Minister Faisal Vawda and father, defaulters of Rs.122 million

By Nasir Mahmood

Karachi: Federal Minister for Water Resources, Faisal Vawda on June 26, 2019 said there was a need to have strict implementation of laws to wipe out the elements involved in plundering national money. He was talking to a private news channel, he said we need to bring changes in laws so that anyone found involved in corrupt practices could face severe punishment without delay. The federal minister said the Pakistan Tehreek e Insaf (PTI) government was taking action against all corrupt persons irrespective of party affiliation or groups.
Commenting on this statement informed sources disclosed that Minister himself and his father are already defaulters of Saudi Pak Leasing Company Limited since last thirteen years. In this regard Saudi Pak Leasing Company Limited has already filed a Mortgage suit in Sindh High Court against Federal Minister for Water Resources, Mohammad Faisal Vawda and his father Mohammad Omar Vawda for recovery of Rs.122,829,527/- under the Financial Institutions (Recovery of Finances) Ordinance 2001.
The suit was filed on 9th April 2019 by which the Company prayed to pass a judgment and final decree for a sum of Rs.122,829,527/- jointly and severally against all the defendants along with the cost of fund on the decretal amount in respect of the agreement from the date of default under Section 3 of FIO-2001 till realization of the decretal amount.
The Company also prayed for attachment and sale of immovable mortgaged properties bearing Plot Nos. 2-C and 4-C, measuring 200 Sq. Yards, each Khayaban-e-Tauheed, Phase-V, DHA, Karachi, together with the structure/ construction thereon with fixture, fittings and the sale consideration of the same be adjusted towards the decretal amount payable by the defendants to the plaintiff.
According to details the plaintiff being a Leasing Company is run by the finances from Government of Pakistan and the Government of Saudi Arabia as a financial institution. Defendants Mohammad Omar Vawda and son Mohammad Faisal Vawda are the Sole Proprietors. Mohammad Faisal Vawda and Sher Nawaz Khan are also Guarantor and mortgagor, who had borrowed the financing amount and also mortgaged their property in order to secure the payment of finance including other charges.
Omar Vawda as Sole Proprietor of M/s: O.V Construction requested the Saudi Pak Leasing Company for grant of finance facility and executed agreement for financing on mark-up basis dated 08-09-2006 for an amount of Rs 35,000,000/- (Rupees thirty five million only) and undertook to repay Rs50,897,825/- (Rupees fifty million, eight hundred ninety seven thousand, eight hundred twenty five only) under the agreement.
However, during last thirteen years the plaintiff made all efforts out to recover the said amount and for the said purposes, it wrote number of letters and also made visits to the office of the Defendants but all such efforts of the Plaintiff went into vain and remained fruitless. On 28-02-2019 as per books of account pertaining to the defendants, a sum of Rs.122,829,527/- is now due and payable by the defendants to plaintiff. Despite several demands by the plaintiff for repayment of amount, the defendants remained in default for payment of installments. It is a matter of record that the defendants badly failed and neglected to discharge financing liabilities, plaintiff said.
Mohammad Nawaz, attorney of Saudi Pak Leasing Company Limited submitted to the Court that Mohammad Faisal Vawda is capable of doing anything with the mortgaged properties, dispose of, alienate, transfer the same properties in an illegal manner, as Plaintiff came to know through their sources that he is trying to dispose of the said properties, whereas in case if the present mortgaged are attached and auctioned, this honorable court will be able to recover substantial amount from the said properties. Further, there is no guarantee that the defendants will not dispose of, alienate or transfer the properties, as the defendants being the defaulters have already caused serious financial losses to the plaintiff and the plaintiff is not in a position to bear any such further loss on this account, Nawaz added.
It may be mentioned that Vawda was elected to National Assembly of Pakistan from Constituency NA-249 (Karachi West-II) as a candidate of Pakistan Tehreek-e-Insaf in general election, 2018. Following his successful election, a petition was submitted in Sindh High Court seeking disqualification of Vawda for not disclosing the details of his foreign bank accounts and properties in the affidavit submitted to Election Commission of Pakistan. It was also said that he is a US national.
On 5 October 2018, he was inducted into federal cabinet of Prime Minister Imran Khan and was appointed as Federal Minister for Water Resources.
In his petition to SHC, Pakistan Peoples Party’s Qadir Mandokhel claimed that the NA-249 (Karachi West II) winner omitted details of foreign bank accounts and properties in the affidavit submitted alongside the nomination papers. It said that the offshore assets were shown procured through debts; however, money trail of the properties was missing.
The petition added that Vawda failed to pay taxes in the fiscal year of 2015-16 despite owning properties worth billions of rupees. Recalling that an earlier application regarding dual nationality had been rejected by the returning officer, the PPP leader stressed that there was no record of Vawda surrendering his US citizenship. Noting that Vawda violated Article 62 of the Constitution, Mandokhel had prayed to the high court to disqualify the PTI leader.
End.

One thought on “Minister Faisal Vawda and father, defaulters of Rs.122 million

  • July 2, 2019 at 10:46 am
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    Rich People Paying Rich People To Tell Middle-Class People To Blame Poor People”

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