Who Owns Pakistan - Yimg
Who Owns Pakistan - Yimg
Who Owns Pakistan - Yimg
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A Brief introduction - For those who do<br />
not like the title<br />
How else it should be called when<br />
• A sugar mill set up with tax payers money at an estimated cost of Rs 300<br />
million is sold for a token price of Rupee one,<br />
• The government majority shares in <strong>Pakistan</strong>'s biggest chain of hotels are<br />
dished out free to a social climber, by giving him a loan to facilitate the<br />
purchase and then writing it off,<br />
• A buisiness shark manages to secure 38 loans totalling Rs 3.5 billion<br />
through fake collaterals, escapes when found out and is living happily<br />
abroad,<br />
• An unknown entity is granted a loan of Rs 1.18 billion without any<br />
collaterals on telephone call from Islamabad and the banker who<br />
sanctioned the loan ends up as a federal minister, instead of ending up in<br />
prison,<br />
• All five loans worth Rs 500 million of an enterprising buisinessman<br />
heading FPCCI- Committee for Revival of Sick Industrial Units are written<br />
off<br />
• 12 foreign currency loans of an industrial tycoon , amounting to Rs 672<br />
million are converted into a rupee loan and rescheduled so that<br />
repayments will start in year 2002 instead of 1990. When the matter is<br />
raised in Supreme Court, the tycoon who has expanded his business<br />
abroad is granted another loan to repay the rescheduled loan,<br />
• 80 industrial units including 32 biggest set up by public and private sector<br />
in last 50 years are sold for a paltry amount of Rs10 billion. New owners<br />
are defaulting in the payments of Rs 4 billion to Privatisation Commission<br />
and liabilities of privatized units worth tens of billion Rupees in local and<br />
foreign currencies are being paid by government of <strong>Pakistan</strong> i.e<br />
taxpayers<br />
• 1,500 individuals and firms make use of 80 % of total bank credits, Rs 130<br />
billion are stuck up in bad loans and Rs 8.2 billion have been written off.<br />
While the public demands recovery of stuck up loans, the government has<br />
come out with schemes to reschedule the loans and grant new loans to<br />
the same defaulters.<br />
• The common men bear the burden of 100 different taxes prevalent in the<br />
country but the super-rich are provided escape routes of exemptions<br />
and tax holidays, 180 of them in payment of income tax alone.<br />
If you still question the title, please consider this:<br />
The House of Habib has about 90 units in its fold, Mian Mohammad Mansha is<br />
director on boards of 45 companies, Ittefaq controls at least 29 units,<br />
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