Who Owns Pakistan - Yimg

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also been assigned to the shelves on the Corporate Law Authority to gather dust and no reference is ever made to its findings. The estimates of H U Beg committee would seem grossly under-estimated in 1997 because of the massive growth in the private sector banking since 1993. In post-nationalization era of the 1970, the leading industrial families resorted to Double D strategy of dispersing and diversifying, taking pains to camouflage their identity. A very glaring example is the House of Habib which was reported to have 90 companies in its fold in 1984 but I could identify only half of them. The list of companies owned by the Ittefaq group, as found by the Beg committee included 19 companies with estimated assets of Rs 10 billion. I have identified at least 29 companies is this group. The efforts by big groups to cover their tracks are made easy by the absence of any law requiring them to disclose their assets, although for several years CLA has been toying with feasibility of requiring the groups to publish consolidated annual accounts. In additions to the assets held in their own groups, several of these leading industrialists also own equity in the blue chip multinationals over KSE. For example, Babar Ali is Chairman, Hoechest <strong>Pakistan</strong> Ltd, Siemens and Lever Brothers and Kasim Dada is Chairman of Burger Paints. Smithkline and Brook Bond Ltd holding upto 25% equity in these companies. However, the equity in the multinationals is not taken into considration while ranking them for this study. At least five groups namely Saigols, Nishat, the Hashoo group, Fateh and Habib have revealed in interviews and annual reports to have companies incorporated abroad. Thus Nasim Saigol has Kohinoor England, Nishat has Nishat Europe and Newbury Mansha (Pvt) Ltd, Sadaruddin Hashwani has Tempa Pak Ltd, Florida, Habib have AG Zurich and Habibsons while Fateh group have subsidiaries in Hong Kong and Germany. Evidently , other groups too, must have incorporated companies abroad but no refrence is ever made to them in their profiles and reports. Lawrence J. White, in his book " The Industrial Concentration and Economic power in <strong>Pakistan</strong>" had estimated that on the eve of nationalization 43 groups or families owned 98 of the 197 non-financial companies listed on KSE, accounting for 53% of the total assets represented on the stock exchange. The tables on the next page give a comparative picture of the 22 families in 1970, as found by Lawrence White, their position in 1990 as established by monthly Herald of June 1990 and their ranking in 1997 in WHO OWNS PAKISTAN? 61
22 Families in 1970, 1990 and 1997 22 Families in 1970 No Name Listed Assets Unlisted Assets Total Assets (Rs. in Millions) 1 Dawood 557.8 - 557.8 2 Saigol 529.8 - 556.5 3 Adamjee 437.6 - 473.2 4 Jalil 419.8 - 419.8 5 Colony 325.4 - 342.7 6 Fancy 280.4 - 330.5 7 Valika 320 - 320 8 Bawany 237.4 - 237.4 9 Crescent 199.7 - 199.7 10 Wazir Ali 132.7 - 199.7 11 Gandhara 153.2 - 153.2 12 Isphani 90.8 - 154 13 Habib 128.1 - 136.2 14 Khyber 127.5 - 127.5 15 Nisaht 64.6 - 128.9 16 Beco 113.8 - 113.8 17 Gul Ahamad 21.1 - 109.2 18 Arag 32.4 - 105.4 19 Hafiz 100 - 105.3 20 Karim 95.4 - 95.4 21 Milwala 96 - 96 22 Dada 48 - 90.6 23 Hyesons 68.4 - 90.4 24 Premier 77.3 - 89.3 25 Hussain Ibrahim 88 - 88 26 Monnoo 79.9 - 79.9 27 Maula Bakash 58.9 - 79 28 Adam 45.1 - 78 29 A K Khan 74.9 - 74.9 30 Ghani 41.2 - 71.2 31 Rangoonwala 44.5 - 68.2 62
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 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 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
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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
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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
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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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