Who Owns Pakistan - Yimg

for which he had struck the deal but required a NO OBJECTION CERTIFICATE
(NOC) from the Ministry. He was completely unmindful of the stories that in 1989
Hashwani had to flee the country because of pressure to transfer the
management of Pakistan Services Ltd operating a chain of five-star hotels to a
Zardari nominee or face prosecution for recovery of a Rs 120 million loans he got
Zia-ul-Haq to write off.
Hashwanis are Khoja Ismaeelis from Gujrat in India who migrated to Karachi in
1890 where Hussain Hashwani, father of Sadaruddin Hashwani became partner
in a company, representing Releigh Brothers, one of the leading buyers of cotton
worldwide. In 1947, when the two Hindu partners departed, Hussain Hashwani
incorporated Hassan Ali and Company, in the name of his eldest son. The three
Hashwani brothers were reigning as the Cotton King when cotton export
business was nationalized in 1972, by Z A Bhutto.
Sadaruddin Hashwani is SADRU to friends and a corporate raider and social
climber to others. He had started as small time trader in 1960, became a big
name in the 1970 and 1980's and was ranked 20th in June, 1990 list of
Pakistan's super rich by Monthly Herald. During three years of Benazir govt, it
emerged as one of the fastest growing group whose real value is difficult to
assess and can only be guesed.
Nationalization was the turning point for Hashwanis who acquired Kotri Textile,
New Jubilee Insurance adn PICIC interests of the Fancy family, another Ismaeeli
conglomerate who, jilted by nationalization were planning to shift business to the
Middle East. The nationalization of banks by Z A Bhutto turned out to be another
blessing for Sadaruddin Hashwani because his name and social contacts gave
him an advantage in extracting loans from the nationalized commercial banks.
While all big business families were out to condemn the nationalization of banks,
he was the lone voice singing sweet melodies in favour of nationalized
commercial banks.
" No one should be allowed to open a private bank in Pakistan. I am sorry, I do
not see any credit-worthy Pakistani that you can allow to open a bank and even
take a deposit.......From my personal experience, I can say that I was victimized
when banking was in private hands because of of the conflict of interest.
Whenever I approached a bank whose directors were involved in trading, they
would not finance me. As far as I am concerned that nationalization of banks was
a blessing in disguise" he declared in an interview with the monthly Herald in Jan
1985.
As part of its tourism policy, Z A Bhutto govt declared hotel as an idustry for
securing bank loans. Sadaruddin Hashwani who was also active in real estate
decided to build a hotel on a piece of land that he owned in busy Sadar area in
Karachi. He applied for for a loan and sought allotment of land in Islamabad for a
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