Bhutto's Nationalization policy

[Sachaydino]

Re: Bhutto’s Nationalization policy

@Ali_Syed

While the banks of the country posted healthy profits in 2011 let us see the status of the corporations currently being run by the government.

Wapda currently has circular debt of 370 billion and its increasing to the tune of 15-20 billion per month.

Pakistan Railways suffered 52 billion lossbetween 2008 and 2011.

PIA’s losses have swelled to92 billion.

Pakistan Steel Mills have suffered losses of 71.4 billion during the past four years.

Bleeding the country dry: Five public entities lose Rs393b over four years

**ISLAMABAD: ****Five public sector enterprises are either operating without a governing board, or are run by unskilled persons. In the latter case, retired or serving bureaucrats, or unqualified but politically well-connected individuals, have been appointed to run these enterprises. According to sources, these entities have collectively caused Rs393 billion in losses to the national exchequer during four years of the Pakistan Peoples Party government.

**
These entities include Pakistan Railways (PR), Pakistan International Airlines (PIA), Pakistan Steel Mills (PSM), Pakistan Agriculture Storage and Services Corporation (Passco), and the National Highway Authority (NHA).

Furthermore, losses incurred by Pepco due to subsidies– estimated at Rs1.2 trillion by the finance ministry – are not included in this assessment.

Measures like the establishment of the Cabinet Committee on Restructuring (CCOR), headed by Finance Minister Dr Abdul Hafeez Shaikh, failed to achieve lasting improvements in these corporations.

A special wing of the finance ministry – the Economic Reforms Unit – also failed to effect any positive change in these loss-making corporations.

**National Highway Authority

**
The entity recorded Rs150 billion in losses during the four years under review – the highest among the five. When the PPP took over the government, the NHA recorded annual losses of Rs30 billion. These surged to Rs33.5 billion in 2008, Rs35.3 billion in 2009, Rs44.4 billion in 2010 and Rs36.5 billion in the last fiscal year, according to the official report.

**Pakistan International Airlines

**
The national flag-carrier’s accumulative financial losses in three years and nine months stood at Rs81 billion. In 2007, the entity’s annual losses had been registered at Rs13.4 billion. These surged to Rs36.1 billion in 2008, Rs4.9 billion in 2009, Rs20.8 billion in 2010 and Rs 19.3 billion losses in nine months of last year.

PIA stands out as a bad case in nepotism. Minister for Defence Ahmad Mukhtar is chairman of the board, and the government recently appointed retired Air Marshal Rao Qamar Suleman as the new managing director. The four directors of the board are qualified with, at most, a bachelor’s degree. Malik Nazir Ahmad has a Bachelor of Arts (BA) degree; he was appointed in March 2008. Javed Akhtar and Makhdoom Syed Ahmad Mahmood also hold a bachelor’s degree. The latter is a Member of the Punjab Assembly, and his profile reads that “he has extensively travelled abroad”. Syed Yousaf Waqar has a bachelor’s degree in business administration. Secretary Finance Abdul Wajid Rana is also a member of the board.

**Pakistan Steel Mills

**
From 2009 to 2011, PSM’s accumulated losses stood at Rs49.5 billion. The country’s largest industrial unit was in profit up to 2008, but political appointments have led to the near collapse of the behemoth. In 2009, it suffered Rs26.5 billion in losses; the figure came down to Rs11.5 billion in 2010, and was ‘sustained’ at this level in 2011.

Out of the members of the board, five are either serving or retired bureaucrats. The chairman of the board, Fazalullah Qureshi, is a retired federal secretary. Two members of the board are owners of steel mills. Mahreen Razaque Bhutto, an MNA on a PPP ticket, is also a member of the Board.

**Pakistan Railways

**
PR incurred Rs96 billion in losses during the reviewed period. Before the government took over, its annual losses stood at Rs15.2 billion. This figure ballooned to Rs16.9 billion in 2008, Rs23 billion in 2009, Rs25 billion in 2010 and Rs31.1 billion during the last fiscal year. The government has only recently constituted a board of directors for the entity.

**PASSCO

**
Passco recorded Rs34.6 billion in losses during the reviewed period. During the last year of the Musharraf government, Passco suffered Rs2.5 billion losses. The figure swelled to Rs3.4 billion in 2008, Rs3.3 billion in 2009, Rs 13.8 billion in 2010 and Rs14.1 billion in 2011.

A serving Federal Secretary, Shafqat Hussain Nagmi, is chairman of the Passco board; while a serving Major General, Shohail Shafqat, is the managing director of the entity. Three bankers are also members of the board.

