Who Owns Pakistan - Yimg
Who Owns Pakistan - Yimg
Who Owns Pakistan - Yimg
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Several leading figures like Rangoonwala, Haroon, Dawood, Jaffer, Saigols<br />
simply left <strong>Pakistan</strong>, some of them for good. Others were to return only to indulge<br />
in trading. Still others with the degree of ostentatious courage who stayed back<br />
till Bhutto's day of reckoning, like Gul Ahmad, Fateh, Adamjee, Bawani,<br />
Dadabhoys and Dadas did not set up a single industrial project of consequences<br />
in next 25 years. When I asked Razak Dawood during an interview if he can<br />
identify a few big industrial units set up by the Memons after 1971, the only unit<br />
that came to his mind was Gatron Industries.<br />
Ahmad Dawood was imprisoned and put on the Exit Control List. It was only in<br />
1974 that he managed to go abroad, not to return till the overthrow of Z A Bhutto<br />
by Gen. Zia in 1977. While in USA Ahmand Dawood set up an oil exploration<br />
company which is reported to have carried out explorations at six wells " All of<br />
which prove to be oil bearing".<br />
Sadiq Dawood migrated to Canada where he set up chain of departmental stores<br />
but returned in 1980 to launch BBR Madaraba with an initial capital of Rs 5<br />
million. The BBR group today comprise five listed companies with an asset base<br />
of Rs 2 billion, but except for one, all the group comapanies are active in the<br />
services sector. TransPak, the only manufacturing company set up during this<br />
period by the members of Dawood family produces toothpaste and combines a<br />
packing concern.<br />
Jaffer family business headed by Ahmad Ebrahim comprise at leat ten compnies<br />
including Ahmad Jaffer and company, Jaffer Sons, International Travels Ltd,<br />
<strong>Pakistan</strong> Garage Ltd and Karachi Electric Supply Corporation. A car assebly<br />
plant and an under construction fertilizer factory at Hawks Bay was nationalized.<br />
Presently the group is active only in trading and does not have a single company<br />
listed on Karachi Stock Exchange.<br />
In the wake of nationalization the Fancy group members sold of remaining assets<br />
like Kotri Textile Mills, New Jubilee Insurance and interests in <strong>Pakistan</strong> Industrial<br />
Credit & Investment Corporation (PICIC) to Sadaruddin Hishwani. The solitary<br />
project set up by Fancies in last two decades is a biscuit factory.<br />
Valika Steel was a big nationalized unit which underwent major expansion during<br />
Bhutto's six years when its name was changed to Special Steel. It came close to<br />
bankruptcy and was marked for privatization when it was taken over by Kahuta<br />
Research Laboratory of Dr. A Q Khan. It is today the nucleus of key 0defencerelated<br />
projects in <strong>Pakistan</strong>.<br />
Harron's had atleast 25 companies in their group including pakistan Services<br />
Ltd., <strong>Pakistan</strong> Herlod Ltd,Haroon Industries Ltd, Haroon Sons Ltd and<br />
Herbertson (<strong>Pakistan</strong>) Ltd. Today their interests in <strong>Pakistan</strong> are limited to Haroon<br />
Oils and Herold Publications while Yousaf Haroon has a divesified industrial<br />
network in the united States.<br />
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