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Shahbaz rejects bank loan default allegations


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Photo shows Pakistan Muslim League (N) leaders Nawaz Sharif and Shahbaz Sharif.—File Photo

ISLAMABAD: PML-N President Shahbaz Sharif has rejected allegations by National Accountability Bureau (NAB) of defaulting on a bank loan of Rs 3,486 million in the Hudaibiya Paper Mills case.

Shahbaz Sharif has termed the allegations false and baseless and has accused his political opponents of resorting to political victimization.

"I am not even a bank loan defaulter of one rupee. If someone proves such a corruption case against me, I am willing to quit politics." Shahbaz told a press conference in Lahore.

Earlier, the National Accountability Bureau (NAB) objected to the candidature of Nawaz Sharif and Shahbaz Sharif in the upcoming general elections over alleged scam of Hudaibiya Paper Mills, a senior NAB official told

The Pakistan Muslim League-Nawaz (PML-N) Punjab president and the former chief minister, along with his brother PML-N chief Nawaz Sharif, were accused in the Rs3,486 million loan default case.

They have been accused of accumulating money and assets beyond their declared means of income by misusing authority. The case was filed with the Attock NAB Court on March 27, 2000.

Abbas Sharif, Hussain Nawaz, Hamza Shahbaz, Shamim Akhtar, Sabiha Abbas, Maryam Safdar and Ishaq Dar were others accused in the case.

The bureau had conveyed its recommendations to the election commission in this regard.

Meanwhile, a spokesman of the PML-N has denied the allegations hurled at his party’s top leadership saying the details provided by the NAB are “misleading.”

He said that “darlings” of the outgoing PPP government are still present among the bureau’s ranks, who he said are targeting the PML-N leaders.

The spokesman said truth regarding these allegations will be soon unveiled in a press conference.

Reacting to the denial by the PML-N, the NAB official told Dawn.Com that the accountability bureau does not want to tarnish image of any public figure, adding that whatever details they have provided the ECP with is based on facts.

It’s up to the election commission to decide the fate of any candidate regarding his/her eligibility to contest the polls, he added.

The NAB had set up election cells to help the election commission in the scrutiny of candidates for the May 11 elections. The decision to establish the cells was taken at a meeting held on Feb 20.

The meeting, presided over by Chief Election Commissioner (CEC) Fakharuddin G. Ebrahim, was attended by heads of NAB, Federal Bureau of Revenue (FBR), State Bank of Pakistan (SBP) and National Database Registration Authority (Nadra).

The meeting had decided that the ECP, with the help of relevant organisations, will identify tax-evaders, loan and utility bill defaulters and beneficiaries of written-off loans to prevent them from contesting polls.

