On Musharraf, in All Fairness

[abaig]

Well said opinion786 !!! Thanks for sharing!

 

[Majnun]

Musharraf is necessary for Pakistan. Many people call him 'Ataturk's modern heir'. He has shown that (though one cannot really fully replicate the Turkish general), he has come as close as is possible. He has revived a dead economy, revived an almost failed state and overall strengthened and transformed Pakistan.
He has more to offer Pakistan, and if the short-term democracy (for, no matter what, it will be back in very few years) has to be sacrificed, so be it.

 

[dabong1]

That bloody money was only around $10 billion BUT our economy boomed by $85 billion.

Our economy was worth $75 billion in 1999 and now its worth $160 billion.

I see you have not included the loans taken out by pakistan or that the civilian govt was under sanctions.
Has the gap between the rich and poor increased or decreased during mushy's reign..?

 

[dabong1]

Pakistan: $23.8 billion corruption from privatization under Musharraf

"1550 billions Rupees (US$23.84 billion) worth of corruption in Privatization process during 8 years of Musharraf dictatorship."
Farooq Tariq, Labor Party Pakistan: There has been massive corruption during the eight years of Musharraf-Shoukat power period from 1999 until 2007. It is very clear that the privatization process has not been proved as a key to economic development as was claimed by the government, but instead a total disaster for the economy.
On 12 November 2007, the former Prime Minister Shoukat Aziz claimed that we have earned 417 billion Rupees ($6.41 billions) through privatization, a record amount according to him. While, only 57 billion Rupees ($.870 million) were fetched altogether from 1991 until 1999 by the civilian governments, he said the corner stone of our economic growth has been liberalization, deregulation and privatization.
However, today, in June 2008, it is clear to every one in Pakistan that there has been massive economic decline during the period of military led civilian government of Shoukat Aziz. According to conservative estimate of Anti privatization Alliance Pakistan, a massive 1550 Billion Rupees ($23.84 billions) corruption has taken place during 8 years of Musharraf-Shoukat Aziz privatization push. This is a record during any time of 61 years of independence of Pakistan by a government in the looting and plundering of state assets.
A record 700 billion Rupees ($10.76 billions) of corruption has taken place during the privatization of financial institutions. When Habib Bank Limited (HBL) 51 percent shares were sold out to Agha Khan Fund For Economic Development in December 2004 for only 22 Billions Rupees, its total assets were more than 570 billion Rupees ($8.76 billions). While another large bank, United Bank Limited (UBL) was sold out only for 13 billion Rupees. HBL had 1437 branches and another 40 branches abroad in 26 countries with ownership of the buildings that the branches are functioning. The sale of these two banks on a very throw away prices is the largest financial scandal in Pakistan history. The 26 per cent shares privatization of Pakistan Tele Communication Limited (PTCL to Dubai based Aitsalat with management rights for only 157 Billions Rupees ($2.59 billion) is another gross violation of the rules set up even by Privatization Commission Pakistan. The Aitsalat bought PTCL after a 10 days strike against privatization by workers was crushed by the military regime in June 2005. The company then refused to take over and wanted more concessions. At the demand of the private company, it was agreed by the PC that another $370 million be reduced from the original price and the rest of the amount to be paid in installments.
Aitsalat announced at the time of privatization in 2005, that none of the 70,000 workers would loose their jobs. However, in 2007, the company has kicked out 30,000 workers on the name of so-called voluntary scheme.
Karachi Electrical Supply Corporation (KESC) was sold out for only 16 billion Rupees. It failed to improve any electricity supply, on the contrary, there has been regular load shedding and most of the political parties have demanded to renationalize the KESC.
There has been a severe crises of agriculture due to the privatization of fertilizer public companies. Pak Saudi Fertilizer in Mir Pur Mathelo wan handed of to Fauji (military) Foundation in 2002 for just 8 billion Rupees. At the time, it annual profit was more than 4 billion Rupees. At Multan, Pak Arab Fertilizer was handed over to Arif Habib Group for only 13 billion Rupees. The price of the land of this factory was over 40 billion Rupees at the time of sale in 2006. On 15 July 2006, the largest Public sector factory Pak American Fertilizer was handed over for just 16 billion Rupees.
After the privatization of these factories, the price of a pack of fertilizer has gone up from Rupees 1300 to 3700 Rupees. This has put a massive extra burden on the peasants and all agricultural inputs have gone up.
Lahore historic Fallaties hotel is sold out for only 1.21 billion Rupees. It is located in the heart of Lahore with over 50 canal of precious land.
