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Archive for category LEECHES ON PAKISTAN ECONOMY

SURREPTITOUS SALE OF OGDCL SHARES : An open appeal to the Chief Justice By Maj Gen (Retd) Parvez Akmal

An open appeal to the Chief Justice

Honourable Chief Justice of Pakistan,

THAT, after the sellout of $ 913 m worth of OGDCL’s global depository receipts in a hush-hush manner by Shaukat Aziz government in 2006, all eyes in the international market are fixed on the lucrative sellout offer of our largest and most profitable national oil and gas company’s 10 pc shares yet again.

That, although the Honourable Apex Court had acknowledged the Federal Government’s right to sell the said shares, I beg to submit before your Honourable Lordship what all is not right in this exercise undertaken by the Privatization Commission.

That, done in the least transparent manner, the very selection of M/s Merrill Lynch and City Group, both American based consultants, violates the World Bank’s rule of ‘quality and cost’ based selection of consultants.

That, the consultants’ track record in Pakistan’s context has been highly questionable. M/s Merrill Lynch were denied payment of an upfront fee of $ 21 m in the early 2000s by OGDCL, when this scribe was the managing director, precisely for the same reasons. As of now, the Privatization Commission must declare how much upfront fee the consultants have been paid for this sellout. Again, the Privatization Commission must clarify whether or not Merrill Lynch facilitated the sellout of government’s 20 pc shares in the Badin Oil Field to BP at a paltry $ 73 m when the government was getting oil worth more than that amount annually from that share-holding. As for M/s City Group, their $ 913 m sellout of GDRs of OGDCL, the mega corruption at London and Luxemburg stock exchanges, still continues to baffle us.

That, very like the 2006 sellout, the shares have again been floated at those foreign stock exchanges where few questions are ever asked about any violations of the American Foreign Companies Corrupt Practices Act (FCCPA)-1977.

That, regardless of how many foreign directors come aboard OGDCL after this sellout, the whole exercise is already being steered by the foreign hands. The Minister of State for Privatization has strong IBM linkage. He is also the Minister of State for Investment as well as Advisor to the PM on Tax Reforms; conflicts of interests abound. OGDCL’s chairman has M/s Lasmo and Eni background with questionable credentials. For nearly ten years OGDCL has only had acting managing directors to serve the vested interests.

That, last but not the least, there are few examples in the region where strategic Oil & Gas assets are ever sold out in that manner. In fact most countries, like China, India and Malaysia continue to acquire such assets both at home and abroad.

That, my humble prayer, Honourable Chief Justice, is to kindly take a suo-moto notice and stop this thoughtless sellout which is definitely not in the interest of the Islamic Republic of Pakistan which has long been confronting serious internal and external threats to its very existence.

 

Maj Gen (Retd) Parvez Akmal

Former Managing Director OGDCL (May2000-March 2003)

A 31, Street : 8, DHA-I, Islamabad

 ogdcl-discovers-oil-in-sindh-1415224004-7191

Subject : OGDCL Shares’ Sellout
Assalamu ‘Alaikum, 
Encouraged by your kind support, I am giving a brief rundown of events behind the media scenes. On October 13, I had attended a hearing on the subject at the apex court where I was representing OGDCL labour union. The latter’s application was, however, turned down on technical grounds for the ”labour unions shouldn’t interfere in policy matters”.
 
I had also joined the labour union at the Islamabad press club where we made speeches on the subject but to little avail. The following day the Union’s rally confronted a police crack down. A rumpus followed in the Senate and Parliament for a couple of days and then all went quiet on the sham ‘charter of democracy front’. Alas, IK’s  dharna didn’t touch the subject, perhaps because Asad Umer’s brother is the minister of state for privatization; see, not all the siblings should be in the same party to keep any family always atop! Kadri kept quiet too despite a detail briefing by an OGDC officer on my four part article ‘Eergy security aur loot sale’ published in Nawaiwaqt (12,13,14 & 15 Oct); probable reasons later some time.    
 
On November 7, I made another effort. The attached open appeal to the honourable CJ has been sent to the dailies Dawn, News, Nation et al; though I wonder they’d publish it and, therefore, I would also be sending a signed hard copy to the registrar of apex court today.
Whilst we keep praying for the best, let’s never say die. Together we can halt this juggernaut of corruption and save the rest of our strategic assets and, in fact, our beloved motherland.
 
Thanking you all for your continued support which I value so much, 
Best regards,
Parvez Akmal. 

An Update: Geo Laments

Sale of OGDCL shares deferred
November 08, 2014 – Updated 1316 PKT
From Web Edition
ISLAMABAD: The Finance Ministry has decided to defer the sale of 10 per cent government shares of OGDCL. 

