ISLAMABAD: The Supreme Court of Pakistan on Tuesday issued fresh notices to two public sector banks and sought details of loans of different politicians, bureaucrats and industrialists which were written off from the year 1971 to 2009. The two banks had not submitted the complete record in this regard despite court directions last year, while 10 other banks had already submitted the record. The issue of fresh notices to the two public sector banks is being perceived as a landmark development in the wake of investigation of Panama leaks by a judicial commission. Last week the federal government unveiled the terms of reference (ToRs) of the proposed commission wherein a clause regarding probe into involvement of former and current holders of public office in writing off of bank loans by them or their immediate family members through political influence was also included. The SC in 2007 took up suo motu notice on Rs 54 billion loans written-off through a scheme approved in 2002 by the State Bank of Pakistan. The court formed a three-member commission headed by former SC judge Syed Jamshed Ali in 2011 which submitted its findings in 2013. According to the findings, total amount of written-off loan from 1971 to 1991 was Rs 25 billion. At least 30 loans were written off from the National Bank of Pakistan, 42 from the NIB (PICIC) Bank, 38 from Industrial Development Bank, six from Habib Bank, one from Zarai Taraqiati Bank and two from Pak-Kuwait Development Company. The State Bank of Pakistan submitted before the commission that loans worth Rs 85 billion were written off by 12 different banks. The commission in its findings said that despite best efforts, the above said banks did not provide any information on written-off loans. “There are three reasons informally discussed by some of them. Bankers are afraid of politicians or civil/military bureaucracy; they are privy to it; or factually the quantum of such loan is not too high,” stated the report. “In addition to the possible political influence, direct evidence whereof is not made available or has been withheld, the reforms in banking sector also led to write offs,” the report further said.