Who Owns Pakistan - Yimg

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