Shabbar Zaidi briefs ISI on export-oriented sectors

[xyxmt]

Army should have groups of economist, legal advisers, commerce people and foreign language writers/journalists.. also make it etc also make movies/dramas/songs regularly.. etc

they actually do, all Armies do

Weird thing about pakistan is. Pakistan Intelligence agency and army indulged in all sort of work but not what they are meant to do.

To February 27 ko Ice cream vendors ne India me ghus ke mara tha?

 

[1Paki$tani]

Report is coming from Jang group. SO I will take it with pinch of salt.

Though what could have happened was working our intelligence arrangement to detect hidden wealth and tackle money laundering and terrorism financing for which ISI is valid agency to provide contribution.

 

[Thorough Pro]

Not ISI's job. Civilian agencies specially FIA should do it.

here is an idea why doesn't ISI have a monitoring sections of money being transferred out of country and being transferred into the country. It will be a great help.

 

[Imad.Khan]

Is this news real? What does ISI has to do with export?

exactly what i was thinking, why would ISI care about the release of sales tax refunds?

 

[Zarvan]

Just like CIA our ISI should have scientists and economists and other experts to do analysis on different issues in society. Give their ideas for solutions.

 

[blueazure]

the imf madness continues,

intl jewish bankers have given shabbar the tgt of 5500bn in tax revenue, or else .......

there are reports that govt is trying to drag army into tax collection ... god help us now


PTI is turning into a disaster

 

[ps3linux]

In fact it was ISI that caught money laundering network of Nawaz Sharif and Zardari

Some food for thoughts, firstly the news was reported or fabricated by just one media house so bit of a question mark.

Lets assume it did take place why would Inter Services require S.Z and team to brief them on exports. There is no concept of financial forensics in Pakistan as a discipline, NAB does it mostly with the help of Bankers. No wealth management/no private banking/venture capitalism/ private equity/options/commodities experts one of the reasons all cases brought against the politicians in Pakistan are build around banking transactions.

ICAP is incompetent and incapable of training its new recruits along these lines, they have more important things like deciding how many candidates to fail this year, which community will have a lions share in the passing candidates and how to block ICAEW/ACCA/ICMA students and companies from getting a foothold in Pakistan, and more noble causes along these lines. BTW, Indian CA student spends a year in one semester whereas ICAP does it in 6 month where many a times the course books arrive after 3 months of semester start, but then again ICAP makes sure that its students are at par with indian by strictly ensuring a 3 hours paper which can only be solved in 4.5 hours, average pass percentage is in single digits.

A premier intelligence agency must know about imports/exports and money laundering since we don't have financial forensic expertise, the next best thing are the guys who have been on the side of tax evaders and money launderers throughout their lives, bingo FBR and Shabbar, I would have preferred ICAP top and the partners of Big 6.

Nonetheless lets assume I export say textiles, how would I screw the country. First I will establish a sub company in dubai/UAE/hell even U.K with a different name and complex layered ownership.

My UK/off shore company will secure an order of $100 million from say Makro Europe, now this company will relay the order as import order to Pakistan based company for $50 million (cheap labor, subsidies, cheap gas etc) so Pakistan exports are $50 million. As per SBP Forex the transaction has to be competed within 180 days mean I have to report arrival of dollars to SBP within 6 months.

Since I know that ruppee will depreciate or I am betting against PKR so I will keep those dollars abroad for full six months, invest in real estate in dubai, mittal steel in india or Comex or business. When I bring the money by 180th days I have already gained due to exchange rates differential, earned abroad in six months. BTW The transaction by my subsidiary company was $100 million so at the cost of Pakistan Tax payers I got subsidies, paid zero tax, earned 100 million, reported 50 still earned on that 50 million by keep it abroad and benefited through rising exchange rates. and I have not added the variable of drug smuggling in exports.

Does it sounds fictional? Why despite continuing subsidies, GSP Plus status, zero tax regime the exports have not picked up rather declined. BTW most of the export oriented companies are not even listed on PSX so no board meeting (family ownership) no truly audited financials (not that the auditors cannot be coerced).

Over the years (my career in financial industry of Pakistan) I have come across bankers, lawyers, NAB people, Auditors both inter (CIA) and external (ACCA/ACA), SECP Auditors, SBP Auditors honest to God I found none of them to be able to do a financial forensic investigation as a whole package their expertise in identifying anomalies(corruption/etc) is just limited to their own filed no wholesome package and we are not working in that direction either. DOing the same in the international arena impossible. Took me 4 hours to elaborate a financial transaction of 150 million PKR made by an ex finance minister to settle the Haq Mehar of his new wife, the audience was a premier investigation wing even after 4 hours I knew they only understood 50% of the transactin and its modus operandi.

What is the role of National Development Council? is Army Chief part of NDC? What would Inter Services do? Would catching such thief's benefit Pakistan?