Who Owns Pakistan - Yimg

Sugar Mills and Samundri Sugar Mills of Punjab Industrial Development Board
(PIDB) were privatized to Monnoos and United group. Within months of coming
into power as Prime Minister in 1990, the management of National Development
Leasing Corporation (NDLC) was withdrawn from House of Habib and handed
over to the United group.
Nearly half of the assets privatized by Nawaz Sharif ended up with Mansha, his
relatives or business associates. But bringing together the National group to bid
for Muslim Commercial Bank was the biggest business coupe that Chiniotis could
have staged against their main business rivals. Before nationalization, Muslim
Commercial Bank was a Memon Bank owned by Adamjee and its purchase by
Chiniotis demonstrated their rising power and the decline of the Memons. The
National group which bought Muslim Commercial Bank was a consortium of 12
leading industrial families, of whom all but two, Chakwal and Bashir Jan
Mohammad were not Chinioti. While Muslim Commercial Bank was the flagship
of Chiniotis rising power, they called upon a Memon banker Hussain Lawai to
head it.
A Nishat group profile in 1990 estimated that its assets were worth Rs 4 billion
but the group profile in 1993 placed its assets at Rs 10 billion, a phenominal
250% increase in assets in three years.
Seventy five percent of the newly listed companies during three years of Nawaz
Sharif belonged to the Chiniotis. Mansha launched seven new companies and
Crescent listed eight new companies at the Karachi Stock Exchange.
Earlier in this book we have reported about the Gas-war between the Memons
and the Ismaeeli Khojas (Fancy) over the setting up of the first Non-Memon
Textile Mills in Karachi but the resignation with which the Memons allowed
Chiniotis to overtake them, in Bhutto and post-Bhutto era is amazing and a loud
proclaimation of their disinterest in long-term economic development of Pakistan.
While in 1960's every fourth factory in Pakistan belonged to a Memon, the
Chiniotis own 125 out of 750 companies listed on the KSE in 1997.
Chiniotis are a close fraternity who seldom marry outside their clan, with the
result that marriages have come to play an importent role in their growth and
kinship. During his interview with the author, Mian Habib took out a red book from
his drawer which contained the names of 80 Chiniotis living in Islamabad and
said that in the event of a marriage, a party or a tragedy in a Chinioti family, first
people to get the information are the people listed in the book. Every city has its
own directory of the Chiniotis.
Chiniotis take pride that they are born businessmen and serve through industry.
Unlike Memons who have a Memon Society of Professionals, there are very few
prominent Chinioti professionals or civil servants. Mazhar Rafi, former Secretary
Defense Production was the most well known Chinioti to succeed outside
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