Ittefaq Group

It was founded by seven brothers in 1939 as a small foundry. In 1972, Prime Minister Zulfikar Ali Bhutto nationalized the steel industry, including Ittefaq Foundry.) that the evaluation of assets is wrong Ittefaq Foundry was finally sold out to Al-Rehmat Group for 6 billion. ==Loan defaults==

Ittefaq Foundries opened a credit account with the National Bank of Pakistan's Wapda House branch in Lahore in August 1979, initially obtaining a facility of Rs 17.5 million. Following Mian Nawaz Sharif's appointment as Finance Minister of Punjab by Muhammad Zia-ul-Haq, the credit limit increased to Rs 30 million and further expanded to Rs 200 million when Sharif became the provincial chief minister. Despite accruing no markup payments until 1988-89, the credit facility was subsequently raised to Rs 288.177 million. In November 1991, the foundry secured increase by mortgaging assets valued at Rs 359.88 million. However, the company defaulted on payments, leading the credit amount to escalate to Rs 574.673 million by the mid-1990s. In June 1993, Ittefaq Foundries utilized a letter of credit for Rs 310 million to import shredded steel scrap from the U.S., paying only five percent of its value. ==Ittefaq Foundries reference case==

On February 14, 2000, the National Accountability Bureau (NAB) filed a reference against the owners of Ittefaq Foundries, including Mian Muhammad Sharif, Nawaz Sharif, and Shahbaz Sharif, for failing to repay a loan of PKR 1.06 billion owed to the National Bank of Pakistan (NBP). This followed a complaint lodged on December 10, 1999, by the bank's zonal chief and manager at Wapda House, stating that the company had defaulted on payments since 1994. By December 2011, the family's outstanding debts included Rs 2.31 billion owed to the NBP, Rs 336 million to Habib Bank Limited, Rs 343 million to United Bank Limited, Rs 456.1 million to Muslim Commercial Bank, Rs 202 million to First Punjab Modaraba, Rs 95 million to Bank of Punjab, Rs 60 million to Zarai Taraqiati Bank Limited (ZTBL), Rs 27 million to NIB Bank (formerly PICIC), and Rs 8 million to the International Commercial Bank of Pakistan (ICBP). The court dismissed the National Accountability Bureau's plea to reopen the investigation, citing that the matter had been resolved with the National Bank of Pakistan. The judge noted that the allegations against the foundry appeared to be politically motivated and confirmed that there were no outstanding disputes between the Sharif family and the bank. == References ==