Who Owns Pakistan - Yimg
Who Owns Pakistan - Yimg
Who Owns Pakistan - Yimg
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
The 42 groups ranked by White in the 1970 included 24 Karachi-based groups,<br />
12 from Punjab and five from NWFP while I could not place whether Dost<br />
Mohammad was based in Karachi or Punjab. On the other hand, the 1997<br />
ranking include 24 groups based in Punjab, 18 based in Karachi and three based<br />
in NWFP. At least 15 of Punjabi groups were Chiniotis while there were nine<br />
Memons, three Ismaeeli Khojas but not a single native Sindhi or Baluchi group.<br />
In fact, it is difficullt to identify more than a dozen companies on the KSE except<br />
for a few sugar mills headed by a sindhi or for that matter a Baluch Chief<br />
Executive.<br />
The Karachi-based based groups have not only gone down in number but also in<br />
ranking. Except for Maula Baksh, Adamjee and Noon, all the families<br />
disappreaing from the 1970 list were headquartered in Karachi. Adamjee, at<br />
number 3 in 1970 do not appear in the ranking based on manufacturing assests,<br />
Dawood, no 1 in 1970 has gone down to14th position, Habib at no 1 in 1990 has<br />
relegated to sixth position, Bawany and Gul Ahmad have fallen from<br />
commanding heights in the 1970 to the bottom of the list in 1997.<br />
Three top and seven of the top ten positions in 1997 are held by business groups<br />
from Punjab but a fundamental and structural change that has taken place<br />
between 1970-97 is the fall of Memons and the rise of Chiniotis.<br />
In 1970's every fourth company in <strong>Pakistan</strong> was owned by the Memons but in<br />
1997 one in every seven companies listed on KSE belonged to Chiniotis. The<br />
two business communities of Chiniotis and Memons together own 206 of the 725<br />
KSE companies.<br />
The top 44 business groups of 1997 include 15 Chiniotis, 9 Memons, Three<br />
Ismaeelis, One Khoja and three Pathans from the NWFP.<br />
As stated earlier in the chapter, ranking based on the listed companies does not<br />
reflect their actual economic muscle since they have consciously take steps to<br />
appear small, hiding a big part of their wealth in private and unlisted public limited<br />
companies. Although Ittefaq group has only four listed companies and Monnoos<br />
have none, it was possible to rank them because of govt. reports and estimates<br />
of the assets given out by the group members, in interviews or statements.<br />
The main monnoo group headed by Jehangir Monnoo has up to 20 textile and<br />
sugar mills, big live stock and poltry forms. Several of <strong>Pakistan</strong>'s biggest<br />
industrial families like the Tabanis, the Haroons, Kasim Dada, Chaudrys of<br />
Gujrat, Raja group of Industries and Jaffer Bros have none or just one listed<br />
company but their wealth is legendary.<br />
Tabanis do not appear in ranking of the rich of the rich families either in the 1970<br />
or 1990 but with an origin going back to early 19th century they are undoubtedly<br />
one of the richest families of <strong>Pakistan</strong> today. According to a group profile Tabanis<br />
66