an interesting article i came across so thought of sharing it with members here !!
Nawaz Sharif's Lies to the Nation about Ittefaq Foundries - Gen. Zia's Minister Lt-Gen Saeed Qadir reveals the truth - (with thanks to Nizami Khaled)
Being forwarded as received.
Panama Leaks.
Prime Minister Nawaz Sharif lied to the Nation yesterday about Ittefaq Foundary. Here is an eye witness account. The main actor Lt Gen R Saeed Qadir who was then Minister in Zia's cabinet is still alive. Sharif Family benefited by Rs. 800,000,000/ way back in 1979 and also fired 2000 workers. We need forensic auditors and not Judicial Commission.
"We had read that the original Ittefaq Foundry, which was nationalized by Bhutto had been privatized and handed over back to the family. It did not occur then, as to why only this particular industry was handed back and that if the Military Government had made a policy to denationalize all the assets taken over by the previous Government or that it was purely an exception. I was to soon find that out!
My father in-law brought his first cousin Mr C.M.Latif to meet with me and to see if I could possibly help him. He was the owner of Batala Engineering Company (Commonally called BECO) and the same had also been nationalized by Bhutto regime. He wanted me to request Lieutenant General Saeed Qadir to privatize the same as they had done in the case of Itehfaq Foundry. I promised to help.
The next day I went to see Lieutenant General Saeed Qadir and placed the request before him. He told me that BECO had piled up losses worth Rupees Forty Crores and that C.M. Latif should accept those. He also told me that that BECO had a work force of 2,000 workers which also be retained by the company as he will not retrench any worker. If the management would agree to these conditions, he will be willing to privatize the Company.
In the evening I called up Mr C.M.Latif and told him of my earlier discussions at GHQ. He had a big laugh and said, “Brigadier Sahib, Saeed Qadir has made a big fool out of you.” I was very upset at that and asked him to explain the point. He asked me if I knew the terms and conditions on which Ittefaq Foundry had been de-nationalized. I told him no. His answer was I will tell you that. While elaborating that, he told me, “They also had losses of Rupees Forty Crores and a work force of 2,000 workers. And in their case the Government has written off the total losses and has retrenched the entire work force and has given back the Company free of any encumbrances. To crown it they have been provided a grant of Rupees Forty Crores.”
I was completely taken aback by those clarifications. In rage I went back to the office of Lieutenant General Saeed Qadir the very next day. I strongly protested at the answer that he had given to me on the privatizing of BECO the previous day. I was clamoring as to why these different policies and as to why does he not have one uniform standard approach. His reply was, “Why are you fighting with me? Why don’t you tell C.M.Latif to send his son-in-law, Ambassador Waheed who is the first cousin of both General Zia and his wife, and ask Gen Zia to give me instructions that I should offer the same terms and conditions as I have allowed Ittefaq Foundries? Without that how do you expect that I can allow these terms and conditions to BECO on my own?”
It explained everything. A special favour had been done to the Sharif family for a special cause and purpose! This special concession, which is plain and simple graft, they further exploited by using their positions as Chief Minister Punjab and even as Prime Minister. There were no end and limits to their greed and it is in knowledge of all as to how business was secured for their Foundries defying all rules and regulations.
Now, they loot all the money and launder it abroad and tell the world that it is their legitimate investment from work abroad. Who can ever believe that?"
Posted on Apr 11, 16
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