Bank moves LHC for loan recovery from Sharif family

LAHORE: A private bank has moved Lahore High Court (LHC) against Sharif family for recovery of the outstanding loan amount.

A plea submitted in the LHC stated that the Al Arabia Sugar Mills of the Sharif Family has to pay Rs740 million outstanding loan amount of the bank. The Sharif family has failed to pay the loan amount within the due time period, the plea read.

Several notices were served but none of them were responded, the bank stated in its plea and pleaded with the LHC to order Al Arabia sugar mills to pay the outstanding loan amount.

Earlier in the day, an accountability court in Lahore adjourned the hearing of corruption references against Shahbaz Sharif and his son Hamza Shahbaz without any proceeding due to the absence of the defence lawyer.

The accountability court resumed the hearing of different corruption references against Shahbaz Sharif and Hamza Shehbaz including money laundering, Ramzan Sugar Mills and the Ashiana housing scandal. The Pakistan Muslim League Nawaz (PML-N) President Shahbaz Sharif and his son Hamza Shahbaz appeared before the court.

During the hearing, the investigation officer (IO) of the National Accountability Bureau (NAB), Hamid Javed submitted a report to the accountability court regarding the death of Fazal Dad Abbasi, an accused in money laundering case.

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