Who Owns Pakistan - Yimg

In November 1991, at an investors conference in Islamabad, the Schon group
announced plans for the setting up of a 30,000 barrels per day refinery at Port
Qasim, in collaboration with PHOENIX Corp and Petro-Chem of United States
under Benazir Bhutto govt when members of Schon group had close contacts
with Asif Zardari, political clout was used to put together a financial package for
the refinery in which National Investment Trust and several banks forced to join
the project as equity partner.
After the sacking of Bhutto govt, newspapers carried several reports that Schon
wanted to dispose off National Fibre and other units, prior to dismissal of Benazir
Bhutto govt which was a violation of deed signed with Privatization Commission.
A report in the daily, The News, Islamabad, in December 1996 also reproduced
extracts of a letter by Tahir Hussain to Asif Zardari, revealing that a bid was
being made to sell National Fibre through an intermediary.
" With regard to the visit of Pir Murad Ali Shah in connection with the purchase of
National Fibre Limited, it is informed to your goodslef that as this unit is under
heavy financial burden, therefore, it is of immense importance to get these loans
waived off before further negotiations in respect of sale of this factory could be
carried further. It is also informed that Corporate Law Authority has created a
case against us which is becoming a problem for Schon Group. I shall be highly
obliged if this case can be closed against National Fibre Limited. Accept my
hearty felicitations and thanks on helping us to have the extended loan facility by
the Habib Bank which was not possible without your personal interest in the
matter ", the letter said.
Athar Hussain was taken into custody after dismissal of Bhutto govt but he
managed to flee and is now living happily in United States. In November 1997, 8
residential plots and shares of Schon Bank were auctioned by Ehtasab Cell but a
deal was mysteriously and quietly struck by Ehtsasab Cell and Athar Hussain.
Details of the deal were not made public despite questions asked in the Senate
but National Development Finance Corporation (NDFC) which started the legal
process to repossess the National Fibre Limited was asked by the Ehtasab Cell
to delay the takeover. According to the report published by The News, Islamabad
on March 27, 1998, Ehtasab Cell has disbursed Rs 123 million to clear the dues
of Pak-China Fertilizer to workers of the unit and WAPDA so that the unit can
resume operation.
S No Name
Assets Turnover
1 National Fibre 1,851 838
2 Schon Textile 187 132
3 Schon Textile - -
4 Pak-China Fertilizer - -
TOTAL 2,038 970
176