Bank of Punjab may get bankrupted as Rs20 billion extracted from its kitty for ‘useless cab scheme’

By Raza Ruman

Islamabad (PakDestiny) The Bank of Punjab is feared to be bankrupted due to heavy advance payment of over Rs20 billions to private car manufacturing companies for producing 50,0000 cabs to be handed over to people on ‘soft terms’. The total project cost is Rs31 billions.
Such useless scheme has already wasted public money during 1990-93 and two banks UBL & HBL were narrowly escaped to be bankrupted.
The recovery of 1990-93 vehicles loans were less than 55%.
“A commission of over Rs5 billions has been paid to Sharif Brothers on this without tender deal as the other car manufacturers like Coure, Cheverlete and Faw were not allowed to compete. No project of generation of Electricity initiated or completed in nearly two years , ever worst loadshedding is waiting in this summer,”Sami Ullah Durrani, PPP Punjab leader said.
“Who will be responsible if the BoP fails to recover its 20b. It will go bankrupt.” Sharifs perhaps have no other ideas but to waste money on their old tested and tried ventures like yellow cap and constructions of roads and bridges projects. Perhaps they make easy money through them. Pak Destiny

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