Who Owns Pakistan - Yimg

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4 billion and a roaster of impressive clients. Descon has won contracts in Abu Dhabi, Saudi Arabia and Iraq and is perhaps the biggest Pakistani company abroad employing over 1,000 people. Razak is a scion of Dawood family which was ranked first among the 22 families in 1970. In the wake of Bhutto's nationalization Ahmad Dawood and Sadiq Dawood left Pakistan and established their business in USA and Canada respectively. The family split in 1981 into what is now known as the Dawood, BRR, Descon groups of three Dawood brothers and a relatively unknown Ghani group based on the share of in-laws of Ahmad Dawood. Razak's father Suleman Dawood inherited Transpack and United Refrigration and Razak, a mining engineer from Newcastle University, UK decided to make Lahore his home and concentrate on developing Descon Engineering, then a small family business launched in 1978. During last ten years, Descon has completed jobs at some of the biggest projects in Pakistan like Hubco, ICI, PTA Plant, Fauji-Jordan Fertilizer and AES Lalpir Power Plant. Razak believes that big business failed to face the challenge of anti-business policies of Zulfikar Ali Bhutto by running away from Pakistan and ultimately resorting to division of assets and splits. " Normally when there are external problems, families get united. Here they did not . They just went away", he said in an interview with the author. He thinks that Pakistan is rapidly becoming a nation of traders since nobody wanted to play for long-term in Pakistan. " Politicians want short cut to power, industrialists want short cut to money and bureaucrats want short cut to top. The govt. policies are revenue-oriented rather than development-oriented. When everybody is playing for the short term, how can you have long-term investment projects?", he asked. In September 1994 when Benazir Bhutto govt constitueted a Committee for the Engineering goods Industry, Razak was a member of the committee and was asked to prepare an inventory of both the short and long term problems of the engineering industry. More recently he has been appointed a member of the Engineering Development Board, by Nawaz Sharif govt. At the round-table conference in Lahore in September 1994 presided by U.S Energy Secretary Hazel O'Leary, Razak spoke about the need to provide protection to the engineering industry and particularly referred to a deletion programme for power plants that had been in place for several years and for which large capacity was set up in the public and private sector. He was snubbed by O'Leary who said without mincing words that in the event Pakistan insisted for deletion the American investors will go elsewhere. 71
Karachi vs Punjab. The nationalization of key industries by Bhutto robbed Memons of the confidence and security that is vital for making long-term investment decisions, particularly because several of them had been dislocated and uprooted more than once. For example Adamjee had migrated from Gujrat in India to Rangoon returned to Delhi, shifted bulk of their business after partition to East Pakistan. Thus the losses suffered in East Pakistan and nationalization made these communities and their leaders bitter and insecure, with the result that in the postnationalization era they resigned themselves to milking the existing units rather than risk new investment. During the post Bhutto era of Zia ul Haq, Sindh remained politically volatile and old Karachi-based businessmen, with the exception of one or two felt themselves officially discriminated against the Punjab-based group. In interviews with the author, Yusuf Haroon and other business leaders like Farooq A Sheikh, Mian Habib Ullah, Nasim Saigol and Razak Dawood representing rival business groups and communities have talked about the effect and "scars" that Bhutto's nationalization inflicted over psyche and thus investment decisions of Pakistan's industrial barons. Yusuf Haroon bitterly accused Zia of step-motherly treatment to the Karachi businsessmen particularly the Memons who had led the first wave of industrialization in Pakistan under Ayub Khan. Farooq Sheikh conceded that the flight abroad of the Memons and their reluctance to make long-term investment became a windfall opportunity for the Chiniotis who dominate Pakistan's economic and industrial landscape today. Apart from the statements of these business leaders, statistics also reveal a major shift of investment from Karachi to Punjab in the 1970's that can be attributed to the nationalization of Zulfikar Ali Bhutto but was compounded by a bloody confrontation between the urban and rural Sindh, in which the people of rural Sindh were totally alienated from the military govt of Genral Zia. His policies fostered a sense of deprivation among the natives which further deteriorated the climate of investment in the province. Among other things this shifting of industrial activity from Karachi to Punjab, while people from all over Pakistan continued to flock to the port city, turned Karachi into the social and demographic quagmire that it has become today. Since the creation of Pakistan in 1947, the no. of companies incorporated in Karachi, every year, was far greater than in Punjab till 1978, the first year of Zia when 273 companies were incorporated in Punjab against 275 for Karachi. For three years Karachi and Punjab were neck to neck but there was no looking back for Punjab after 1982 when for the first time in Pakistan's history, the annual incorporation of companies in Punjab exceeded that of Karachi. 72
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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
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Nawaz Sharif was not an individual.
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A white paper on " Economy under Bh
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The first Nawaz government was foll
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Another remarkable person mentioned
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Dawood lost Karnaphuli Paper Mills,
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disprove that bulk of the banking a
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perpetuated their control over the
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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 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 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
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Export Duties It is one of the most
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Capital Gain Tax As is evident from
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Law Authority will soon seek public
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Chapter 5 - Money and Politics Elec
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Some of the known units of Saifulla
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These charges were peanuts when vie
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In the references about Lakeview Ho
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Epilogue For several years, the peo
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One wonders how a government that c
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accustomed to buying his casual out
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141
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chemicals, synthetic fibres, cookin
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Iqbal Saigol S. No Name Assets Turn
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In a communication to the author in
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Dewan Listed Companies S. NO Names
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conference in Islamabad, on March 2
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Listed Companies S. No Company Asse
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when the Rserve Bank of India faile
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10. Noble Computer Services (pvt) L
Page 166 and 167:
Syed Maratib Ali was a well known n
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Unlisted Companies 1. Clearance and
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Akbar Hashwani 1. Hashwani Construc
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Dawood Cotton Mills was set up in 1
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5. Margalla Textile 6. Rawal Textil
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Lakhani (Lakson) Lakhanis have grow
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6 Husein Sugar 358 560 7 Shadman Te
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Unlisted Companies 1. Ibrahim Agenc
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4 B F Modaraba 16 16 5 Bawany Air 5
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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
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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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