Who Owns Pakistan - Yimg

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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, 1
SadaruddinHashwani has 25 companies, Monnoos have 18 textile and sugar mills, Farooq Hassan of Hassan Associates lives in a house insured for 4 million dollars, the house built by Bashir Ahmad of Escort group over 40,000 square feet in Gulberg Lahore has a liberary custom made in London, Farida Saigol lives in a house sprawled over 68 Kanals of land in a posh locality, Seth Abid has invested Rs 5 billion in real estate in Lahore and his front men control Lahore Stock Exchange, Wedera Ghulam Mohammad Mehr owned 100,000 acres and Ghulam Mustafa Jatoi owns 80,000 acres. It is these people, their like, Kith and Kin who own Pakistan, for whom the system works. Their true worth is not known even to government. My investigations have revealed that top 44 buisiness groups own assets worth Rs 500 billion or equal to the size of Pakistan's budget. YET THEY PAY MARGINAL INCOME TAX. In several cases no tax at all. Is the question ‘Who owns Pakistan’ inapproprate? 2
Page 1: Who Owns Pakistan By Shahid-ur-Rahm
Page 4 and 5: G: UBL Privatization Bid ..........
Page 6 and 7: Pakistan's Robber Barons ..........
Page 10 and 11: Prologue "I Nawaz Sharif, do solemn
Page 12 and 13: Nawaz Sharif was not an individual.
Page 14 and 15: A white paper on " Economy under Bh
Page 16 and 17: The first Nawaz government was foll
Page 18 and 19: Another remarkable person mentioned
Page 20 and 21: Dawood lost Karnaphuli Paper Mills,
Page 22 and 23: disprove that bulk of the banking a
Page 24 and 25: perpetuated their control over the
Page 26 and 27: 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
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For example, PSL is being managed b
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According to the Khalid Anwar, Burm
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also been assigned to the shelves o
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32 Harijanss 61 - 61 33 Shafi 60.2
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21 Sargodha 2,743 -- 22 Al-Noor 2,5
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had opened their offices in Japan,
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East, REDCO Textile Mills and Const
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4 billion and a roaster of impressi
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The geographic location of the comp
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Haroon's great grandfather had migr
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Gujrati and tended to be organised
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9 Karim 3 10 Hasham 2 11 Latif Jama
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At present, the Kaiser Monnoo group
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Sugar Mills and Samundri Sugar Mill
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" The days immediately after nation
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fortunes which were multiplied, in
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the pioneer Muslim industrialist in
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According to Lawrence White, top se
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Beginning of Bad Loans Bhutto's nat
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Jang, Rawalpindi of December 14, 19
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8 Saigol 1,086 9 Naqvi 1,056 10 Zah
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10, 1997, the Supreme Court observe
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Prime Minister Nawaz Sharif will gl
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specific tax holidays. It was not c
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This decision is based on personal
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oil". It is not difficult from the
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In the fiscal year 1991-92, Messers
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21 Hussain Nawaz Sharif 3,285,6813
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The voiceless small investors have
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Chapter Four - Pakistan's Tax Web P
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28. Ushr 29. Oilseeds Development C
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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
Page 152 and 153:
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
Page 170 and 171:
Akbar Hashwani 1. Hashwani Construc
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Dawood Cotton Mills was set up in 1
Page 174 and 175:
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
Page 180 and 181:
Unlisted Companies 1. Ibrahim Agenc
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4 B F Modaraba 16 16 5 Bawany Air 5
Page 184 and 185:
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
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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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