Who Owns Pakistan - Yimg

Jang, Rawalpindi of December 14, 1997 gave details of political heavy weights
belonging to the ruling party whose names were dropped from the defaulters list
released by Benazir government.
The fact that the lists made available by the banks are released by the caretaker
governments of Moeen Qureshi, Meraj Khalid and Benazir Bhutto were not
complete is also evident from the following exemples:
Abdul Hafeez Pirzada on November 10, 1997 moved before the Supreme
Court a constitutional petition on behalf of one Amir-uddin Shah about a
loan of Rs 672 million relating to Avari Hotels of Behram D Avari that was
restructured by 11 banks and financial institutions in 1990. It was foreign
currency loan that was converted into a rupee loan and the repayment
was restructured in such a way that the creditors ended up holding nonvoting
shares in the indebted Avari Hotel. This loan of Rs 672 million in
which 11 banks were involved does not appear in any of three lists of bad
loans.
The list of written-off and bad loans released by Moeen Qureshi included
the name of Sadruddin Hashwani and Hashwani Hotels, as beneficiary of
Rs 120 million loan written-off by ICP. However his name does not appear
in any of the subsequent lists.
The list of Benazir Bhutto does not carry the name of Fauzi Ali Kazim who
was sanctioned a Rs one billion loan on a telephone call by Asif Zardari in
1988-90. A case was registered against Asif Zardari, in 1991 for using his
influence on Habib Bank to sanction the loan. The list of loan defaulters
published by Benazir Bhutto did not carry the name of Fauzi Ali Kazim but
it cropped up in the list published by Meraj Khalid, a few months later.
Ironically, the loan sanctioned to Fauzi Ali Kazim also appeared as a bad
loan in the annual financial accounts of Habib Bank for 1996. Yet Fauzi Ali
Kazim is in full ownership of duty free shops built with this loan and in
November 1997 when he was arrested in Islamabad, allegedly for
possession of alcohal, the lady accompanying him described him as one
of the most large-hearted persons she had ever met.
Pakistan's Top Defaulters
According to the Moeen Qureshi list of 1993, Fazalsons group was defaulting in
the payment of 34 loans amounting to Rs 2,164 million, Hyesons was defaulting
in Rs 1,174 million, Habib group in payment of 32 loans worth Rs 850 million, an
obscure Naqvi group was in default of Rs 676 million, Tawakkal Rs 479 million,
Adamjee Rs 198 million, Dadabhoy Rs 191 million, Hashwani Rs 48.7 million and
Fancy Rs 40.6 million.
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