Nawaz’ cousins fined Rs895.94m over bank loans default

LAHORE: A banking court has issued decree against Barkat Textile Mills, owned by the cousins of former prime minister Nawaz Sharif, amounting to Rs895.94 million over a bank loan default.

The decree was issued by Judge Shahida Saeed of Banking Court No 6, accepting the civil suit by Bank Alfalah.

According to prosecution, Mian Tayyeb Iqbal, Mian Tahir and other owners of the Barkat Textile Mills had obtained a bank loan for which collaterals were supplied by Mian Tayyeb, Mian Tahir, Tayyeba Iqbal, Rabia Iqbal, Abida Iqbal, Saba Ayub, Rukhsana Arif and Nazli Hasan, and pledged four properties in Chunian comprising 70 kanals and 10 marlas of land.

The respondents failed to respond to a number of notices, sent by the bank and the banking court. Ultimately, the court accepted the bank plea and issued a decree.