Who Owns Pakistan - Yimg

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Beginning of Bad Loans Bhutto's nationalization has often been dubbed as the bureaucratization of banks and industries that gave birth to a breed of bureaucrats and politicians in business, and businessmen in politics. It is these two in one bureaucrats, politicians and businessmen who plundered Pakistan's banking in post-Bhutto era and led the economy to present state of near collapse. One frequently hears the lament that Pakistan would have been the second Japan or an Asian tiger, " had Z A Bhutto not happened to Pakistan". But a country on way to becoming the tiger earned the nomenclature of " a failed state" in such a short span, not merely because of nationalization but for host of indulgences by successive govts in recent past who had the historic opportunity to put things on track but instead have brought forward the day of reckoning by their misdeeds. The White paper on economy under Bhutto, released by General Zia ul Haq in 1979 had estimated that bad loans of Rs half million and above amounted to Rs 1,340 million including Rs 830 million of pre-nationalization era. In order to have a better perspective of who plundered the nationalized commercial banks and how, it is appropriate to reproduce the indictment of Z A Bhutto about the misuse of the banks, in White paper. It said " the aggregate amount of advances of half million rupees and above which were classified as doubtful or irregular in the State Bank Inspection Report of December 31, 1975 is over Rs 1,340 million. Advances of half million rupees or above given by the banks after nationalization which have been found to be bad, doubtful or irregular abinitio amounted to Rs 510 million". It also found that nationalized commercial banks sanctioned loans worth Rs 562 million under irresistible political and administrative pressure or influence between 1974-77 and major political beneficiaries included Jam Sadiq Ali, Abdullah Shah, Syed Qaim Ali Shah, Makhdoom Talibul Maula and Mir Aijaz Ali Khan Talpur. Few years later, Zia ul Haq himself was accused by Benazir Bhutto of writing off loans and patronizing the gang of four (The Ittefaq group, The Chaudhries of Gujrat, Saifullahs and Basharat Elahi) who had allegedly monopolized the ban credit by securing loans worth Rs 19,200 million. In her speeches and press conferences Benazir vowed to recover the written off loans but when she came into power in 1988 and had the opportunity to do so, she herself indulged in a bonanza of writing off and rescheduling loans on an unprecedented scale. 93
The Loans Bonanza Three lists of bad loans have been published since 1993, the first published by caretaker Prime Minister Moeen Qureshi, followed by two lists released by Benazir Bhutto and caretaker govt of Meraj Khalid, in October 1996 and January 1997 respectively. The bad loans which were Rs 1,340 million when Z A Bhutto was removed swelled to Rs 80 billion in August 1993, Rs 126 billion in November 1996 and Rs 130 billion in January 1997. The August 1993 list, published by Moeen Qureshi carried details of 244 writtenoff loans amounting to Rs 4,724 million between March 1985 and August 1993 but the number of written-off loans increased 942 in November 1996 valued at Rs 8,247 million, according to the list published by Meraj Khalid. Thus during her second term, Benazir govt wrote-off 698 loans worth Rs 3,550 million. The details of written-off published by Moeen Qureshi took two pages of August 29 issue of daily Dawn but three years later the same newspaper devoted 18 pages to cover the details of the written-off loans. Some notable beneficiaries of loans written-off before August 1993 included New Era Textile (RS 136.7 million), Hashwani Hotels (Rs 120 million), Fancy (Rs 64.89 million), Colony (Rs 51.4 million), Saifullahs (Rs 39.21 million), Hyesons (Rs 35.7 million), Habib group against RKD Sugar (17.5 million), Saigol against Omaryar Limited and Kohinoor Textile Mills (17.1 million), Mian Mansha (Rs 7.5 million), Bibojee (Rs 4.2 million), Packages (Rs 4.2 million) and Bawany (Rs 2 million). The 698 beneficiaries of written-off loans under Benazir included Farooq A Sheikh, Chairman, PFCCI Committee for revival of Sick Indusrties whose five loans worth Rs 500 million in Adamjee Industries, Dost Mohammad Textile Mills, United Exports and United Group of Industries were writtn-off. Six loans worth 131 million of Jan Mohammad, a member of the National Group owning the Muslim Commercial Bank, relating to Charsada Sugar Mills were written-off. A few other beneficiaries were Saifullahs, Hashwani, House of Habib, B.D Avari, Taufiq Sayed Saigol, a member of the National Assembly Shahid Nazir and former speaker of the National Assembly Gohar Ayub. Pakistan's Top Defaulters Three Lists of Loan Defaulters, a Comparison Evidently none of the lists of loan defaulters published since August 1993 portrays a complete picture of the bad loans because the details of several well known defaulters were missing and while preparing the lists, commercial banks omitted the details of bank loans that they had agreed to reschedule or restructure. An article by Zohaib Marghoob in the magazine section of dalily 94
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Who Owns Pakistan By Shahid-ur-Rahm
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G: UBL Privatization Bid ..........
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Pakistan's Robber Barons ..........
