LAHORE, June 17: Industrialist Asif Saigol was convicted on Monday of the third charge of wilful default.

The accountability court hearing the case awarded him 14 years rigorous imprisonment, the maximum jail term under the NAB Ordinance, and fined him Rs60 million.

Convicting him in the Rs50.06 million default reference, the court denied him the benefit of adjustment of the detention period towards the jail term. In case of non-payment of fine, the amount is to be recovered from the sale of his property. The court also disqualified Mr Saigol for 10 years for a financial facility from any bank and for public office.

In this reference, Mr Saigol was said to have used in 1992 a Rs46.5 million financial facility of the Allied Bank of Pakistan in his capacity as chief executive of the Mohib Fabrics. In 1994, and again in 1996, the loan was rescheduled. As a result the liability rose to Rs50.06 million. It was rescheduled for the last time on Dec 13, 1998. According to the prosecution, the company failed to meet its liability. Mohib Fabrics paid only Rs1.73 million.

“After having gone through the prosecution evidence, the court is of the view that the prosecution have proved their case beyond a shadow of doubt and the accused stands guilty of the charges” observed the judge in his final order.

Previously, Mr Saigol has been sentenced by two other courts to 10-year and 7-year rigorous imprisonment is cases of wilful default on payment of loans advanced by PILCORP and Askari Commercial Bank. Mr Saigol was among the first people arrested by the NAB after the Nov 16, 1999, deadline fixed by the government for the settlement of loans lapsed.