Gold Jewellery Auction of Loan Defaulters by LOLC Microfinance Bank
Active Tender
Closing Date:
2026-08-20
2026-08-20
Tender Overview
- Category
- Asset Disposal & Auction
- Sector
- Goods
- Tender Type
- Goods
- Source Name
- Newspaper
Location & Dates
- Country
- Pakistan
- Publish Date
- 2026-07-24
- Closing Date
- 2026-08-20
- Created At
- 2026-07-24 08:57:02
Contact & Websites
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Tender Document
Tender Description
LOLC Microfinance Bank Limited is conducting a public auction of pledged gold jewellery from loan defaulters who have repeatedly failed to redeem their pledged items despite multiple reminders. This auction is an opportunity for interested buyers to acquire gold jewellery that has been forfeited due to non-payment of loans. The auction is scheduled to commence at 1:00 p.m. on the specified dates.
Items being procured:
- Gold jewellery pledged by Osama Naeem (3.5 grams, Kunri)
- Gold jewellery pledged by Syed Wajid Hussain Abidi (17.8 grams, Malir)
- Gold jewellery pledged by Moiz Ahmed (4.6 grams, Korangi)
- Gold jewellery pledged by Arsalan (20.25 grams, Malir)
- Gold jewellery pledged by Fayaz Muhammad (16.2 grams, Mehmoodabad Karachi)
- Gold jewellery pledged by Zameer Ali (5.5 grams, Qazi Ahmed)
The auction involves the sale of gold jewellery items that have been pledged as collateral against loans. The items are located in various areas including Kunri, Malir, Korangi, Mehmoodabad Karachi, and Qazi Ahmed. This process is part of the bank's recovery mechanism to manage defaulted loans and recover dues through the sale of pledged assets.
Eligible bidders should be aware that the auction is a direct sale of forfeited assets and may require prior registration or compliance with bank policies. Interested parties should attend the auction on the specified dates and times to participate. The auction dates range from 10-Aug-2026 to 17-Aug-2026 depending on the item.
The auction notice serves as a final call for defaulters to redeem their pledged jewellery within seven days of publication to avoid auction. The bank emphasizes timely compliance to prevent loss of assets.
A practical tip for bidders is to verify the authenticity and weight of the gold jewellery before bidding and to be prepared with Earnest Money or CDR as per bank requirements. Early arrival at the auction venue is recommended to secure participation and understand the bidding process clearly.