Published in The Express Tribune, April 24[SUP]th[/SUP], 2012.

Add in this list is military, income tax, customs, judiciary, police, civil aviation, rangers, and all blood sucking entities only sucking the wealth of Pakistan. Privatize them if you have guts to do that.

[Sachaydino]

Re: Bhutto's Nationalization policy

You should thank the law and order situation of Karachi, which forced many industries and industrialists to shift from Karachi to Punjab in the 90's. Many Punjabi businessmen who were an integral part of Karachi's industrial scene left the city, and invested elsewhere in the country.

This is nothing to do with above topic. Open new one.

[Sachaydino]

Re: Bhutto’s Nationalization policy

@yazdi

1. Obviously you don’t read yourself what you post my friend:

Coming back to Adamjees..

Under the circumstances they could not come up with a disclosed source of funding.. therefore the bank was handed over to the most deserving third bidders which comprised reputable business houses who could justify this purchase through legitimate business income. Twenty years after the privatization the decision stands fully justified which your dubious web site projects as a racist decision in favor of Chinioti businessmen which is far from truth.

Who are you to judge that? Do you have any idea about disclosing the wealth by Mansha group, it was no where before and after many years of partition? Read again the red portions of my posts.

Who was Sartaj Aziz, to decide that, the purchased slave of chor uchaka tax chor N$? Do you know that from where the wealth earned by N$ who actually favored Mansha ignoring all the norms and rules? Sartaj Aziz behaved like chapraasi to N$ in all these dubious deals.

Pak court issues notice to Sharif on election disqualification - Indian Express

**A Pakistani court has issued notice to former premier and PML-N chief Nawaz Sharif seeking his response to a petition asking for him to be disqualified from contesting elections.

Freelance journalist Shahid Orakzai filed the petition in the election tribunal of the Lahore High Court yesterday.

Orakzai said that after the 1993 general election, Sharif and his brother, Punjab Chief Minister Shahbaz Sharif, had negotiated a deal with him to buy votes of seven members of the National Assembly or lower house of parliament.

In its notice to Nawaz Sharif, the court directed him to file a response by February 15.

The seven parliamentarians belonged to the Federally Administered Tribal Areas and their votes were allegedly sought for the election of the speaker of the National Assembly.

Orakzai alleged that Sartaj Aziz, the finance minister in Nawaz Sharif’s cabinet, too was present at the time of the purported deal.

Orakzai further claimed that, according to the deal, the Sharif brothers had to pay him Rs 17.5 million for the task. However, he was given Rs 10.05 million in advance and he bought the votes of the seven parliamentarians.

Despite this, the PML-N candidate in the speaker’s election lost and the Sharif brothers refused to pay him the remaining amount, he claimed.

Orakzai asked the court to summon Nawaz Sharif so that he could explain whether he had negotiated the deal in the presence of Sartaj Aziz, Saifur Rehman, a former chief of the accountability bureau who had registered corruption cases against Pakistan People’s Party chief Asif Ali Zardari at the behest of Sharif, and his brother Mujeebur Rehman.

He further alleged that Sartaj Aziz had promised to give the parliamentarians Rs 1 million each after the election but had backed out after the defeat of the PML-N candidate.

Orakzai claimed that Nawaz Sharif had not provided details of his “criminal cases” to returning officers at the time of filing nomination papers had only given details of three corruption cases.

He asked the court to reject nomination papers filed by Sharif for parliamentary polls and to disqualify him for contesting elections.

You are doubting Adamjee the renown business tycoon of subcontinent but you believe in your chor, lotera, tax chor, kabarhia N$ and his chapraasi Sartaj Aziz, why because they belonged to Punjab and suits you.
**

[yazdi]

Re: Bhutto's Nationalization policy

Add in this list is military, income tax, customs, judiciary, police, civil aviation, rangers, and all blood sucking entities only sucking the wealth of Pakistan. Privatize them if you have guts to do that.

Agree with you here..

[Sachaydino]

Re: Bhutto's Nationalization policy

I think I should take your advice..

Jiyalas don't believe in reasoning..

Sorry I don't believe in subjective thinking based on hatred and far from truth.

[Sachaydino]

Re: Bhutto's Nationalization policy

Bhutto was an opportunist who exploited the global wave against business houses. he destroyed the business, investment, innovation, work atmosphere in Pakistan to ensure his ascend to power. His nationalization policies took back the country decades.. and even today we have not been able to come out of the consequences of those opportunist policies of nationalization...

