State Bank of Pakistan (SBP) has refused to provide details about the persons/companies who/which obtained loans of Rs 5 million or more from National Bank of Pakistan (NBP) during the last five years. Finance Secretary Dr Waqar Masood Khan on Friday, while reading a letter submitted by the SBP to his ministry, told the Senate Standing Committee on Rules of Procedure and Privileges: "The SBP is legally bound and responsible for not providing information about details of persons/companies who/which have obtained loans. In its written reply, dated September 2, 2016, the SBP stated that such information is protected Under Section 33-A of the Banking Companies Ordinance, 1962 and Section of the Protection of Economic Reforms Act, 1992."
The committee met with Senator Dr Jehanzeb Jamaldini in the chair at the Parliament House on Friday. Discussing the "breach" of privilege of the Senate by the Finance Ministry and National Bank of Pakistan for not giving a proper answer to a question of Senator Chaudhry Tanvir Khan and "misleading" the Upper House of the Parliament as well as not acting upon the ruling of the Chairman Senate on November 04, 2016, the Finance Secretary said the SBP has written a letter to the Finance Ministry after seeking legal opinion from a former judge of Supreme Court, Sarmad Jalal Osmany. He said the SBP also requested the Chairman Senate to review his ruling and may please withdraw the order.
The Finance Secretary also informed the committee that National Bank of Pakistan did not waive off any loan during the last five years. Senator Chaudhry Tanvir Khan had raised the following questions: "Will the ministry be pleased (i) [to divulge] the names of persons/companies who obtained loans of Rs 5 million or more from the National Bank of Pakistan during last five years; and (ii) the number of cases in which the said loans have been repaid, are being repaid and those which have been waived off?"
Senator Saeed Ghani of Pakistan Peoples Party (PPP) said, "We cannot overrule the ruling of the Chairman Senate on the opinion of a retired judge. If the Supreme Court wants such information then it is provided. But if the Parliament seeks the information then it is not provided." "According to our rules, every institution of the state is bound to provide information to the Parliament," he said. Saeed Ghani further said, "We should decide which of the information can be sought by the Parliament."
At the end of the discussion, the committee decided to invite legal experts, including Chaudhry Aitzaz Ahsan, Farooq H Naek and others, to its next meeting to discuss the issue of legality for providing information to the Parliament. The committee also expressed its concerns over the ministry of water and power for not providing 'satisfying' information. The committee chairman said the committee would take a strict action against the ministry if it does not provide complete information.
Additional Secretary Ministry of Water and Power Omer Rasool told the committee that Abraaj Group has decided to sell the shares of K-Electric; however, the ministry has not been informed formally about it. The official of National Electric Regulatory Authority (NEPRA) said that Shanghai Electric Power has submitted an application for the licence of K-Electric Power generation.
The K-Electric official also informed the committee that agreement has been signed to sell 66.4 per cent shares of K-Eclectic to Shanghai Power. He said that power would be transferred to Shanghi Electric Power after the approval of Competition Commission of Pakistan, NEPRA and others concerned authorities. He said, "There is no permission of the government for selling the shares of K-Electric of Abraaj Group."
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