The decision to defer the sale was made by the privitisation committee as the target of $800 million was not expected to be met. This was due to the decrease in the price of crude oil in the international market.

 

 

The Privitisation Commission had made a plan for the sale of the shares, but this was delayed due the sit-ins and during this period the price of crude oil decreased.

 

The floor price of Rs216 per share had been approved with an estimated 322 million shares to be sold out of which 311 were to be offered to institutional investors, two thirds of the remaining 11 million shares to general public and one third to OGDCL employees.

 

On Friday, State Minister for Privatisation, Muhammad Zubair clarified that government was not privatising OGDCL as divesting some of the company’s shares could not be termed as privatisation.

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PAKISTAN THINK TANK INVESTIGATION EXPOSING THE RATS: PAKISTAN’S STATE BANK LOAN DEFAULTERS LIST: NO.1 DEFAULTER: EURO GULF ENTERPRISES

HOW TO STEAL BILLIONS OF DOLLARS IN PAKISTAN

PAKISTAN THINK TANK INVESTIGATION EXPOSING THE RATS: PAKISTAN’S STATE BANK LOAN DEFAULTERS LIST:

NO.1 DEFAULTER: EURO GULF ENTERPRISES,SHARIF BROTHERS MAJOR DEFAULTERS

 

 

Unknown-9

 

 

 

 

 

 

 

 

 

 

UPDATE

After Pakistan Think Tank Investigative Reports Publication Many of these companies changed names and morphed under different titles.But, the key characters like Younus Habib,Sharif Bros, Tawakkal Group still do business in Pakistan.Euroguld Enterprises owners have either absconded or in hiding or protected by Asif Zardari and Nawaz Sharif/

 

 

 

PAKISTAN THINK TANK INVESTIGATION EXPOSING THE RATS: PAKISTAN’S STATE BANK LOAN DEFAULTERS LIST: NO.1 DEFAULTER: EURO GULF ENTERPRISES 

Here is the URL of their company:

 

http://www.egpipes.com/contact.php

 

If Pakistanis have concrete proof of other defaulters, no on this list, we will publish it for all the world to see. Your Privacy will be protected, your name and location will not be exposed.

 

Please e-mail to:

agamjd@gmail.com

 

 

(Report by Daily Jang, 21.10.2010)


The State Bank of Pakistan presented a list of loan defaulters before the Supreme Court on Wednesday October 20, 2010.

Defaulter Company Rs. in mil.
Eurogulf Enterprises  5.342.55
Younus Habib  2.476.40
West Pakistan Tank Terminal 1.977.38
Mercury Garments Industries  1.565.89
Siraj Steels Ltd Muridke 1.412.66
Spinning Machinery Co 1.387.60
Saad Cement Ltd Karachi 1.265.97
Pakistan National Textile  1.166.45
Mehr Dastagir Spinning Mills  1.160.50
Karachi Property Investment  1.003.19
Mohib Textile Mills  1.117.49
Redco Textiles Ltd  1.116.77
Chaudhry Cables  1.050.58
Abdullah S Al Rajhiest  1.031.90
Quality Steel Works  981.60
Mekran Fisheries  960.12
Kohinoor Looms  945.41
AH International Private Limited  901.21
Coral Cast Ltd  900.92
Aziz Spinning  864.95
Rashi Testile Mills  859.17
Farooq Habib Textile  827.15
Northern Polythene  825.59
Firdous Spinning Mills  780.14
Muhammad Ibrahim Murad  748.15
Metropolitan Steel  747.67
Tristar Polyester Ltd  737.02
Bindder Insad Tourism  734.44
Commodore Industries  722.76
Target Readymade Garments  696.46
Balochistan Foundary Ltd  663.54
Tawakkal Group of Industries 642.22
First Tawakal Muzarba  628.65
Synthetic Leather Industries  620.56
Nabchoon Garments Factory  597.52
Golden Textile Mills  589.72
Mian Muhammad Sugar Mills (Owners

Sharif Brothers

584.90
Saadi Cement  584.11
Service Fabrics Ltd  571.23
Punjab Cooperative Board for Liquidation 538.23
Glamour Textile Mills  533.88
Punjab Road Transport Corporation  524.15
Ravi Agri Dairy Products 509.73
Pakistan Concrete  477.70
Pakpattan Dairies  467.12
AlJamia & Alquasi Trading  462.67
Fabri Tex Limited  454.32
Apparel Trading Establishment  454.00
Adamjee Industries  448.84







