Who Owns Pakistan - Yimg
Who Owns Pakistan - Yimg
Who Owns Pakistan - Yimg
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around Hassan Ali and Company, United around Sadiqsons, all these companies<br />
being trade houses.<br />
Inter group marriages have also helped in the multiplication of wealth owned by<br />
the 22 families. Naz, daughter of Yusuf Saigol is married to Mian Mohammad<br />
Mansh while Ambar, daughter of Mahmood Haroon is married to Azam Saigol of<br />
the Saigol group.<br />
One of three sisters of Mian Mohammad Mansha is married to Jehangir Elahi of<br />
Elahi group while one of his cousins is married to S M Saleem of United group.<br />
A daughter fo Mughis A Sheikh is married to Saleem of Crescent Sugar while<br />
another of the Colony ladies is married to Shahzad A Monnoo and it is said that<br />
the plot on which Monnoo House stands today in Lahore came in dowry from the<br />
Colony.<br />
Zahra, daughter of Aziz and Laila Sarfraz of Premier group who died on April 20,<br />
1996 in New York was married to Asif Saigol and is said to have brought a textile<br />
mill in dowry.<br />
Bawany, Adamjee and Al-Noor are related in both business and family while<br />
Mehrunissa, daughter of Abdul Ghani Dadbhoy, founder of Dadabhoy group is<br />
married in the Jaffer family. A grandson of Ahmad Dawood was married in<br />
August 1994 to a daughter of the Dewan group.<br />
Role of Banks and Financial Institutions in the<br />
Concentration of Wealthand Social Inequities<br />
Credit is human right, just like food,<br />
Mohammad Yunus, Founder, Grameen Bank. An interview on BBC, Jan<br />
28,1998.<br />
Bhutto nationalized banks on the plea that they had been the main vehicle for<br />
concentration of wealth, a view given currency by the fact that almost all the big<br />
families of pre-1971 era backed up their business by their own banks. Bank<br />
credit was not only monopolized, it was heavily subsidized at three percent till<br />
1959 when it was raised to four percent.<br />
Even the govt banks and financial institutions were under the shadow of these<br />
families. For exemple, National Bank of <strong>Pakistan</strong> was headed by M A<br />
Rangoonwala. Wahid Adamjee was Chairman, PICIC. Ahmad Dawood was<br />
founder member of National Investment Trust and Vice Chairman of PICIC.<br />
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