Who Owns Pakistan - Yimg

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Finance Minister took a conscious decision to sleep over the scandalous default in the payment of balance amount due to the Privatization Commission by new owners of privatized units. According to an exercise undertaken by caretaker govt. Benazir and Nawaz govts. had privatized 88 industrial units till October 15,1996, for a consideration of Rs 15,409 million, of which Rs 4 billion was in default against owners of 30 privatized units. Of them 13 had not paid a single penny after assuming control of privatized units. A federal minister dealing with economic affairs in the caretaker govt. of Meraj Khalid told the author that the cabinet was aghast at the amount in default to the Privatization Commission from the owners of privatized units but decided to let the matter pass to the elected government since they had their hands full. " We were already dealing with the scandal of Rs 120 billion bank loans default and could not afford another scandal of default in the payment to Privatization Commission", the minister said. The cover up of default of Rs 4 billion to the Privatization Commission pales into insignificance in relation to the transfer of liabilities that have only been technically passed over to the new owners. But first a look at the default of balance amount due to the Privatization Commission. 1 Companies Defaulting in Payment to Privatization Commission. Name National Cement Dandot Bid Price (in Rs Millions) Date of Privatization Amount Overdue (in Rs Millions) 110 28.5.92 84 2 Pak PVC Ltd 63.57 8.2.92 46.37 3 Ravi Engineering - 7.1.96 12.28 4 Textile Machinery Corp 28.8 5.10.95 22.89 5 National Petro Carbon 189 - 37.45 6 Bara Vegetable 30.5 26.7.92 22 7 Crescent Factories 63 5.1.93 24 8 A&B Industries 36 16.3.93 26 9 Suraj Ghee 14.58 5.1.93 0.9 10 Pak Hayee Oil - 25.7.95 59 11 Dhaunkat Rice 79.2 28.6.93 74 12 Shikarpur Rice 42.28 - 10 39
13 Wah Cement 2,750 25.5.92 2,179 14 Baluchistan Wheel 270.58 3.2.92 116 15 National Fibre 756.64 6.5.92 56.03 16 Pak-China Fertilizer 456.84 12.1.93 240.32 17 Naya Daur Motors 40.52 1.10.92 40.48 18 Sindh Alkali 152.3 - 13.07 19 Sindh Ceramics 60.2 31.5.92 13.65 20 Metropolitan Steel 66.67 23.5.92 28.49 21 22 Sh Fazal ur Rehman Ghee Mills Quaid Abad Woolen Mills 64.28 25.1.93 30.37 86 8.7.92 14.17 23 Haripur Vegetable 30.1 19.5.92 25.15 24 Kakakhel Industries 52.28 5.1.93 1.5 25 Asif Industries 13.2 26.7.92 12.06 26 Chilton Industries 49.7 5.1.93 24 27 Crescent Industries 63 - 180 28 Pak Dyes & Chemicals 17 - ? 29 Ittehad Chemicals 452 - 180 (The above table was compiled from charts namely 1) Payment schedule up to October 15,1996 and 2) Statement showing balances up to and after October 15, 1996 prepared by the Privatization Commission under the caretaker govt.) The cover up of corruption in privatization is also evident from the fact that both Benazir Bhutto and Nawaz Sharif considered the feasibility of " the repossession of privatized units" because of the gross irregularities committed in their privatization and breach of agreement by the new owners. In a meeting on January 13, 1995 the cabinet presided by Benazir Bhutto considered the matters relating to the privatization of several industrial units by Nawaz Sharif and took the decision that " the Privatization Commission should submit a schedule for repossession of such privitazed public sector units which were now closed or abandoned". In April 1997, the Priatization Commission headed by Khawaja Asif sought the advice of Ministry of Law whether or not the Privatization Commission can take over the privatized units in which the new owners have breached the contract. The letter sent by the Privatization Commission asked the Ministry of Law to examine; A)- Whether the PC can repossess subject units, Naya Daur Motors Ltd. which is operational and other units, in which sales agreements contain the re-possession 40
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 38 and 39: day Privatization Conference in Isl
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 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
Page 106 and 107:
10, 1997, the Supreme Court observe
Page 108 and 109:
Prime Minister Nawaz Sharif will gl
Page 110 and 111:
specific tax holidays. It was not c
Page 112 and 113:
This decision is based on personal
Page 114 and 115:
oil". It is not difficult from the
Page 116 and 117:
In the fiscal year 1991-92, Messers
Page 118 and 119:
21 Hussain Nawaz Sharif 3,285,6813
Page 120 and 121:
The voiceless small investors have
Page 122 and 123:
Chapter Four - Pakistan's Tax Web P
Page 124 and 125:
28. Ushr 29. Oilseeds Development C
Page 126 and 127:
political heavyweights or their hen
Page 128 and 129:
Export Duties It is one of the most
Page 130 and 131:
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
Page 136 and 137:
Some of the known units of Saifulla
Page 138 and 139:
These charges were peanuts when vie
Page 140 and 141:
In the references about Lakeview Ho
Page 142 and 143:
Epilogue For several years, the peo
Page 144 and 145:
One wonders how a government that c
Page 146 and 147:
accustomed to buying his casual out
Page 148 and 149:
141
Page 150 and 151:
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
Page 158 and 159:
conference in Islamabad, on March 2
Page 160 and 161:
Listed Companies S. No Company Asse
Page 162 and 163:
when the Rserve Bank of India faile
Page 164 and 165:
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
Page 176 and 177:
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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