Who Owns Pakistan - Yimg

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day Privatization Conference in Islamabad on March 30-31 that the list of units marked for privatization was swelling everyday because more and more units were being identified for privatization. " the government has a declared policy of divesting as much of its enterprises as practical, and is confining the ownership and management to those assets only, which are either strategically important, or which the private sector is unable to own or manage," Zafar Ali Khan, Secretary, Privatization Commission declared at the conference. The major units marked for privatization by second Nawaz government inclue Pakistan Railways, WAPDA, KESC, Pakistan Telecommunication Corporation, Sui Northren Gas Pipeline, Sui Southern Gas Company, OGDC, recently acquired Pakistan Petroleum Ltd, Saindac Copper Project, Pak-Saudi Fertiliser, Pak-Arab Fertiliser, Heavy Electrical Complex, Hevy Mechanical Complex, Pakistan Steel, National Shipping Corporation, National Tanker Company, Habib Bank Ltd. United Bank, National Bank, National Development Finance Corporation (NDFC), Industrial Development Bank of Pakistan, National Investment Trust, Investment Corporation Of Pakistan, Karachi Shipyard and Engineering Works, Convention Centre Islamabad, landside of PIA, facilities at 40 airports and two major ports, Karachi Water and Sewerage Board and WASA Lahore. Several of these projects were never considered for privatization in past. According to PTV, a special cabinet meeting on March 2, 98 decided that the stateland owned by Federal Government, four provincial governments and all the government departments will be disposed off to generate cash for the cashstarved government. Prime real estate of PTDC, GTS and federal lodges in Murree have already been sold. Chamba House in Lahore which has been providing residence to federal employees in Lahore is next to be auctioned. Provincial governments of Punjab, Sind and NWFP have set up their own privatization commissions and announce their own privatization plans. " Golden opportunity for sound investment" proclaimed advertisements by Sind Privatization Commission in the National Newspapers in the last week of March 1998 while announcing the auction of " most valuable lands" comprising industrial, commercial, residencial, flat sites, agricultural in and around Karachi, Hyderabad, Thatta, Badin. Other units and property for which intersted parties were advised to contact Chairman, Privatization Committee included two evacue cinema houses in Hyderabad, Milk Plant near civic centre (37 acres), livestock form near air port, Korangi livestock form (300 acres), Tando Mohammad Khan livestock form, Kundi form near Rohari, KTS depots, 34 self propelling combined harvesters. All units of Punjab Idustrial Development Board (PITB) and Sarhad Development Authority are being sold. A seperate desk is being set up in Privatization 31
Commission for coordination and assistance to Provincial Privatization Authorities. The daily Jang, Rawalpindi of April 6 reported that assets being auctioned by the provincial governments included 212 rest houses in NWFP alone. Major General (R) Hidayat Ullah Niazi, Chairman, Natioanal Highway Authority told the March 30, 1998 privatization conference that "the government of Pakistan, acting through NHA has fielded 11 road projects relating to Motorway for privatization. The Lahore Ialamabad Motorway has already been advertised for operation concessions..........there are also a number of bridges on river Indus, Chinab and Ravi which are planned for privatization." Khawaja Mohammad Asif told the March 98 privatization conference that privatization is expected to yield 9-10 billion dollars, as against less than 1.5 billion dollars (RS 20 billions) in local currency and 1.2 billion US $ netted by the privatization to-date. Former Finace Minister Dr. Mahboob ul Haq, on the other hand has estimated that privatization could yield upto 80 to 100 billion dollars. Others including veteran journalist Sultan Ahmad (Privatization without Illusions, daily DAWN, April 2, 1998) however believes that Khawaja Mohammad Asif, Dr. Mahboob ul Haq, the press and the people might be shocked to see mega projects going at too low prices, because of their liabilities and bad debt. There are others who are ready to bet their life savings on what Sultan is saying. Consider for example the following facts about the major comapanies to be privatized. 1. Pakistan Telecommunication Corporation. Pakistan Telecom has been on the priority list of privatization since 91 when a committee headed by Deputy Chairman, Plnning Comission was setup to recomend methods of it's privatization. Since 91 four Financial Advisors have been appointed by Privatization Comission to help in it's privatization, starting with Bear Stern in 1991, followed by jardine Fleming in 1993, Morgan Grenfill in 1995 and Goldman Sach in 98 who is to be paid 20 million dollars. " I am willing to put my life savings on the line to say that the new financial adviser will also come out and tell us in a few months that PTC can not be prvatized" , writer of an article , The exercise in futility, the PTCL privatization, in daily The News of 13 April 98 predicted. The writer had many reasons for his assertions like the fact that PTC has already mortaged next few years foreign exchange earnings under 250 million securitization loan, the monopoly of the company is to end in year 2002, under licencing agreements signed with cellular companies and several other telecome companies in the region was also awaiting privatization. 2. WAPDA. In 1990 Prime Minister Nawaz Sharif was in such a hurry to privatize Wapda that he refused to accept a World Bank loan to finance the study of privatization of Wapda and awarded it, out of government of Pakistan funds to 32
Page 1: Who Owns Pakistan By Shahid-ur-Rahm
Page 4 and 5: G: UBL Privatization Bid ..........
Page 6 and 7: Pakistan's Robber Barons ..........
Page 8 and 9: A Brief introduction - For those wh
Page 10 and 11: Prologue "I Nawaz Sharif, do solemn
Page 12 and 13: Nawaz Sharif was not an individual.