Comments (39) Closed

ZF Apr 05, 2013 07:45am
Liars are liars...
frank Apr 05, 2013 07:47am
What no comments by the Sharif family fanboys?
muhammad Apr 05, 2013 08:23am
"The PML-N spokesman said truth regarding these allegations will be soon unveiled in a press conference" when ? we are waiting for proper reply since 2000
Shair Khan Apr 05, 2013 08:50am
Good job NAB.....
Irfan Baloch Apr 05, 2013 09:05am
dont be so smug the blind and deaf will still vote for these 2 kings of Raiwand there are people among us who believe that such politicians have a born right to take what they please so they dont care how much corruption & financial embezzlement cases are brought up they will still vote for these people. & then they will blame everything on Americans & Zionists etc. as far as the fanboys are concerned instead of responding to these allegations, they will make counter allegations against PTI, PPP, MQM and PML Q etc. thats the way to go here in Pakistan
mohd Taj Apr 05, 2013 09:39am
Payback time.
S. A. M. Apr 05, 2013 09:49am
First Good Step in the right direction. Good Job NAB and as the name says it all nab the other defaulters. You are doing a good service to the nation. Enough of plundering
Fida Sayani Apr 05, 2013 10:05am
Mushraf has done more harm to Pakistan than all the politician put together, this include the Sharif brothers and Zardari, Still Mushraf gets police/security protection and his nomination papers are accepted by the Election Commission. What kind of Democracy Pakistan follows.
Adeel Apr 05, 2013 10:53am
Its all false and fabricated allegation planned by zardari & imran khan
Sean Apr 05, 2013 11:01am
I hope you're being sarcastic b/c everyone knows they defaulted his loan for the mill. Their name was in the list since 1990's but no one ever took action against them.
Farooq Apr 05, 2013 11:05am
If clean why worry ask for justice and prove and go on why the fuss
Fida Sayani Apr 05, 2013 11:13am
when is NAB is going to NAB the Generals and Civil Servants.
frank Apr 05, 2013 11:15am
I agree with almost everything you've written, but the blind and deaf cannot vote for the Sharifs if they are not allowed to contest :) PML-N will still fight and probably win the next election. However, putting forward senior members of the party for the posts of PM and CM would be a very dangerous move for the Sharifs. Power is addictive and their nominees will push them out forever. The alternative is to go the Zardari route and nominate nonentities to keep the seats safe for the family. This will bring problems of its own. Sometimes nonentities develop minds of their own. Whatever happens, the Sharifs are in trouble and we should welcome the cleaning up of Pakistani politics.
Michael Malcolm Apr 05, 2013 11:35am
When a thief is caught and is between 10 people out of which 9 says he is thief and one say he is not who will you believe.? The Shareef's falls in the same category. The Nab, State Bank, Utilities corporations, Banks etc are all liars barring the Shareeff. You know why? because they cannot call themselves other than Shareef. All these fake degree holders, defaulters , tax evaders before they enter their papers for election should also put their right hand on the open holy Quran and swear that what they have submitted are truth and also that they have cleared all the dues on them. Then let Allah take care of them. The Pandora Box is opened by Dr. Qadri and thanks to our Media too.
qasim khan Apr 05, 2013 11:39am
Excellent stuff, both crooks should be disqualified and tried in the court and put behind bars for all the wealth they have stolen.
Xulf Apr 05, 2013 12:06pm
Thats what zardaari and benazir said when they were accused of loot and plunder! Shoe is on the othe r foot I guess
ZF Apr 05, 2013 12:14pm
raika45 Apr 05, 2013 12:36pm
If the mill was a private limited company and went bust, the directors and share holders are not responsible for the loans.Unless they give personal guarantee to the bank.A limited company has limited liabilities as per corporation laws [that is if you follow the commonwealth system]. The bank can only wind the mill and it's assets to get it's debts back.I feel that that is why the Sharif brother claims he does not owe any money to the bank.
KAMAL Apr 05, 2013 01:08pm
Why MUSH never took any action? Because He forgave loans of Choudhary Shujaat?
KAMAL Apr 05, 2013 01:10pm
When will NAB bring Tauqeer Sadiq back? NAB itself facilitated his illegal departure, provided him with passport to ensure 83 Billion Rupees are not recovered....
Azmat Khan Apr 05, 2013 01:48pm
Although Musharraf did some commendable jobs but In am sure he is not going to win a single seat in the assemblies.But he should be treated like a common Pakistan citizen and given justice in the courts in true sense.No discriminatory or biased justice.If he qualifies he must be sent behind the bars.
Azmat Khan Apr 05, 2013 01:54pm
