Who Owns Pakistan - Yimg

chemicals, synthetic fibres, cooking oil, sugar, engineering, construction and
banking.
The Saigols launched United Bank in 1959 and when nationalized in 1974 it had
668 domestic and 31 overseas branches. All the five units of Kala Shah Kaku
Complex were nationalized in 1971 and according to Nasim Saigol, the family
lost 70% of its assets in Bhutto's nationalization.
Only textile wing escaped nationalization but as Pakistan People's Party
manifesto had envisaged the nationalization of big textile units also, no new
investment was made in the textile industries during the six years of Bhutto rule.
Like many other Pakistani industrialists, the Saigols lived out the Bhutto era
abroad, in Saudi Arabia where they launched Conforce Construction Company in
collaboration with Germany's Veba Group who is said to have put up nearly 100
million dollars for trading in cement and other construction material in the Gulf
countries. The management was entirely left with Saigols but the partnership
quickly fell through and the Saigols were put through the legal grinder.
In 1976 Saigols decided to split, apparently as a part of the strategy to spread the
eggs in many baskets. The assets that had escaped nationalization comprising of
textile mills at Faisalabad, Rawalpindi and Quetta, sugar mills at Jauharabad,
Conforce Limited and Saigol Brothers limited were divided among 15 male
Descondants of the founding fathers.
The Saigols are currently operating in three distinct groups headed by Nasim
Saigol, Tariq Saeed Saigol and Rafiq Saigol.
Yusuf Saigol who founded Kohinoor Textile Mills and United Bank Ltd was the
moving force behind the Saigol dynasty. Like John D Rockfeller who had six
children , he had a big family, six sons and two daughters. Sons are Mohammad
Rafiq, Mohammad Shafiq, Nasim, Javed, Azam and Aftab Saigol. One of the
daughters Naz was married to Mian Mansha and the second to a cousin.
Bashir Saigol was assigned the managing directorship of Kohinoor Textile Mills,
Rawalpindi and Conforce Limited. He is survived by son Iqbal Saigol, who heads
his own small group. After the division of the family silver, KTM Rawalpindi came
to the lot of Tariq Saeed Saigol who is now heading his own Kohinoor group.
Saigol group headed by Nasim Saigol is perhpas Pakistan's biggest group in
engineering goods industry with projects on the anvil for a car assembly plant
with Daewoo and motorcycle assembly plant with Qingqi group of China. It is
also the biggest manufacturer of air conditioners, deep freezers and electric good
supplied to WAPDA.
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