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A Brief introduction - For those wh
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Prologue "I Nawaz Sharif, do solemn
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Nawaz Sharif was not an individual.
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A white paper on " Economy under Bh
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The first Nawaz government was foll
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Another remarkable person mentioned
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Dawood lost Karnaphuli Paper Mills,
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disprove that bulk of the banking a
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perpetuated their control over the
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Kohat Cement, Dandot Cement and Tha
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Earlier in this chapter, we have li
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Insurance companies of 22 families
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Born in Rangoon, M A Rangoonwala ha
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Crescent was a joint venture of fou
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Privatization - Turning the Clock B
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day Privatization Conference in Isl
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Independant Resource Group (IRG) of
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companies, management was to be tra
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Accelerated privatization under a f
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Finance Minister took a conscious d
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clauses and buyers have committed b
Page 50 and 51: 22nd May, 1989 suggested a strategy
Page 52 and 53: Pakistan Petroleum Limited (PPL) to
Page 54 and 55: group but thanks largely to the ala
Page 56 and 57: caretaker govt. to recover Rs 1,500
Page 58 and 59: Pakistan, had incorporated Muslim C
Page 60 and 61: Cement for Rs 137 million and Rs 18
Page 62 and 63: 5-star hotel. Bhutto who had planne
Page 64 and 65: For example, PSL is being managed b
Page 66 and 67: According to the Khalid Anwar, Burm
Page 68 and 69: also been assigned to the shelves o
Page 70 and 71: 32 Harijanss 61 - 61 33 Shafi 60.2
Page 72 and 73: 21 Sargodha 2,743 -- 22 Al-Noor 2,5
Page 74 and 75: had opened their offices in Japan,
Page 76 and 77: East, REDCO Textile Mills and Const
Page 78 and 79: 4 billion and a roaster of impressi
Page 80 and 81: The geographic location of the comp
Page 82 and 83: Haroon's great grandfather had migr
Page 84 and 85: Gujrati and tended to be organised
Page 86 and 87: 9 Karim 3 10 Hasham 2 11 Latif Jama
Page 88 and 89: At present, the Kaiser Monnoo group
Page 90 and 91: Sugar Mills and Samundri Sugar Mill
Page 92 and 93: " The days immediately after nation
Page 94 and 95: fortunes which were multiplied, in
Page 96 and 97: the pioneer Muslim industrialist in
Page 98 and 99: According to Lawrence White, top se
Page 102 and 103: Jang, Rawalpindi of December 14, 19
Page 104 and 105: 8 Saigol 1,086 9 Naqvi 1,056 10 Zah
Page 106 and 107: 10, 1997, the Supreme Court observe
Page 108 and 109: Prime Minister Nawaz Sharif will gl
Page 110 and 111: specific tax holidays. It was not c
Page 112 and 113: This decision is based on personal
Page 114 and 115: oil". It is not difficult from the
Page 116 and 117: In the fiscal year 1991-92, Messers
Page 118 and 119: 21 Hussain Nawaz Sharif 3,285,6813
Page 120 and 121: The voiceless small investors have
Page 122 and 123: Chapter Four - Pakistan's Tax Web P
Page 124 and 125: 28. Ushr 29. Oilseeds Development C
Page 126 and 127: political heavyweights or their hen
Page 128 and 129: Export Duties It is one of the most
Page 130 and 131: Capital Gain Tax As is evident from
Page 132 and 133: Law Authority will soon seek public
Page 134 and 135: Chapter 5 - Money and Politics Elec
Page 136 and 137: Some of the known units of Saifulla
Page 138 and 139: These charges were peanuts when vie
Page 140 and 141: In the references about Lakeview Ho
Page 142 and 143: Epilogue For several years, the peo
Page 144 and 145: One wonders how a government that c
Page 146 and 147: accustomed to buying his casual out
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chemicals, synthetic fibres, cookin
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Iqbal Saigol S. No Name Assets Turn
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In a communication to the author in
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Dewan Listed Companies S. NO Names
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conference in Islamabad, on March 2
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Listed Companies S. No Company Asse
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when the Rserve Bank of India faile
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10. Noble Computer Services (pvt) L
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Syed Maratib Ali was a well known n
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Unlisted Companies 1. Clearance and
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Akbar Hashwani 1. Hashwani Construc
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Dawood Cotton Mills was set up in 1
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5. Margalla Textile 6. Rawal Textil
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Lakhani (Lakson) Lakhanis have grow
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6 Husein Sugar 358 560 7 Shadman Te
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Unlisted Companies 1. Ibrahim Agenc
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4 B F Modaraba 16 16 5 Bawany Air 5
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Financial Assets 5 Schon Bank 1,994
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Mian Mohammad Ismaeel Sheikh was a
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1 Mubarik Textiles 346 119 2 Fatima
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1 K S B Pumps 343 385 2 Adamjee Pap
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Independently his group has four co
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Bibliography 1. 50 years presentati
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63. The sick industary therapy, art
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29. Hotelier in Pakistan looks for
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