Dear Michael I know people can take false oaths too. This is no solution.
AA Apr 05, 2013 02:20pm
Yeah Sharif Bradaran's, you claim to make 50,000 rupees a month but live in 154 acre mansion in Raiwand. But you still do not see the disconnect in your story when I do see it.
Waqas Apr 05, 2013 02:37pm
Pakistan is finally in right direction ! These thieves need to pay back our money.
wizarat Apr 05, 2013 03:20pm
as soon as they file papers for nomination to represent you
zeeshan Apr 05, 2013 03:24pm
Total unanimity of views
zeeshan Apr 05, 2013 03:27pm
Pakistani nation and tunami band are too much naive.they believe this NAB move will get rid of PMLN and will open the gates of Prime minister ship for Imran khan.the biggest hypocrite
iqbal khan Apr 05, 2013 03:52pm
I agree
Alam Khan Apr 05, 2013 05:13pm
NAB is to protect To protect tauqeer Sadiq not to presecute him. NAB does what zardari tells them to do.
Alam Khan Apr 05, 2013 05:17pm
You are absolutely right people think they are not impacted by the corruption of their chosen leaders. Most of the people go for vote as an entertainment and emotions without even thinking about the consequences. unitl people have some sense of importance of their vote Pakistan will never change
Ali Apr 05, 2013 05:38pm
Why no judge takes any action regarding this issue? Why all judges protect these corrupt brothers? These judges will have to answer this one day, Chief Justice takes action against the whole world except for this most corrupt political family of Sharifs
zaffar Apr 05, 2013 07:20pm
They should be behind the bars.
Fauz Apr 05, 2013 07:24pm
99.9999 percent of candidates who seek election are corrupt and dishonest. When in power, they appoint persons on different posts to cover their ill doings. Also their appointees make money left and right. So the whole system is making the country bankrupt. Poor people of Pakistan will continue to suffer unless corruption at all level is washed out with strong accountability for every one, no matter how big he or she is. Until now I am hearing many cases of corruption but is there any big fish punished so that others can learn lesson. No, not at all.stories are coming in media and subsiding. No result or final judgement. Many politicians are bringing their sons and daughters in election to follow their deeds. Also I should mention that what took NAB to find out that Shahbaz Shareef is a Bank loan defaulter and he ruled Punjab as chief Minister for 5 years. Why the previous ECP could not find out that so many elected members have fake degrees and they were sitting in the Parliament for 5 years. Also a person should be allowed to contest election only from one constituency ( the one where he lives permanently according to his NIC.). One more thing. No body with other country's citizenship or even having green card should not in any case be allowed to fight election. Those who are on work visas outside Pakistan deserve to vote. It is a favor to the Dual nationals by Pakistan to enter and leave without Visa. They can have limited privileges as Pakistanis but no elections. Otherwise one day Pakistan may withdraw dual nationality status.
Bill Gates Apr 05, 2013 08:14pm
Those Brothers are LIARS. Don't VOTE for them...
Such bolo Apr 05, 2013 09:56pm
You are corrupt it says all over their faces and yet Pakistani keep electing them, knowing that After electing these corrupt leader Pakistanis will be deprived of basic necessities of life while these corrupt leaders and their kids will live lavish life all over the world. How many time you will be fooled by same faces again and again and again?
kna872 Apr 06, 2013 12:15am
Stop confusing people. You are talking about liabilities. Onus of default still lies with directors. In finance defaulters are untrustworthy.
Hadi Apr 06, 2013 12:16am
I agree to above but please not banks never give loans to private limited companies unless directors give personal guarantiees. If bank are pressurized and have no other option but to loan without personal guarantees same bank knows from beginning no chance of recovery. Personal guarantees are even sought from directors of publically held companies. If brothers are taking advantage of this position that loan was defaulted by private company but not by them then change the definition of default and include directors of defaulting by limited companies. I was under impression brothers always insisted default was set up and they were left with no options but to default and it was not dafault at will. Might be it was another default. God give courage to all election officials and supporting insituation to maintain honesty and truth their guiding priciples. Well done EC. Shame of all defaulters. A Chartered Accountant
Tariq Apr 06, 2013 01:15pm
Our crop of politicians are not leader material, they are no more than common thieves.
host Apr 06, 2013 03:34pm
both Nawaz and Shehbaz should be punished for stealing money from banks