• publish: 27 June 2015
  • time: 11:40 pm
  • category: Economy
  • No: 25
Print

Pakistani bank refusing to pay back Rs 3.5m loan

United Bank Limited (UBL), one of the largest commercial banks in Pakistan, has been refusing to pay back 3.5 million Pakistani rupees it had received in loan from Afghanistan’s Pashtany Bank, a report said on Saturday.

Ahmad Shakib Mustaghni, the Ministry of Foreign Affairs (MoFA) spokesman, confirmed the loan issue between the two banks and receiving a letter from the Pashtany Bank in this regard.

However, he did not elaborate and disconnected telephonic conversation with this scribe.

According to Hasht-i-Subh newspaper, the Afghan bank had dispatched the complaint letter to the MoFA on May 26, in which the bank had asked the government to help it recover the loan from the UBL.

The newspaper says in 2006, the Pashtany Bank provided 3.5 million rupees in loan to the UBL, which has been now refusing to pay back the amount.

The Pashtany Bank had so far received 11 percent of the loan and it received the last payment in June 2014.

Officials of the Pashtany Bank confirmed they had contacted the government to help recover the money from the UBL. They said the Afghan bank had repeatedly asked the UBL to return the loan, but the bank had been refusing to do so.

The Pashtany Bank is one of the oldest banks of Afghanistan and was incepted in 1954 during the reign of King Zahir Shah.

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