A large-scale corruption is witnessed in almost every deal done by the PC. There has been improvement of the quality of the good produced by these companies according to one independent research. There has been a massive price hike of the product produced by these privatized companies. The economy is in consistence decline. As a result, the trends of monopolizations have increased and the multi national companies have further monopolized the economy. These all facts negate the very justification of privatization.
Unfortunately, the present Pakistan Peoples Party government has continued the policies of the former Musharaf Shoukat regime. The former government proudly declared that three main pillars of the Pakistan so called economic growth rest on liberalization, deregulation and privatization. The PPP government has no different options than these three.
The new finance minister of PPP has been the chairperson of Privatization Commission and minister privatization during the previous two periods of Benazir Bhutto government (1988-90, 1994-1996). He declared on 30 April 2008 that we have learned a lot from our previous experiences and we will do a “clean” privatization. He also tried to justified privatization as “pro worker and pro-people”.
The issue is not of clean or corrupt privatization. The process it self is anti worker and anti people as has the experience shown in Pakistan and internationally. The result has been that it has promoted unemployment, price hike, monopolization, low quality, inefficiency and huge profits for the rich.
Under Nawaz Sharif power period from 1990-1993, it was declared that proceeds of privatization will be distributed equally for defense, repayment of the foreign loans and social welfare. The Nawaz Sharif government did not practice this formula but at least that was the declared purpose. Under Musharaf Shoukat Aziz, this formula was changed and it was made clear that 90 percent of the income will go for the repayments of the foreign debts. The rest of 10 percent would be used for expenditures Privatization Commission and social welfare.
The Musharaf Shaukat regime earned 2.5 billion Dollars during 2006-2007. The target for the next year was around 3.5 billion Dollars. If the chief justice of Supreme Court of Pakistan had not stopped the privatization of Pakistan Steel Mills Karachi in 2006, the former regime would have sold most of the public institutions on throwaway prices. This would have been like selling Pakistan.
Still, the website of Privatization Commission updated in March 2008 announces the planned privatization of Pakistan Railways, Pakistan International Airlines (PIA), State Life Insurance Corporation, Oil and Gas Development Corporation, Sui Northern and Sui Southern Gas Companies, Faisalabad Electric Supply Corporation, Peshawar Electric Supply Corporation, National Fertilizer Corporation, Port Qasim Authority, Civila Aviation Authority, Karachi Port Trust, Printing Corporation of Pakistan, All Utility Stores and Corporation, Rice Export Corporation, Cotton Export Corporation and Convention Center Islamabad.
We demand from PPP government that it stop the process of privatization. An independent commission should be established to investigate the corruption involved in the previous privatizations. Abolish the Privatization Commission and Privatization Ministry. The Protection of Economic Reform Ordinance should be withdrawn. The Ordinance gives constitutional protection to the process of privatization.
Here are some facts:
According to the Privatisation Ordinance 2000, the purpose of privatization is Pakistan poverty alleviation and repayments of foreign debts. During 15 years of privatization in Pakistan, these two purposes have not been accomplished. When privatization started in 1991, the foreign debt was 23.323 billion Dollars. Now, in 2008, it has gone up to 45 billion Dollars. While internal debts are on ever increase. Poverty has increased according to all the surveys by government and independent organizations. It is estimated that over 45 percent of Pakistan population lives under poverty line. The national growth of economy during the previous decade (1981-1991) has been on everage 6.7 perecent. However, during the decade of privatization (1991-2001), it has been reduced to 4.4 percent.
The direct negative impact of privatization has been seen on working class. 600.000 workers has lost their jobs during the 15 years of privatization from the institutions that has been privatized. Most of privatized factories work on contract system. There are no permanent jobs in these factories. Labour patron have been changed the privatization has pushed flood of informal sector. A severe exploitation of workers - particularly women workers - is taking place in informal sector. No labour laws have been imposed in informal sector. According to the report of Public Inquiry Committee of National parliament 2002, there is no clue of 80 billion Rupees earned by Privatization Commission.
The privatization process help create cartels. 5 large cartels has been established during the last 10 years which has looted the masses on unprecedented level. They are:

