Who Owns Pakistan - Yimg

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At present, the Kaiser Monnoo group is made up of at least 15 textile mills with 175,000 spindles and assets totalling Rs 3 billion. A splinter is headed by Mian Munir A Monnoo who migrated from East Pakistan in 1971 and set up Olympia Textile in the name and style of the factory left behind in East Pakistan. By 1970, very few of the Chiniotis had branched into heavy industry with the result that losses suffered by the Chiniotis in East Pakistan and Bhutto's nationalization were not heavy, as compared to the Memons. Saphire-Gulistan and Monnoo suffered some losses in East Pakistan but apparently they had managed to salvage some of their investment in time which helped them is settling themselves afresh in the Western wing. Two other Chiniotis Mohammad Salim and Sheikh Mohammad Nasir of United group also lost their Usmania Glass Factory at Chittgong. Mian Mansha narrowly escaped the effects of the fall of East Pakistan and nationalization since a family division had taken place in 1969 after the death of his father Mian Mohammad Yahya and the bulk of the assets in East Pakistan was inherited by his uncles. Saigols had migrated to Calcutta in 1890 from Chakwal and are known as Punjabi Sheikh but Prof Pervaiz Ahmad of Islamia College, Chiniot claimed in an interview with the author that they are one of them, basically from Kot Shakir in Chiniot, going back to the days of Sher Shah of Sur. Prof. Ahmad claimed that Chiniotis comprised different castes including Vohras, Maghoons, Mannoos, Vadhavans and Saigols and pointed out that several Saigols are represented on various organizations set up by the Chiniotis. Biographical Encyclopedia of Pakistan, 1970 carried biographical sketch of one Shafiq Saigol of Chiniot who had set up Bengal Belting Corporation and several other industries in East Pakistan before 1970. It also carried biographical sketch of one Vohra Chinioti, Abdul Majid of Khotian (The native town of Saigols) who had set up a shoe factory in Calcutta and a rubber factory in Dhaka). Whether Saigols are Chiniotis or not, there have been inter-marriages between the Saigols and prominent Chinioti families particularly Monnoos. Bhutto's nationalization - A Blessing in Disguise for the Chiniotis In 1970 there were only five Chinioti groups among the top 42 families including Colony at no 5, Crescent at no 9, Nishat at 15, Monnoos at 26 and Maulabaksh at 27. However while nationalization shattered the will of the Karachi-based groups to invest in Pakistan and triggered a flight of capital, it proved to be a 81
lessing in disguise for the Chiniotis who had been hitherto disadvantaged for lack of access to banking and other facilities. In 1997, Chiniotis had 14 places among the top 45 groups controlling at least 110 companies at the KSE. There are several other Chinioti groups like Mahboob Elahi, Diamond, Guard, Kaisar group of Kaisar A Sheikh, MNA, Kaisar Apparel group and JKB which are known to be immensely rich but have little or no presence at the stock exchange and therefore, it was not possible to rank them. While other business communities resorted to flight of capital, Chiniotis made progress after 1970 because the flight of Memons and other Karachi-based groups created a vavums that they were than willing to fill. " Nationalization affected different business groups differently and in different degrees of severity ", recalled Farooq A Sheikh of Colony, the major Chinioti group to suffer in nationalization. He argued that insecurity had become the part of the Memon community's psyche because they had suffered greatly in partition and have failed to be anchored in the troubled waters of local politics, while Chiniotis benfited immediately, psychologically and otherwise since partition created an enviroment conducive to their return to native land. The PPP manifesto had envisaged nationalization of big textile units and therefore the people who had already set up textile units between 1947-71 stopped further investment. This created a vacuum. A surge in the domestic and international demand for textile coincided with an era of import liberalization coupled with high tariff, ensuring lucrative returns, with the result that Chinioti who had very few textile mills up to that time but plenty of money entered the textile business. Almost all the Punjab-based groups of post-Bhutto era like Saphire-Gulistan, United, Tata, Fazalsons, Fatima and Sargodha have their roots in the textile units set up during Zulfikar Ali Bhutto govt or immediately after him. Thus nationalization became a God sent opportunity for Chiniotis who were sons of the soil, had not been hurt in East Pakistan and had the skills to step into the shoes that had fitted only Memons in post-independence Pakistan. Nawaz Sharif and Chiniotis Few months before Nawaz Sharif came into power in 1990, an article in the monthly, Herald about the 22 families ranked Habib to be number 1, followed by Crescent at 2, Dawood at 3 and Saigols at four. The monthly Herald's list of top 25 families included 9 Punjab based groups of which six were Chiniotis. However three years rule of Nawaz Sharif was to radically transform this balance of economic power between Karachi and Punjab. Punjab and Chiniotis generally and Mian Mohammad Mansha and his associates particularly proposed during the chief minister-ship of Nawaz Sharif. Pasrur 82
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Who Owns Pakistan By Shahid-ur-Rahm
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G: UBL Privatization Bid ..........
Page 6 and 7:
Pakistan's Robber Barons ..........
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A Brief introduction - For those wh
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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
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Earlier in this chapter, we have li
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Insurance companies of 22 families
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Born in Rangoon, M A Rangoonwala ha
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Crescent was a joint venture of fou
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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 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 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
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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
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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
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Mian Mohammad Ismaeel Sheikh was a
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1 Mubarik Textiles 346 119 2 Fatima
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1 K S B Pumps 343 385 2 Adamjee Pap
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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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