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A CASH-STRAPPED Valleys council has been criticised for writing off money owed following a DIY disaster.
He said Mashreq's card NPL rates seemed high because it opted for the international practice of writing off a card debt after 150 to 180 days of non-payment of instalments, whereas many banks follow the UAE Central Bank's cut-off, writing off a bad loan only after 360 days.
The court also sought a complete list of the people who managed to get their loans written off through the SBP since 1971 and directed authorities concerned to furbish the details of the findings of a committee constituted to investigate the writing off of loans.
The court had taken a suo moto action in pursuance to a note put up by Justice Syed Jamshed Ali to examine the legality of writing off loans on the basis of some media reports regarding SBPs approval of a scheme to quietly write off a total of Rs 54 billion owed to commercial banks by business concerns run by some top politicians and others.
The United Kingdom has announced the writing off of 100% of the commercial debt owed by Guyana to that country, reports The Guyana Chronicle (June 8, 2004).