Oil cartel based on 10 oil companies,
Brokerage cartel based on 4 groups,
Auto mobile cartel based on 3 companies,
Sugar cartel based on 24 companies,
Cement cartel based on 10 companies.
The creation and effective functioning of these cartel has resulted an unprecedented price hike and an incredible profits of the companies associated with these cartel. The privatization process in Pakistan has weakened the trade union movement as well. The membership is on ever decline. The membership of the registered trade unions was 870000 in the early eighties, now in 2007, it has declined to 296250.
Privatization is a political weapon in the hands of the capitalists. It is not just an economic attack but a political attack as well. It stop the growth of social, political and class based consciousness. It reduces the social capital and increase the private capital. Instead of social need, it creates and increase the private greed.
The World Bank, Transparency International and other international institution talks of state corruption but never speak about the corruption involved in privatization process. The stories of corruption during the privatization process are in abundance in every country. But are ignored for political reasons. We are happy to hear the stories of re-nationalization of privatization companies in several Latin American countries. That is the only answer to be followed by all countries.
Privatization in Pakistan must stop otherwise the PPP government will also see the same results of price hike, unemployment and monopolization of economy in Pakistan thus loosing its remaining social basis among the working class of Pakistan. The Anti Privatization Alliance will do its best to stop the path of privatization by launching the movement and exposing the corruption and other irregularities in the process.

 

[mujahideen]

I think you forget it was all blood money that helped in "Building up the economy".
Keep attacking the taliban/afghanistan and pakistan will keep getting paid.

Yes we will keep attacking the taliban and the Afghans. What have they given us?

 

[mujahideen]

No one cares dear bro, we have lost our ground, only Allah can save us

Yes only he can save us, he is almighty. But if we ourselves dont try he wont help either. He says ask me I will give. We instead ask men. Men who are not worthy of what Allah has given them. Now I am not going to defend President Musharraf but in my opinion he is the right person for Pakistan.

 

[niaz]

