Supreme court of Pakistan has adjourned the hearing of case against privatization of Habib Bank Limited (HBL) till today.
A three-member bench of apex court headed by Justice Tassadaque
Hussain Jilani and comprising Justice Mian Saqib Nisar and Justice Aijaz
Afza Khan heard the petitions filed by former secretary Planning
Commission Dr. Akhtar Hussain, Watan Party and employees of the bank on
Monday.
Senior lawyer Aitzaz Hussain appeared before the court on the behalf
privatization commission and advocate Ikram Chaudhry appeared on behalf
of Petitioner.
Barrister Aitzaz contended that the privatization of HBL has been
done on purely merit, adding that the advertisements were given in
National and International media for the privatization of bank.
Aitzaz said that advertisements were given under section 23 of the privatization ordinance 2000 promulgated president Musharraf, adding that first advertisement was given on 19th April 2003 and second was published on May 22, 2003.
Aitzaz said that advertisements were given under section 23 of the privatization ordinance 2000 promulgated president Musharraf, adding that first advertisement was given on 19th April 2003 and second was published on May 22, 2003.
Justice Mian Saqib Nisar asked that whether it was mentioned on the
advertisement how many shares would be sold. Aitzaz replied that it was
mentioned that 26 percent shares would be sold.
Aitzaz said that there were many influential people, who taken loans
and it was impossible to return back loans, so the government decided to
constitute a corporation for recovery of the loan from those
influential people and an ordinance 57 was promulgated in 2000.
That body submits recovered money in the account of the government.
Aitzaz said that after the advertisement 19 parties showed their expressions of interest in bids on 30 June 2003.
He said that after gone through terms and conditions of privatization
commission only seven parties submitted their documents for
qualifications and three parties out of them were short listed.
Aitzaz said that no one of those 19 bidders has come to the court and
the petitioner has not properly evaluated the total assets of HBL and
they have given various stances over the issue.
Aitzaz said that total assets of HBL were 428 billion rupees and
liabilities were 403 billion rupees and net assets of HBL were of 24
billion dollars.
He said that 51 percent shares were sold in 22.4 billion rupees. The
hearing was underway but the court time finished and court adjourned the
matter till today. SANA
