Who Owns Pakistan - Yimg

The voiceless small investors have been shouting from rooftops that multiple
applications and inside trading is the biggest scourge of the Pakistani stock
exchanges, yet like an ostrich, burying head in the sands, Corporate Law
Authority (CLA) has discounted all such claims. It was only recently in the case of
Southern Electric Company's public subscription that CLA found 15 cases of
multiple applications and took a firm decision that the amount worth Rs 15 million
should be seized.
During Benazir's first stint for power, Asif Zardari was accused of arranging loans
worth several billion rupees for his front men in Ansari Sugar Mills, Sakrand
Sugar Mills and Noushero Feroz Sugar Mills and in duty-free shop project of
Fauzi Ali Kazim.
According to a news item in Daily The Nation, dated 17.3.97, Sindh govt
Irrigation Secretary Idris Rajput accused Asif Zardari of constructing illegal water
course on lands owned " in the name of his front man, one Ansari " in Rahuki
town of Badin district. The prime objection of the govt official was against the
construction of illegal water course since there was nothing wrong in owning land
through front men.
A leading carpet export business in Lahore, Gulshan Carpets is owned by ladies
of Ittefaq group ( Mariam Nawaz Sharif, Sabiha Shrif) but operated on their
behalf by one Sheikh Hamid. No reference is ever made to Gulshan Carpets in
any of the business transactions of the Ittefaq Group.
Banks and DFI's during Nawaz Sharif era sanctioned loans and invited bids for
projects without revealing the name of the project and location, making it clear
that these were instances of Benami holdings.
In the New Islamabad City Project, the four nationals of Singapore reported to be
directors in the Singapore-based company were apparently fronting for
somebody else since they have had no previous record of doing business. In the
private sector TV channel, four foreign directors are again fronting for somebody
because their antecedents were not known.
Privatization Commission had to abort its deals fr the sale of Pak-Saudi Fertilizer
in 1993 under Nawaz Sharif and in 1995 under Benazir because the buyers were
found to be fronting for politically heavy weights. Same happened with the
proposed sale of United Bank Ltd to Bashrahill.
A UAE-based company of " carefully obscured antecedents, ARY Traders was
given the monopoly of import of gold into Pakistan by Bhutto govt. " Who were
the real beneficiaries of the decision to grant this monopoly?", President Leghari
asked in his statement filed in Supreme Court, in 1997.
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