Pakistan: $23.8 billion corruption from privatization under Musharraf

"1550 billions Rupees (US$23.84 billion) worth of corruption in Privatization process during 8 years of Musharraf dictatorship."
Farooq Tariq, Labor Party Pakistan: There has been massive corruption during the eight years of Musharraf-Shoukat power period from 1999 until 2007. It is very clear that the privatization process has not been proved as a key to economic development as was claimed by the government, but instead a total disaster for the economy.
On 12 November 2007, the former Prime Minister Shoukat Aziz claimed that we have earned 417 billion Rupees ($6.41 billions) through privatization, a record amount according to him. While, only 57 billion Rupees ($.870 million) were fetched altogether from 1991 until 1999 by the civilian governments, he said the corner stone of our economic growth has been liberalization, deregulation and privatization.
However, today, in June 2008, it is clear to every one in Pakistan that there has been massive economic decline during the period of military led civilian government of Shoukat Aziz. According to conservative estimate of Anti privatization Alliance Pakistan, a massive 1550 Billion Rupees ($23.84 billions) corruption has taken place during 8 years of Musharraf-Shoukat Aziz privatization push. This is a record during any time of 61 years of independence of Pakistan by a government in the looting and plundering of state assets.
A record 700 billion Rupees ($10.76 billions) of corruption has taken place during the privatization of financial institutions. When Habib Bank Limited (HBL) 51 percent shares were sold out to Agha Khan Fund For Economic Development in December 2004 for only 22 Billions Rupees, its total assets were more than 570 billion Rupees ($8.76 billions). While another large bank, United Bank Limited (UBL) was sold out only for 13 billion Rupees. HBL had 1437 branches and another 40 branches abroad in 26 countries with ownership of the buildings that the branches are functioning. The sale of these two banks on a very throw away prices is the largest financial scandal in Pakistan history. The 26 per cent shares privatization of Pakistan Tele Communication Limited (PTCL to Dubai based Aitsalat with management rights for only 157 Billions Rupees ($2.59 billion) is another gross violation of the rules set up even by Privatization Commission Pakistan. The Aitsalat bought PTCL after a 10 days strike against privatization by workers was crushed by the military regime in June 2005. The company then refused to take over and wanted more concessions. At the demand of the private company, it was agreed by the PC that another $370 million be reduced from the original price and the rest of the amount to be paid in installments.
Aitsalat announced at the time of privatization in 2005, that none of the 70,000 workers would loose their jobs. However, in 2007, the company has kicked out 30,000 workers on the name of so-called voluntary scheme.
Karachi Electrical Supply Corporation (KESC) was sold out for only 16 billion Rupees. It failed to improve any electricity supply, on the contrary, there has been regular load shedding and most of the political parties have demanded to renationalize the KESC.
There has been a severe crises of agriculture due to the privatization of fertilizer public companies. Pak Saudi Fertilizer in Mir Pur Mathelo wan handed of to Fauji (military) Foundation in 2002 for just 8 billion Rupees. At the time, it annual profit was more than 4 billion Rupees. At Multan, Pak Arab Fertilizer was handed over to Arif Habib Group for only 13 billion Rupees. The price of the land of this factory was over 40 billion Rupees at the time of sale in 2006. On 15 July 2006, the largest Public sector factory Pak American Fertilizer was handed over for just 16 billion Rupees.
After the privatization of these factories, the price of a pack of fertilizer has gone up from Rupees 1300 to 3700 Rupees. This has put a massive extra burden on the peasants and all agricultural inputs have gone up.
Lahore historic Fallaties hotel is sold out for only 1.21 billion Rupees. It is located in the heart of Lahore with over 50 canal of precious land.
A large-scale corruption is witnessed in almost every deal done by the PC. There has been improvement of the quality of the good produced by these companies according to one independent research. There has been a massive price hike of the product produced by these privatized companies. The economy is in consistence decline. As a result, the trends of monopolizations have increased and the multi national companies have further monopolized the economy. These all facts negate the very justification of privatization.
Unfortunately, the present Pakistan Peoples Party government has continued the policies of the former Musharaf Shoukat regime. The former government proudly declared that three main pillars of the Pakistan so called economic growth rest on liberalization, deregulation and privatization. The PPP government has no different options than these three.
The new finance minister of PPP has been the chairperson of Privatization Commission and minister privatization during the previous two periods of Benazir Bhutto government (1988-90, 1994-1996). He declared on 30 April 2008 that we have learned a lot from our previous experiences and we will do a “clean” privatization. He also tried to justified privatization as “pro worker and pro-people”.
The issue is not of clean or corrupt privatization. The process it self is anti worker and anti people as has the experience shown in Pakistan and internationally. The result has been that it has promoted unemployment, price hike, monopolization, low quality, inefficiency and huge profits for the rich.
Under Nawaz Sharif power period from 1990-1993, it was declared that proceeds of privatization will be distributed equally for defense, repayment of the foreign loans and social welfare. The Nawaz Sharif government did not practice this formula but at least that was the declared purpose. Under Musharaf Shoukat Aziz, this formula was changed and it was made clear that 90 percent of the income will go for the repayments of the foreign debts. The rest of 10 percent would be used for expenditures Privatization Commission and social welfare.
The Musharaf Shaukat regime earned 2.5 billion Dollars during 2006-2007. The target for the next year was around 3.5 billion Dollars. If the chief justice of Supreme Court of Pakistan had not stopped the privatization of Pakistan Steel Mills Karachi in 2006, the former regime would have sold most of the public institutions on throwaway prices. This would have been like selling Pakistan.
Still, the website of Privatization Commission updated in March 2008 announces the planned privatization of Pakistan Railways, Pakistan International Airlines (PIA), State Life Insurance Corporation, Oil and Gas Development Corporation, Sui Northern and Sui Southern Gas Companies, Faisalabad Electric Supply Corporation, Peshawar Electric Supply Corporation, National Fertilizer Corporation, Port Qasim Authority, Civila Aviation Authority, Karachi Port Trust, Printing Corporation of Pakistan, All Utility Stores and Corporation, Rice Export Corporation, Cotton Export Corporation and Convention Center Islamabad.
We demand from PPP government that it stop the process of privatization. An independent commission should be established to investigate the corruption involved in the previous privatizations. Abolish the Privatization Commission and Privatization Ministry. The Protection of Economic Reform Ordinance should be withdrawn. The Ordinance gives constitutional protection to the process of privatization.
Here are some facts:
According to the Privatisation Ordinance 2000, the purpose of privatization is Pakistan poverty alleviation and repayments of foreign debts. During 15 years of privatization in Pakistan, these two purposes have not been accomplished. When privatization started in 1991, the foreign debt was 23.323 billion Dollars. Now, in 2008, it has gone up to 45 billion Dollars. While internal debts are on ever increase. Poverty has increased according to all the surveys by government and independent organizations. It is estimated that over 45 percent of Pakistan population lives under poverty line. The national growth of economy during the previous decade (1981-1991) has been on everage 6.7 perecent. However, during the decade of privatization (1991-2001), it has been reduced to 4.4 percent.
The direct negative impact of privatization has been seen on working class. 600.000 workers has lost their jobs during the 15 years of privatization from the institutions that has been privatized. Most of privatized factories work on contract system. There are no permanent jobs in these factories. Labour patron have been changed the privatization has pushed flood of informal sector. A severe exploitation of workers - particularly women workers - is taking place in informal sector. No labour laws have been imposed in informal sector. According to the report of Public Inquiry Committee of National parliament 2002, there is no clue of 80 billion Rupees earned by Privatization Commission.
The privatization process help create cartels. 5 large cartels has been established during the last 10 years which has looted the masses on unprecedented level. They are:

