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Accountability Court sentences Islamuddin Sheikh 14 years RI, fined Rs. 162.89 m

KARACHI Oct 18 (NNI): An Accountability Court at Karachi Thursday sentenced Islamuddin Sheikh, ex senator in three different references (Nps. 10/2000, 11/2000 and 12/2000) to 14 years rigorous imprisonment in each of three references.

The sentences would run consecutively. The ex-senator was charged for willful default of bank loans to the tune of Rs. 885.251 million for three companies whom he was one of the directors. He has also been imposed a fine of Rs. 162.89 million, said a release issued by the National Accountability Court in Islamabad Thursday.

In case of default of fine, he is to undergo further imprisonment of 3 years rigorous imprisonment. The accused is also disqualified to hold any public office or contest in any elections and shall not be allowed to get loan from any financial institution or bank owned or controlled by the government for a period of 10 years.

Another accused Akhtar Ali, brother-in-law of Islamuddin Sheikh was awarded 14 years RI in reference Nos. 10/2000 and 11/2000. The remaining accused persons were awarded 3 years RI under section 31-A of the NAB Ordinance.

In 1987, the former senator Islamuddin Sheikh and his family members, obtained bank loans against three different industries, namely M/s Ajma Corporation Pvt Ltd (Rs. 440.055 millions), M/s Star Oil Mills Pvt Ltd (Rs. 261.577 millions) and M/s Star Solvent Extraction Pvt Ltd (Rs. 183.619 million) respectively.

The loan was against the directors of the above named industries, i.e. Islamuddin Sheikh, Nooruddin Sheikh, wife of Islamuddin Sheikh, Wife of Nooruddin Sheikh, wife of Noor Muhammad Sheikh, Akhtar Ali and wife of Saleem Ahmed.

All the accused directors or family members of Islamuddin Sheikh defaulted against the said loans and were involved in flagrant violation of their contractual obligations and written commitments. The loans were rescheduled several times but the accused persons deliberately committed default in the payments of their liabilities and thus deprived the bank of its public money.

Earlier, in another separate reference the brother of Islamuddin Sheikh, Nooruddin Sheikh and his wife already stand convicted by the Accountability Court in June this year, in absentia and awarded 3 years sentence that will executive don their arrest. –NNI

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