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NAWAZ SHARIF & ASIF ZARDARI’S CORRUPTION,MONEY LAUNDERING & FRAUDLY ELECTED PARLIAMENTARIANS TAKING NATION TO HELL

www.pakway.blogspot.com (27)
Pakistan Think Tank Commentary
Our Beloved 200 Million People Suffer Disaster Upon Disaster:Our Nero Nawaz Sharif & His Second Fiddle Asif Zadari Fleece The Wealth of Pakistan. Nearly $200 Bn Stolen Pakistan’s Wealth lies in Swiss Banks/.Pakistanis Die,while Nawaz sharif & Asif Zardari and their wicked Children enjoy luxurious life.
Our Young & Old Are Hungry & Thirsty;
Lets Make
Imran Khan & Dr.Tahir-ul-Qadri 
Pakistan Tehreek-i-Insaf & Pakistan Awami Tehreek
Boot The Showdaz or Scoundrels Out of The Rigged Elections Wicked Parliament
who have Robbed Quaid’s Pakistan for Almost 70 years.Worked on Western & India’s Agendas to Weaken Strategically Pakistan’s Armed Forces
Enough Already.
WE WILL NOT TAKE IT ANY MORE.
Abdul Quayyum Khan Kundi’s
Commentary 
My response to the joint session of the parliament:
Parliament has all the right to talk about the agenda of the protestors sitting outside. But what about the aggravating situation of poverty and decline in other human development index. What is parliament doing about rights of non-Muslims that are violated every day; about rising inflation which has made life miserable for over 60% of the population; about emancipation of women; about wide difference in quality of life between provinces and urban/rural; and about parochial approach of police to deal with law and order. What agenda has been set by the parliament to make Pakistan a social welfare state that was the vision of Quaid and Allama?

They should not forget that parliament is not an assembly of the elite but of people’s representative. They can protect their rights but they must not forget that the masses are watching them closely about rights of the majority and will hold them accountable. If these elites sitting in the parliament did not serve the people then they will rise up against them to snatch it from them by force.

Abdul Quayyum Khan Kundi
facebook.com/Abdul.Quayyum.Kundi
twitter.com/aqkkundi

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Salaam & Hats-Off to PM David Cameron : Islam in Actions of Premier David Cameron

Did the Pakistani media ever cover this ?

​When 

UK, Prime Minister 

​​

David Cameron failed to find a seat on public transport (UndergroundTrain) … In Pakistan can we ever imagine politicians traveling in public transport?

 ​ ​

Check this out

​ ​

!!!

 ​  

 ​
 
‘Excuse me, are you the PM?’ Indian woman asks Mr.David Cameron

 ​

London: 

October 17, 2011 

 
 
And this is me on the Tube with Dave someone or other! Passenger persuades PM to pose for photo despite failing to recognise him
 
By LYDIA WARREN 
17 October 2011
 

It was impossible to tell whether his fellow Tube passenger would be delighted or annoyed to see him – but David Cameron must have been confident that she’d at least know who he was. The Prime Minister, travelling on the London Underground to an appointment because it was quicker than going by car, tried to make a good impression with commuters by complimenting a young mother on her baby. But the conversation stalled somewhat when the baffled woman had to ask her husband who the strange man was inquiring about their child.

 

Say cheese: Sanyogita Mayer got David Cameron to pose… once she found out who he was
 

Sanyogita Mayer, 27, was travelling with her husband Yanko, 31, and their three-month-old daughter Sayama when Mr Cameron approached them. Mrs Mayer, who recently moved to Westminster from India, said: ‘We were on our way to go shopping. This man got on at Westminster and came past me and said: “Is it your baby?”

 

‘I said “yes”, and he said: “Your baby is really beautiful.”

 

‘I thanked him for saying that and he moved away but stood near me. I asked my husband: “Who is this man complimenting my baby?”

 

‘When he told me it was the Prime Minister I told him to stop joking with me. But my husband insisted so I went up to Mr Cameron and I said: “Excuse me, are you the Prime Minister?”

 

Cameron who? Mrs Mayer with her husband Yanko and their daughter, 16-week-old Sayama

 

‘He said “yes” and I started laughing. Then I apologised for having to ask him the question.’ Mrs Mayer, who has featured in eight Bollywood films, told Mr Cameron that politicians in her native India would never travel by public transport. ‘He told me he had a very busy schedule and it was quicker for him to travel by train than go by road,’ she added. Mr Cameron, who was accompanied by a (just one) bodyguard as he traveled on the Jubilee line, responded by striking up a conversation about her home country.

 

He told her that he had used the train in Delhi, visited Mumbai and once received a signed cricket ball from Indian batsman Sachin Tendulkar. Mrs Mayer, who said she felt ‘compelled’ to take a photo of the meeting, added: ‘I was so surprised that a man like him would travel on the Tube and I was very struck by how down to earth he seemed.’ Mr Cameron can at least comfort himself with the fact that he is not the first prime minister to have been overlooked on the Tube.

