950806

HBL asks owners

of impounded

yellow cabs to

clear dues and

take delivery

RECORDER REPORT

LAHORE: Habib Bank Ltd (HBL) has asked the Yellow Cab owners whose vehicles have been impounded, to get them released after clearing their outstanding dues.

In line with other banks Habib Bank had also sanctioned huge amounts of loans in 1991 under the Prime Minister's Transport Scheme. The amount of loan was repayable in instalments as per agreed terms and conditions. Most of the loanees did not repay the instalments while others stopped paying after depositing some money. The defaulters of the transport loans were reminded so many times but all in vain, a bank press release said.

Some defaulters instead of paying intalments even got changed their route permits and some sold out their vehicles without the bank's permission and a few got changed the colours of the cars for bringing the vehicle under their personal use.

The press release said that in view of notices served on the defaulters and their non compliance, the management had to take the decision of impounding the vehicles for the recovery of loan instalments and not to harass anybody.

All the defaulters of the loans whose vehicles had been impounded could get them released after depositing due/over due loan instalments/bank guarantees. In case of non compliance the vehicles will be sold out and the proceeds will be appropriated towards adjustment of their loans and cases initiated for the recovery of the balance amount.