20000327

CIRC to be

operational

from next month

LAHORE: Chairman of the newly established Corporate and Industrial Restructuring Corporation (CIRC), Tariq Hameed has said that the corporation mandated with the revival of the sick units and retrieval of the non-performing loans would start working next month.

"We will deal with about 1200 cases of non-performing loans and retrieve them by disposing of assets of the defaulting units," he told newsmen on Sunday.

Of 1200 cases of non-performing of various banks, Hameed said, 40 percent belonged to textile and allied sector, followed by engineering industry.

He said that the draft of the laws governing the CIRC was presently lying with the Federal Law Division and hoped that an ordinance in this regard was expected by the end of this month.

To a question, he said that the offices of the corporation would be housed in the Board of Investment and Trade (BOIT) Punjab building in Gulberg area.ÑAPP