Oil cartel based on 10 oil companies,
Brokerage cartel based on 4 groups,
Auto mobile cartel based on 3 companies,
Sugar cartel based on 24 companies,
Cement cartel based on 10 companies.
The creation and effective functioning of these cartel has resulted an unprecedented price hike and an incredible profits of the companies associated with these cartel. The privatization process in Pakistan has weakened the trade union movement as well. The membership is on ever decline. The membership of the registered trade unions was 870000 in the early eighties, now in 2007, it has declined to 296250.
Privatization is a political weapon in the hands of the capitalists. It is not just an economic attack but a political attack as well. It stop the growth of social, political and class based consciousness. It reduces the social capital and increase the private capital. Instead of social need, it creates and increase the private greed.
The World Bank, Transparency International and other international institution talks of state corruption but never speak about the corruption involved in privatization process. The stories of corruption during the privatization process are in abundance in every country. But are ignored for political reasons. We are happy to hear the stories of re-nationalization of privatization companies in several Latin American countries. That is the only answer to be followed by all countries.
Privatization in Pakistan must stop otherwise the PPP government will also see the same results of price hike, unemployment and monopolization of economy in Pakistan thus loosing its remaining social basis among the working class of Pakistan. The Anti Privatization Alliance will do its best to stop the path of privatization by launching the movement and exposing the corruption and other irregularities in the process.

This article is written by a certain Mr Farooq Tariq of Pakistan Labour Party which is against privatization. Because in state owned industries it is a virtual job for life whether you do any work or not. Let us analyse what he says it systematically.

Who is Mr Farooq Tariq? I had never heard of him before. To the best my knowledge, he is neither a famous economist nor a well-known journalist. It is obvious that he is a die hard socialist and against privatization in the first place. Socialist/ state owned system has already failed with the demise of USSR and China going capitalist in a big way. I am not prepared to accept his figures without at least digging a little deeper

Firstly, the privatization. Let us not forget that Pakistani state’s actual assets in the industry were National Bank of Pakistan, PIDC units, PIA, PTCL, Railways WAPDA and OGDC. All other assets were acquired thru whole sale nationalization during PPP first government in 1971.

Up until 1970, Pakistan economy was on an upward trend and we had a higher per capita GDP than India. Up came Dr Mubashshar Hassan, (hope he suffers for what he did to Pakistan's economy, in after life) and PPP; they nationalised every industry. GDP went negative and we suffered for more than a decade until Zia ul Haq reversed the trend. Please understand that nowhere in the world has state organizations run profitably. Whether it is USA or UK, state enterprises are the least productive. Pakistan is not oil based economy and has no money to waste. Only way to compete at international level is to improve productivity and this can only be achieved thru greed; yes greed for money by an entrepreneur.

Secondly, it is implied that privatization program was started by Musharraf regime. Nothing can be further from the truth. Privatization program started during Zia's time. It continued during two tenures of BB and of Nawaz Sharif. I have visited the website of Privatization Commission. Here is some of the analysis.

Total transactions for privatization as of June 2007 were 165. Out this 103 transactions took place before October 1999, in other words over 60% of the privatization transaction occurred before Musharraf came into the picture. Did any one try to see how much corruption occurred in those days?

Total Revenue received was Rs 457. 76 billion. Out of this Rs 58.90 billion were sold pre Oct 1999.This means that total revenue received during Shaukat Aziz/Musharraf until June 2007 was Rs 398.85 billion. The article talks about corruption of Rs 1550-billion which is 4 times the total value of the transactions! This figure is obviously cooked up by the author by assuming a value of the units without any basis whatsoever.

As an example I quote from self reference.

My company was part of one of the consortiums short listed for PSO privatization so I did some due diligence on it.

How does one evaluate a company? I started with the latest financial statements. Since 1998 the company has been showing approx 6% return on owner’s equity and $4% return on assets. It is not a lot. It has 3,700 retail outlets (most built on leased land and not owned). It has 9 installations, 23 storage depots and about 860, 000 metric tons of storage capacity.

