Who Owns Pakistan - Yimg

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the pioneer Muslim industrialist in textile in the area now comprising Pakistan. He lost his speech in a paralysis attack but continued to work till his death by issuing directives in writing. When the Packages group was planning the setting up of Abbasi Textile Mills at Bahawalpur, they came to Mohammad Ismaeel to seek his advice and guidance. " My father wrote on the paper that the people seeking his advice were his longtime employers for a few rupees", Farooq A Sheikh reminisced in an interview with the author. Sheikh Fazal Hussain of Fazal (Fatima) group of Industries was working as a helper on grocery store of a Hindu merchant and launched his own business after he was sacked because of loss of eye sight. Yunus Brothers is Pakistan's biggest Export House, accounting for annual turnover of several billion rupees but its founder and Chairman, Yunus Taha has never been to the United States. In 1972 when Bhutto nationalized Ittefaq Foundary, the House of Ittefaq decided to set up a steel re-rolling mill in the United Arab Emirates. Mian Mohammad Sharif, father of Prime Minister Nawaz Sharif vowed that he would not return to Pakistan till the project was completed. Eye witness said he used to stand in the scorching heat with the labourers and the factory was completed in record time. Monnoos have grown on tax holidays and exemptions but have the reputation that they take care of their employees as welfare states take care of their citizens. The building for their industrial projects bespeak of great architectural tastes and aesthetic sense of their builders. Crescent, perhaps the soundest of all the industrial groups today has the reputation of being " the exemplary taxpayers" in Pakistan. Both M A Rangoonwala and C M Latif emerged as towering personalities among the 22 families of the pre-1971 era and had an abundance of " extra elements, that touch of talent and ability" which Dwijendra Triparthe had found among the biggest achievers of the business communities in 17-18th century India. But more about them and their likes, later in these pages. Like buildings built brick by brick, several of the present day empires owe their existence to a small trading company, set up way back in the early years of Pakistan. Thus Crescent has grown around Mohammad Amin, Mohammad Bashir & Company and Dawood around Dawood Corporation, Habib around Habib Sons incorporated in 1922, Nishat around Nishat Corporation, Tawakkal around Tawakkal Enterprise, Schon around Schon Export House, Hashwani 89
around Hassan Ali and Company, United around Sadiqsons, all these companies being trade houses. Inter group marriages have also helped in the multiplication of wealth owned by the 22 families. Naz, daughter of Yusuf Saigol is married to Mian Mohammad Mansh while Ambar, daughter of Mahmood Haroon is married to Azam Saigol of the Saigol group. One of three sisters of Mian Mohammad Mansha is married to Jehangir Elahi of Elahi group while one of his cousins is married to S M Saleem of United group. A daughter fo Mughis A Sheikh is married to Saleem of Crescent Sugar while another of the Colony ladies is married to Shahzad A Monnoo and it is said that the plot on which Monnoo House stands today in Lahore came in dowry from the Colony. Zahra, daughter of Aziz and Laila Sarfraz of Premier group who died on April 20, 1996 in New York was married to Asif Saigol and is said to have brought a textile mill in dowry. Bawany, Adamjee and Al-Noor are related in both business and family while Mehrunissa, daughter of Abdul Ghani Dadbhoy, founder of Dadabhoy group is married in the Jaffer family. A grandson of Ahmad Dawood was married in August 1994 to a daughter of the Dewan group. Role of Banks and Financial Institutions in the Concentration of Wealthand Social Inequities Credit is human right, just like food, Mohammad Yunus, Founder, Grameen Bank. An interview on BBC, Jan 28,1998. Bhutto nationalized banks on the plea that they had been the main vehicle for concentration of wealth, a view given currency by the fact that almost all the big families of pre-1971 era backed up their business by their own banks. Bank credit was not only monopolized, it was heavily subsidized at three percent till 1959 when it was raised to four percent. Even the govt banks and financial institutions were under the shadow of these families. For exemple, National Bank of Pakistan was headed by M A Rangoonwala. Wahid Adamjee was Chairman, PICIC. Ahmad Dawood was founder member of National Investment Trust and Vice Chairman of PICIC. 90
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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
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Nawaz Sharif was not an individual.
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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
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Dawood lost Karnaphuli Paper Mills,
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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
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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
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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 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 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
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In a communication to the author in
Page 156 and 157:
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
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
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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
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