ISLAMABAD, Nov 16: The supreme court was informed on Friday that United Bank Limited had not entered into any agreement with Redco group, headed by Saifur Rehman, for rescheduling of defaulted loan.

Advocate Mohammad Afzal Siddiqui, counsel for NAB, stated that former accountability chief had claimed at lower courts, that he had entered into agreement with the UBL for detailing the scheduling of repayment but it was never produced in any court.

Saifur Rehman and his family has taken the positions in lower court that despite their agreement with UBL, which had extended the loan for Redco textile, the NAB authorities were not accepting the agreement to ensure that he remained in jail despite being acquitted in two cases, aircraft hijacking, and helicopter case.

The court after hearing the counsel for NAB, and the counsel for Saifur Rehman, adjourned hearing of the petition till November 21.

Saifur Rehman and his family members own Redco Textile Mills, which has an outstanding loan liability of Rs916 million. They are being prosecuted on the charges of “wilful default”.

Former chairman of now defunct Ehtesab Bureau and his younger brother Mujeebur Rehman are in jail but their younger brother has been declared absconder.