Tue. Oct 20th, 2020

Big loan scam – Ex Silk Route Dry Port Trust members under scrutiny

by Sher Baz Khan

ISLAMABAD, Feb 5: A fraud amounting to hundreds of millions of rupees in fake loans has been detected in the Gilgit branch of the National Bank of Pakistan, causing a setback to NBP’s efforts to extend its presence in Northern Areas and promote business activities in the remote and backward region.

Well-placed sources told Dawn that the fraud was detected when the bank launched a probe into payment of Rs50 million as loan to a company named Pak-China Sost Port Company by its Gilgit branch. But the revelation could be just the tip of the iceberg because investigators have found that there were other bogus loans involving payment of Rs880 million.

The sources said that a number of companies and people had taken loans of millions of rupees against fake or non-existent collaterals, raising questions about culpability of top people in the bank’s management who concealed such a huge scam from the audit department for three years.

The sources said that the fraud had been overlooked during the audit and now efforts were being made to determine why a proper scrutiny of the loan was not carried out.

A report sent to the bank president by the ‘compliance group’ said it had received a preliminary report from the NBP’s human resource management and administration. The group received the complaint on Nov 12 and reported the matter to the State Bank.

The sources said that the bank was yet to lodge a complaint with police as required in such cases.

The Pak-China Sost Port Company was set up in 2002 as a joint venture with Pakistan’s Silk Route Dry Port Trust holding 40 per cent of its shares and China’s Sinotrans Xinjiang Jiuling Transportation & Storage Company 60 per cent.

The Chinese firm had invested cash while the dry port trust offered ‘land’. The Rs50 million loan was given to six people — four Chinese nationals and two Pakistanis — against ‘property, stocks and personal guarantees’. The six have been identified as Yuan Juamnmin, chairman of the company’s board Prince Salim Khan, (vice-chairman), Chen Mingxing, Raja Shahbaz Khan, Hou Enzu and Ms Wing Ping. [DAWN]

8 thoughts on “Big loan scam – Ex Silk Route Dry Port Trust members under scrutiny

  1. The Sost Dry Port was meant for economic development of the region and to stimulate economic activity and not an arena where a few people misappropriate public funds.
    Its time that the culprits are brought to justice and held personally liable.

    Sami Ullah Baig
    Islamabad

  2. The port which was established for the economic developement of the area has been robbed by some of the robbers of hunza and gojal.there must be a special inquiry for all this mischieve act. they must brougt to the public and should be liable for all their misconduct.

  3. lets wait till the President Mr. Ali Raza sb. give some final comments on the incident of NBP Gilgit. From the 1000 millions 850 has bestowed to a single family, that is a question mark for the GOVT. of Pakistan. Very astonishing for the people of Northern Areas.

    Such Incident is not new in history of Pakistan. We youth have to learn is it our future in this great country and we have to realise that, how the net are very closely fabricated among the ruling family of this country. Think on it 5 time only and deciside the future——–

  4. I was surprised while reading the comments of Tawakal Ali Chipursan that he is always with Shahbaz and Saleem. What a stupid comment!!!

    Both of them are looting your wealth and property and even you are with them. (Hadh ho gayee Ghulamee ki)

    Very strong action is needed from the Govt against Saleem, Shahbaz, culprits from China and the bank officials who are involve in looting the public money.

  5. today news NBP has closed its regional office in Gilgit, the VP has given the task to do the recovery job instead of Vice President of the bank, it all happened because of the so called Mirs and Raja’s,

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