Who Owns Pakistan - Yimg

4 B F Modaraba 16 16
5 Bawany Air 55 41
6 Annoor Textile 77 21
7 Bewany Metals - -
8 Latif Jute Mills 133 122
9 Pakistan Telephone Cables - -
TOTAL 2,175 1,766
Schon
Schon has been a controversial group and its chairman Athar Hussain, a former
pilot with PIA had been taking great pain to explain the origin of seed money for
the group. After the dismissal of Benazir govt in November 1996, Athar Hussain
and his two sons fled Pakistan because of scandals about their deals with the
Privatization Commission and their relationship with Asif Zardari, husband of
former prime minister.
Schon bought National Fibre, Pak-China Fertilizer and Quaidabad Woolen Mills
in Nawaz Sharif's privatization and nearly succeeded in acquiring Pak-Saudi
Fertilizer Company during Bhutto's privatization , through a front man.
The group was founded in Singapore in 1973 to engage in import and export
business while Athar Hussain was working as a pilot with the Singapore Airlines.
It started as an Export House and grew around the hefty rebates that the group
got on the export consignments. Nasir Hussain in an interview with Ovais
Subhani of " The News", Islamabad narrated how he got his first order of shirts
worth 300 dollars to Singapore and later took a furlow from college in the United
States to supply a big garments order.
" Winning a export order from the Export Promotion Bureau proved to be the turn
I was looking for. And in a little time we had enough resources to bid for a textile
mills and later for a fibre unit under Nawaz Sharif's privatization", he said in the
interview.
According to Privatization Commission figures, Schon had acquired National
Fibre and Pak-China Fertilizer for total bid prices of Rs 1,21,3.84 million ( Rs
756.64 million and Rs 456.84 million respectively) but was handed over the
management after a down payment of Rs484.5 million and the bulk of the
balance amount is outstanding against the group.
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