But since then, progress has been slow in writing off
Under the law on writing off
debts, there will no limitations to the debt.
ISLAMABAD, October 28, 2009 (Frontier Star): The Public Accounts Committee has issued instructions to the finance ministry to make new law and transparent process for writing off
the banks' loans and also include the committee recommendations.
Rather than writing off
these impaired assets, which amounted to tens of millions of dollars, WMB agreed to extend up to $100 million of WCG's receivables with an outstanding balance due on March 31, 2001, to March 15, 2002; and (vi) that the sale and leaseback of WCG's office properties in or about September of 2001 was a non-arm's-length transaction at an inflated value for the properties whose motive and intent was to funnel monies to WCG and avoid forcing WMB to perform its guaranties and thereby adversely affect its results and debt ratings.
In connection with writing off
this business, the Company expects to record a one-time restructuring charge of approximately $9 million in the third quarter of 2000.