Who Owns Pakistan - Yimg

More documents

Recommendations

Info

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of coming into power as Prime Minister in 1990, the management of National Development Leasing Corporation (NDLC) was withdrawn from House of Habib and handed over to the United group.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 83
usiness and industry and the top military man from Chiniot was one Brigadier Mehboob. " Chiniotis are born businessmen, born to serve the nation by setting up industaries. They seldom invest in cinema, hotels and activities like gambling prohibited by the religion. They are never suspected of shifting their capital abroad. It is the Chinioti Crescent group which is known as the exemplary tax payer", Habib Ullah pointed out. Mian Habib Ullah himself is a living exemple of the business acumen of his fraternity. His grandfather Nazar Mohammad had started export of hides and skins from Southern India and set up several industrial units including Zeenat Textile Mills with 25,000 spindles and 500 looms in 1952. It was after his father's death in 1981 that Mian Habib Ullah launched his own independent business, by buying off shares of his uncles in the family enterprise D M Textile Mills. He now heads a small group comprising D M Textile, Omer Textile, Bilal Fibre and Shalimar Textile. Mian Shaukat Masud is another budding Chinioti businessman from the twin cities of Rawalpindi and Islamabad and is member of a fairly large but unknown Fazal group Industries, with headquarters in Multan. The group has 24 units in its fold including Fazal Cloth, Reliance Weaving, Fatima enterprise, Sh Fazalur- Rehman and Sons and Mubarik Textile listed on KSE. Some unlisted units are Ahmad Fine Spinning Mills, Hussain Mills, Fatima Fazal Soap and Fatima Sugar. The entire production of four textile mills is exclusively devoted to export, mainly to Japan while some members of the family have set up independent units, Shaukat said. One of the Shaukat's cousins who married an American girl has set up Carolina Textile Mills at Jabal-e-Ali in Middle East. " Fazal group of Industries or Fatima group was founded by Shaukat's grandfather Mian Fazal-ur-Rehman who was working as a helper on a grocery shop in pre-independence Pakistan. He had to quit his job at the grocery shop when he lost his eyesight and was dropping a lot of bottles incurring loss to shop owner", Shaukat recalled. The loss of job forced Fazalur-Rehman to go back to family's kitty and pool the resources of family and friends to set up Fazal Edible Oil factory at Multan. The business was expanding when it was hit by nationalization of Edible oil and rice husking units. Shaukat said he would never forgive Pakistan's Peoples Party for causing the death of his father, Mian Masud who took it upon himself to lead one man crusade against nationalization. 84
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 8 and 9:
A Brief introduction - For those wh
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
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 88 and 89: At present, the Kaiser Monnoo group
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
Page 138 and 139: These charges were peanuts when vie
Page 140 and 141:
In the references about Lakeview Ho
Page 142 and 143:
Epilogue For several years, the peo
Page 144 and 145:
One wonders how a government that c
Page 146 and 147:
accustomed to buying his casual out
Page 148 and 149:
141
Page 150 and 151:
chemicals, synthetic fibres, cookin
Page 152 and 153:
Iqbal Saigol S. No Name Assets Turn
Page 154 and 155:
In a communication to the author in
Page 156 and 157:
Dewan Listed Companies S. NO Names
Page 158 and 159:
conference in Islamabad, on March 2
Page 160 and 161:
Listed Companies S. No Company Asse
Page 162 and 163:
when the Rserve Bank of India faile
Page 164 and 165:
10. Noble Computer Services (pvt) L
Page 166 and 167:
Syed Maratib Ali was a well known n
Page 168 and 169:
Unlisted Companies 1. Clearance and
Page 170 and 171:
Akbar Hashwani 1. Hashwani Construc
Page 172 and 173:
Dawood Cotton Mills was set up in 1
Page 174 and 175:
5. Margalla Textile 6. Rawal Textil
Page 176 and 177:
Lakhani (Lakson) Lakhanis have grow
Page 178 and 179:
6 Husein Sugar 358 560 7 Shadman Te
Page 180 and 181:
Unlisted Companies 1. Ibrahim Agenc
Page 182 and 183:
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
Page 190 and 191:
1 K S B Pumps 343 385 2 Adamjee Pap
Page 192 and 193:
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
show all

Who Owns Pakistan - Yimg

Create successful ePaper yourself

Delete template?

Save as template?