MUZAFFARABAD, Pakistan: The Azad Jammu & Kashmir (AJK) Minister for Sports, Mangla Dam Affairs and Minister Incharge of Mirpur Development Authority (MDA) Chaudhry Muhammad Saeed’s Company ‘Amin Spinning Mills’ is a defaulter of over Rs 29 Crore, reports Daily Jammu Kashmir.
Daily Jammu Kashmir claims that Chaudhry Saeed is the owner of more than 25 percent shares of the defaulter company.
According to newspaper, the National Bank has filed a petition in the High Court for the recovery of loans.
As per details, the minister took over the defaulter company ‘Amin Spinning Mills and began creating hurdles in allowing loan recovery case to proceed in the Court.
The newspaper says that the National Bank filed an appeal in the High Court on October 15, 2008 for a Stay Order, which was not only granted; rather the Court also ordered the attachment of Amin Spinning Mills assets, and handed it over to the court-appointed ‘Superdar’.