 

When Tony Blair tried to strike up a conversation with Georgina Leketi-Solomon in 1999, she ignored him – and the embarrassing episode was caught on camera by the press. Following the ‘misunderstanding’, Miss Leketi-Solomon was invited to Number 10 for a chat and a tour. By contrast, singer Rihanna caused a stir when she was spotted travelling on the Underground last week. She was seen taking the Jubilee line to her concert at the O2 Arena, much to the shock of fans, who posted photographs on Twitter and Facebook.

 

Flanked by security guards, Rihanna then left the station and jumped into a waiting car which drove her just 100 yards to the backstage area of the venue.

 

THE THUG CHOOR  & CORRUPT NAWAZ SHARIF’S POMP & SHOW

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Musharraf’s life versus tomato price

Musharraf’s life versus tomato price

Posted on 2013-11-21 05:09:40 by Manzoor Ali

 

Good Morning: Manzoor Ali

There are those who say that Nawaz Sharif is a stubborn politician and then there are some who say he is not a fickle politician. Those who say he is stubborn, say it negatively, meaning that he is sticking up for wrong things and the wrong time and those who claim he is not fickle mean that the PML-N chief will not deviate from his proclaimed good cause even if moving forward with becomes tough. 
In the present context many wanted the prime minister not to try the former president. They argue that Masharraf, whatever his misdeeds, is nevertheless an ex-army chief and down from the ordinary soldier up to the generals will not like him being tried and punished. For the ordinary troops it would mean degrading the whole army, those who call Nawaz Sharif a stubborn politician who images-43will need the writing on the wall and engage in combat with the generals. They say that democracy in Pakistan has been replanted and it still has to grow upwards and grow roots downwards, they also say, it is too easy to uproot the sapling of democracy. 
Total absurd who say that Nawaz Sharif is not a fickle politicians and will not change course for the right path even if things get tough. They say that, whenever, a general is tried for aborting or suspending the Constitution such apprehension will have to be faced and unless a civilian government comes forward and shows guts, some generals will always harbour the hope of becoming the rulers of the country through unconstitutional means. Those who call Nawaz Sharif \’Not a fickle politicians\’, also, say that Nawaz Sharif promised to restore the judiciary and he restored it against great odd; similarly he vowed to put Musharraf on trial, not for the personal discomfort he caused the current prime minister but for violating the constitution, and he has kept this promise in spite of threats to his government. 
For the common man, it is impossible to judge whether Nawaz Sharif is simply stubborn or just \’not a fickle politician\’ unless they either see the general punished or the army take over the country; however, right now they are definitely thinking that Nawaz Sharif has broken his promises by not bringing the prices of daily use items down; instead, the common man thinks that he has broken his vows with the people as the prices are going up and things are getting beyond the reach of the ordinary Pakistanis. 
The people see the rupee going down against the major currencies of the world and they see the prices at the local markets going up and they also see the government doing nothing about the falling rupee or the rising prices. They also see that expect for the first month when the government went after, or gave the impression of, going after the big electricity and gas thieves, it has done nothing to curb corruption. The people of Pakistan are simple but not simpletons; they know that had the government curbed line losses (code phrase for power theft), the first man to come on the television and report the success to the people would have been Khawaja Asif. However, with the way things are going they see no hope of seeing the power minister on the small screen announcing the good news. 
Unknown-49-1As I said the people of this country are simple but not simpletons; they know that had the big fish who evade paying taxes were caught and forced to pay, the first man to come on television screen and report increase in revenue from income tax would have been Finance Minister Ishaq Dar but the common Pakistani doesn\’t expect to see him soon on TV making this announcement. 
The people of Pakistan are, however, asking the question whether putting Musharraf on trial or convicting him will bring the prices of the items of daily use down? If not then the people of this country have no state in whether Nawaz Sharif is stubborn politician or a \’not fickle politician or whether the retired general is punished or left free to play gold. 
Maybe, Nawaz Sharif and his political subordinate in the government do not know but the fact is that the people of Pakistan will not vote for him because he brought the Asghan Khan case to life again or that he got Musharraf convicted for treason. They will judge their own financial conditions and ask themselves the question: Are we better off than we were five years ago? If the answer is \’no\’ they will not vote for the PML-N candidates even if Nawas puts all the other previous dictators trial, get them convicted and gets death sentences form them and hangs the skeletons of the dead dictators, the people will not vote for him. However, they will vote for him if the prices of wheat, tomato, potato and sugar go down. 
goodmornin

gfp@yahoo.com

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