Net profit based on 9 months up to March 2007 when annualized amounted to Rs 1,490-billion or $24-million at Rs 60 = 1US$. A straight forward valuation, assuming that I require 10% return on my investment, would be around $300-million. However GOP was expecting around $600-million for 51% equity.

Someone like Mr. Farooq Tariq can assume that PSO has 3,700 petrol stations. One petrol station is at least on 1000 sq yards, currently 1000 sq yd land in Pakistan is at least 1 crore rupees which equals $166,000. It means that land of petrol stations alone is worth $614-million. Highway robbery!!.


Now let us examine just two of the cases listed.

HBL privatized on June 18, 2005. According to an article by Jang group.
www.jang.com.pk/ads/hbl/Ten Years at a Glance.pdf

Total equity of the HBL group as of 2002 was Rs 19.7 –billion. GOP sold 51% shares in June 2005 for Rs 22-billion. One mustn’t forget that to count Bank’s deposits as assets is incorrect. This is actually a liability as these belong to the depositors and not to the owners of the Bank.

Pray tell me where is the looting of assets?

PTCL total owners equity value at the time of privatization was Rs 83.6-billion or $1.4 billon. The winning bid by Etisalat of UAE was $2.6-billion for 26% of the assets. This bid was twice the next highest bid by Singtel. Actually Etisalat wanted to pull out of the deal and claimed that they were wrongly advised by their consultants, Shaukat Aziz had to discuss it with the ruler of Abu Dhabi, before Etisalat agreed to honour their commitment.

Mr. Farooq Tariq uses this example of corruption! Would any one call selling 364-million worth of assets as valued in the Financial Statements for $2.6-billion as corruption!!. Not a single industry privatized during Shaukat Aziz has been closed and assets parceled off.

I give up on malevolence of my countrymen and the ignorance of the people who believe such total nonsense.

 

[opinion786]

Well said Niaz! It sure saved me a reply!


This article by Tariq faoorqi is based on lies!
[Europe Solidaire Sans Frontières] The corruption in Privatisation: Pakistan Steel Mills case

1- Tariq Farooqi belongs to Anti-Privitization Alliance & is General Sec of Labor Party. Hence he’s manipulated tool to some anti-Musharraf party & obviously his reason to distort facts & misguide.

2- From where did he calculate the exaggerated worth of Steels Mills of Rs.300 bn ($5bn)?

3- He also states & lies that Net Profit for 2003/04 was over Rs.5 bn, paying tax upto Rs.9 bn!

4- Tariq states Steels Mills has 13,080 workers. WRONG!

5- Tariq's article LIES when he states Steels Mills has “no loan” ????? Blind lies!

6- Tariq's intention becomes clear when he states his Unions CONFLICT with other Unions present into the Steels Mills i.e United Workers Union, Labour league, PASLOW, etc. Meaning 3 Labor parties against Tariq Farooqi’s Labor party.

Now my REPLIES:

1- The official stated figure calculated in 30-6-99 (not in Musharraf era) amounted to Rs.17 .64 billion. www.edb.gov.pk/Corporations/STEEL/Pak Steel.pdf

2- Even if we take 4 times the figure, the worth is Rs.70.56 bn ($1.13 bn). NOT the $5 bn stated by Tariq Farooqi.

4- Steels Mills has total 16,800 workers paid by PSMC. Tariq stated 13,080. AAJ TV : Pakistan Ki Awaz

5- IN 1999, Steels Mills had loan of Rs.19.11 bn, which is being RE-PAID under Musharraf era and now only Rs. 4 billion left. Tariq DID NOT metion the DEBTS! AAJ TV : Pakistan Ki Awaz \

6- Tariq Forooqi lied when he stated PSMC paid “Taxes upto Rs.9 bn in 2004. The Financial Statements CONFIRM that taxes paid in 2004 were Rs.2.2bn and 2005 were Rs.3.886 bn ONLY!

From the financial statements, July 2005 Net WORTH shown in Citibank statement for 2005 is $349 (including LONG term assets –which includes LAND) and while Saudi Group was buying it for $362 million. The worth of ACTUAL PLANT sold amounts around to only $82,000.
http://www.privatisation.gov.pk/industry/PDF File/PSMC Summary Info - 27-09-05.pdf

 

[Ehsan]

Musharraf is the Best Man for Pakistan , I Support him