim Sajjad, counsel of Sattar Lasi Group, defaulter of Saudi-Pak Commercial Bank loans, had suspended public auction of his properties on July 23, 2003 for two weeks, provided he deposit Rs500 million as solvent security, which the Lasi Group did not do.— PPI