Who Owns Pakistan - Yimg

Earlier in this chapter, we have listed some projects abandoned by the big
business, half or three quarters complete because nationalization order excluded
private sector from operating in certain industrial fields. These projects mainly
related to manufacture of tractors, automobiles and fertilizers which were capital
intensive and employment generating. The sponsors of these gigantic projects
resigned themselves in the post-Bhutto era to become traders or at best spinner
of yarn and processor of sugarcane.
The sweep of nationalization, its impact on the psyche of the big business and
thus on Pakistan's industrial development can not be comprehended without
taking a look at the taken-over industries, companies and their ownership.
In six traumatic years of Z A Bhutto, 31 key industrial units, 13 banks, over a
dozen insurance companies, 10 shipping companies and two petroleum
companies were nationalized, out of which at least 22 industrial units, 9 banks, 9
insurance companies, 3 shipping companies and 2 petroleum companies
belonged to the 22 families. Nasim Saigol claimed in the interview with the author
that Saigols lost 70% of their assets in Bhutto's nationalization.
Following is the list of industaries and companies nationalized by Bhutto and the
groups owning them.
31 Key Industries Nationalized in 1972
Units taken over in Karachi
1 Steel Corporation of Pakistan Fancy
2 Hyeson's Steel Hyesons
3 Ali Automobiles Jaffer Bros
4 Kandawala Industries
5 ROK Industries
6 Haroon Industries Haroon
7 Wazir Ali Industries Packages
8 Gandhara Industries Bibojee
9 Indus Chemical and Industries
10 Valika Cement Valika
11 Karachi Gas Fancy
12 Valika Chemicals Valika
13 Karachi Electric Fancy-Jaffer Bros
14 National Refinery
15 Pakistan Fertilizer Corporation Jaffer Bros
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