Supreme Court proposes name of another judge to head loan recovery commission

The Supreme Court on Friday directed governor State Bank of Pakistan (SBP) to consult former Justice Jamshad Ali Shah, former judge of the apex court to head the proposed commission for recovery of written-off bank loans after former Justice Saleem Akhtar expressed his inability to take over the job.
A two-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry with Justice Ghulam Rabbani was hearing a suo motu case regarding Rs 256 billion written-off loans by different banks from 1971 to 2009. The bench directed the SBP to consult former Justice Jamshad and if he was willing to accept the assignment, he should be nominated along with intimation to the court within three days.
Justice Chaudhry told Additional Attorney General KK Agha that former Justice Saleem Akhtar who was earlier tipped off to head the proposed commission, had refused due to certain reasons. The SBP should ask a man of integrity, he said and suggesting that former Justice Jamshad, who was also heading a salvage committee in Bank of Punjab case and is having ample experience in banking matters could be approached.
About giving advertisements in the press for setting up the commission, Justice Chaudhry told KK Agha that first that this could be done possibly after nomination of the chairman. The court had directed the banks to publish the terms of reference in print media, both Urdu and English prepared by the State Bank of Pakistan and the details about the commission within four days. If borrowers or the customers have any objection regarding the commission or its terms of reference they could appear before the court on next hearing.
Earlier the central bank had floated a proposal to the Supreme Court, seeking formation of a commission under a retired judge to recover written-off loans. The central bank lawyer had informed the court that the SBP is looking for formation of a commission headed by former Justice Saleem Akhtar comprising Rashid A Chughtai former director-general SBP and Yousaf Adil, a chartered accountant, who would submit its interim report in 90 days to the apex court.
The SBP had prayed the court to fully empower the proposed commission under Pakistan Commission of Inquiries Act, 1956, so that it would be able to examine and confirm validity and justification of the amount written-off by banks from 1997. It had also suggested that the commission should be empowered to examine and determine the cases in which loans were granted and later written-off on political reasons or on the consideration of other bona fide business. The hearing was adjourned till April 25.