LAHORE: Lahore High Court (LHC) Justice Ayesha A Malik directed the Ittefaq Group of the ruling Sharif family to pay mark-up amounting to Rs3.5 billion on a loan obtained from a consortium of banks.
The counsel for the banks consortium, comprising National Bank of Pakistan and other financial institutions informed that that the basic loan amounting to Rs6 billion had been recovered through the liquidation of four units of Ittefaq Group but the mark-up could not be recovered yet.
He requested the court that the Ittefaq Group be directed to pay the mark-up.
Hearing to the arguments, the judge directed the respondent to pay the mark-up and adjourned the hearing for a date to be fixed by the registrar’s office.
The loan was sanctioned between 1982 and 1998. In most cases, the Ittefaq Group did not repay the loan, prompting the banks to add the mark-up to the credit.
