Who Owns Pakistan - Yimg

If the rich are getting richer, this does not necessarily mean that the
poor are getting poorer.
Two Irish proverbs in a BBC programme on Feb. 17, 1995
Zulfikar Ali Bhutto took over power on December 21, 1971 and on January 1,
1972 his government promulgated the Nationalization and Economic Reforms
Order nationalizing 31 key industrial units, completely wiping out BECO while
Saigol, Dawood, Amin and Fancy lost heavily.
In his address to the nation over radio and television, Bhutto said "I had made a
pledge to the people of Pakistan to implement industrial reforms. I am now
beginning to redeem the pledge". It was indeed only a beginning, and big
business was to receive successive jolts during his six years rule.
The Nationalization Order, 1972 provided for the nationalization of industary in
Iron and steel sector, basic metals, heavy engineering, heavy electrical,
assembly and manufacture of motor vehicles and tractors, heavy and basic
chemicals, petrochemicals, cements, public utilities, power generation,
transmission and distribution, gas and oil refineries.
31 industrial units were taken over under the nationallization order but it was
alleged subsequently that nationalization was selective, to pick up some and to
exclude others in the same fields. General Zia privatized the Ittefaq foundary
nearly eight years later on the ground that Ittefaq foundary was nationalized while
several others of same size were not. However the industaries whose
nationalization was omitted by Bhutto were not mentioned.
Leading industrialists like Ahmad Dawood, Fakhar ud Din Valika and Retd. Gen.
Habib Ullah Khattak were imprisoned, names of all leading industrialists were
placed on the Exit Control List and they were asked to surrunder their passports.
Several leading industrialists like Seth Habib Aragwala were " GHARAOED"
(Besieged) inside their offices by workers and there were reports that the factory
owners and members of their families were insulted and maltreated.
The nationalization order had excluded the private sector from operating in key
economic fields and therefore, several industrial licenses were cancelled which
included Adamjee deutez, Shahnawaz Industaries, Fecto tractors, Arusa
Industaries for manufacturing tractors and Monnoo motors for progressive
assembly of Toyota cars. The nationalization order was followed within a fortnight
by another order banning the managing agency system under which companies
were appointing persons to be sole purchasers for sale or distribution. The
managing agency system was one of the medieval system practiced only on
subcontinent which provided the mechanism through which control over industrial
sector was concentrated in a few hands. Under the managing agency system,
the corporate sector was controlled by a handfull of managing agents who
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