Who Owns Pakistan - Yimg

MCB was privatized as part of a grand design to grab some of the most profitable
units slated for privatization.
" In the very first case of privatization of MCB, highest bidder who was the
oringinal owner was also excluded. The third group got it. And I will tell you later,
what happened to the third group and how they manipulated and used MCB for a
host of other takeovers of the govt. corporate sector. It did not happen by
coincidence. It happened by design", Leghari declared.
But all said and done, the story behind MCB's privatization has not been told and
perhaps will never be told because those who could have done it, decided to
make real capital after making political capital out of it. Once she came into
power in 1993, Benazir developed amnesia about her pledge to investigate the
privatization of MCB. However, MCB President Hussain Lawai, accompanied by
Mian Mohammad Mansha held at least one meeting with Prime Minister's spouse
Asif Zardari. Nobody knows what transpired in the meeting but within a week
Mian Mansha went into forced exile, to return to Pakistan only after the ouster of
Benazir in Nov 1996. It was also, only after the dissmissal of her govt. that
collusion between Lawai and Asif Zardari, in several remunerative deals like
award of gold monopoly to ARY Traders, loan to Sadaruddin Hashwani to
facilitate the purchase of Occidental Petroleum and dubious UBL privatization to
Basharahill became the public knowledge.
During first Benazir govt.(1988-90) Saddaruddin Hashwani had gone into forced
exile, after a meeting with Asif Zardari amidst reports that he was under pressure
to deliver Pakistan Services Ltd. operating the chain of Pearl Continental Hotels
to a nominee of Asif Zardari.
While Mian Mansha was in exile, S M Munir, a member of National Group owning
MCB and Chairman, Din group was appointed a federal minister. President MCB,
Hussain Lawai was appointed an adviser to the Prime Minister.
" Mian Mansha can not be forgiven", a close aide to Prime Minister Nawaz Sharif,
now a cabinet minister told a group of reporters in the National Assembly
cafeteria, minutes after the new assembly had taken oath in Feb 1997. Mansha
and his associates had wholeheartedly supported first Nawaz govt as is evident
from the number of companies incorporated and listed on KSE, by Nishat and
Chinioti communitiy. What went wrong between the " Lahore Maphia" and
second Nawaz govt is a big mystery? But let us see how MCB was used to raid
the State enterprises.
MCB was sold for Rs 2,420 against a down-payment of Rs 804 million. Within a
year of privatization of MCB, Privatization Commission sold some of the most
profitable cement plants to Mian Mansha, his relatives and business associates.
Thus D G Khan Cement was sold to Tariq Saeed Saigol for Rs 1,799 million,
Maple Leaf Cement to Nishat Mills for Rs 291 million, Pak Cement and White
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