Page 14 and 15: A white paper on " Economy under Bh
Page 16 and 17: The first Nawaz government was foll
Page 18 and 19: Another remarkable person mentioned
Page 20 and 21: Dawood lost Karnaphuli Paper Mills,
Page 22 and 23: disprove that bulk of the banking a
Page 24 and 25: perpetuated their control over the
Page 26 and 27: Kohat Cement, Dandot Cement and Tha
Page 28 and 29: Earlier in this chapter, we have li
Page 30 and 31: Insurance companies of 22 families
Page 32 and 33: Born in Rangoon, M A Rangoonwala ha
Page 34 and 35: Crescent was a joint venture of fou
Page 36 and 37: Privatization - Turning the Clock B
Page 40 and 41: Independant Resource Group (IRG) of
Page 42 and 43: companies, management was to be tra
Page 44 and 45: Accelerated privatization under a f
Page 46 and 47: Finance Minister took a conscious d
Page 48 and 49: clauses and buyers have committed b
Page 50 and 51: 22nd May, 1989 suggested a strategy
Page 52 and 53: Pakistan Petroleum Limited (PPL) to
Page 54 and 55: group but thanks largely to the ala
Page 56 and 57: caretaker govt. to recover Rs 1,500
Page 58 and 59: Pakistan, had incorporated Muslim C
Page 60 and 61: Cement for Rs 137 million and Rs 18
Page 62 and 63: 5-star hotel. Bhutto who had planne
Page 64 and 65: For example, PSL is being managed b
Page 66 and 67: According to the Khalid Anwar, Burm
Page 68 and 69: also been assigned to the shelves o
Page 70 and 71: 32 Harijanss 61 - 61 33 Shafi 60.2
Page 72 and 73: 21 Sargodha 2,743 -- 22 Al-Noor 2,5
Page 74 and 75: had opened their offices in Japan,
Page 76 and 77: East, REDCO Textile Mills and Const
Page 78 and 79: 4 billion and a roaster of impressi
Page 80 and 81: The geographic location of the comp
Page 82 and 83: Haroon's great grandfather had migr
Page 84 and 85: Gujrati and tended to be organised
Page 86 and 87: 9 Karim 3 10 Hasham 2 11 Latif Jama
Page 88 and 89:
At present, the Kaiser Monnoo group
Page 90 and 91:
Sugar Mills and Samundri Sugar Mill
Page 92 and 93:
" The days immediately after nation
Page 94 and 95:
fortunes which were multiplied, in
Page 96 and 97:
the pioneer Muslim industrialist in
Page 98 and 99:
According to Lawrence White, top se
Page 100 and 101:
Beginning of Bad Loans Bhutto's nat
Page 102 and 103:
Jang, Rawalpindi of December 14, 19
Page 104 and 105:
8 Saigol 1,086 9 Naqvi 1,056 10 Zah
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10, 1997, the Supreme Court observe
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Prime Minister Nawaz Sharif will gl
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specific tax holidays. It was not c
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This decision is based on personal
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oil". It is not difficult from the
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In the fiscal year 1991-92, Messers
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21 Hussain Nawaz Sharif 3,285,6813
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The voiceless small investors have
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Chapter Four - Pakistan's Tax Web P
Page 124 and 125:
28. Ushr 29. Oilseeds Development C
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political heavyweights or their hen
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Export Duties It is one of the most
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Capital Gain Tax As is evident from
Page 132 and 133:
Law Authority will soon seek public
Page 134 and 135:
Chapter 5 - Money and Politics Elec
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Some of the known units of Saifulla
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These charges were peanuts when vie
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In the references about Lakeview Ho
Page 142 and 143:
Epilogue For several years, the peo
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One wonders how a government that c
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accustomed to buying his casual out
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141
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chemicals, synthetic fibres, cookin
Page 152 and 153:
Iqbal Saigol S. No Name Assets Turn
Page 154 and 155:
In a communication to the author in
Page 156 and 157:
Dewan Listed Companies S. NO Names
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conference in Islamabad, on March 2
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Listed Companies S. No Company Asse
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when the Rserve Bank of India faile
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10. Noble Computer Services (pvt) L
Page 166 and 167:
Syed Maratib Ali was a well known n
Page 168 and 169:
Unlisted Companies 1. Clearance and
Page 170 and 171:
Akbar Hashwani 1. Hashwani Construc
Page 172 and 173:
Dawood Cotton Mills was set up in 1
Page 174 and 175:
5. Margalla Textile 6. Rawal Textil
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Lakhani (Lakson) Lakhanis have grow
Page 178 and 179:
6 Husein Sugar 358 560 7 Shadman Te
Page 180 and 181:
Unlisted Companies 1. Ibrahim Agenc
Page 182 and 183:
4 B F Modaraba 16 16 5 Bawany Air 5
Page 184 and 185:
Financial Assets 5 Schon Bank 1,994
Page 186 and 187:
Mian Mohammad Ismaeel Sheikh was a
Page 188 and 189:
1 Mubarik Textiles 346 119 2 Fatima
Page 190 and 191:
1 K S B Pumps 343 385 2 Adamjee Pap
Page 192 and 193:
Independently his group has four co
Page 194 and 195:
Bibliography 1. 50 years presentati
Page 196 and 197:
63. The sick industary therapy, art
Page 198:
29. Hotelier in Pakistan looks for
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