P.S. I am ignoring your racist remarks that all the chor uchakay are from Punjab just like your earlier remark that businessmen are "Sulatana Dakoo.."

The record shows opposite to what you are saying. Again read the red portions of my posts. You can say what ever you like against Bhutto out from your prejudice brain, which can least harm the facts on record. Destroyer of economy are mentioned in the red posts. Provide proof to negate them otherwise silence is golden.

[Sachaydino]

Re: Bhutto's Nationalization policy

You can't argue with people like him...people who hero worship leaders & can never see any faults with them...there is name for it. Its called cult. Faithfuls in cult usually blindly follow a leader & this is a classic example of it & no amount of logical argument will convince him otherwise.

**I can not accept the hypocrite subjective statements. Read my post #58, if you have guts to disclose your original support for leadership and its party. Don't be coward, opportunist, viscous or hypocrite. Come up with straight honest answer with justification, which leader have you prefered among the five and why?

**

[Sachaydino]

Re: Bhutto's Nationalization policy

Jiyalo ke pass konsi source agyi They just know how to worship Bhutto and nothing else trust me

No one worship to no one. When you compare Bhutto with a number of paki chidren of Iblis, Bhutto shines as an angel. But you don't understand that because your hard drive in your brain is down loaded with promotions of IK, and your computer freezes when you think out of box. So keep up your work for what you are supposed to do.:)

[yazdi]

Re: Bhutto's Nationalization policy

^^^
Typical cult follower..

[Sachaydino]

Re: Bhutto’s Nationalization policy

@yazdi

^^^
Typical cult follower..

Are you addressing me or waleedhbk?

If you are referring to me, I have never been a cult follower because I am Sachaydino always a follower of Sach.:icono:

[Doppleganger]

Re: Bhutto’s Nationalization policy

Your version of sach.

[NomiCA]

Re: Bhutto's Nationalization policy

Sorry I don't believe in subjective thinking based on hatred and far from truth.

yea. you are the most objective out here. you couldn't even cite a single ''objective'' study/report on this topic. what a joke.

[Sachaydino]

Re: Bhutto’s Nationalization policy

@Doppleganger

Your version of sach.

And what is that be? I know you are follower of leader of super permanent lotay who always speaks the truth eh?

[Sachaydino]

Re: Bhutto's Nationalization policy

yea. you are the most objective out here. you couldn't even cite a single ''objective'' study/report on this topic. what a joke.

gadha kya jane ke zafraan kya hota hay (proverb). By the way where is your other half, you normally used to follow him or her or whatever?:)

[NomiCA]

Re: Bhutto's Nationalization policy

gadha kya jane ke zafraan kya hota hay (proverb). By the way where is your other half, you normally used to follow him or her or whatever?:)

which one?

PS: your proverb is also out of context. this is one is special for you

[waleedhbk]

Re: Bhutto's Nationalization policy

No one worship to no one. When you compare Bhutto with a number of paki chidren of Iblis, Bhutto shines as an angel. But you don't understand that because your hard drive in your brain is down loaded with promotions of IK, and your computer freezes when you think out of box. So keep up your work for what you are supposed to do.:)

There is a huge difference between you and me

You whats that

You Worship Bhutto

And I Support my country cz I live here in Pakistan

[Shamraz_Khan]

Re: Bhutto's Nationalization policy

**I can not accept the hypocrite subjective statements. Read my post #58, if you have guts to disclose your original support for leadership and its party. Don't be coward, opportunist, viscous or hypocrite. Come up with straight honest answer with justification, which leader have you prefered among the five and why?

**

Its useless to argue with you, but let me make few things clear. I do not support person or a group just for sake of it...I judge people based on their performance. I was not supporting PPP until few years back & the only reason I support PPP now is b/c in bag of rotten apples it seems reasonable, and the fact that it is a nation secular party, unlike PMLN and PTI. Another reason I support PPP is b/c when Zardari took over the country was in free fall, and no one was willing to give him a chance, but despite that he has managed to stabilize the country to large degree & he has gone after terrorists. Oh, and one more thing, I was never big fan of ZAB/BB or Bhutto clan for that matter...b/c they have been nothing more the curse on the country. And, unlike you, I do not think any one party or a person is more important than country itself.

[Silaaj]

Re: Bhutto's Nationalization policy

Easy to assess that the issue here is not a subjective assessment of Bhutto's flawed nationalization policy, but straightforward racism.

Back then, the same PPP used racism against Bengalis to deny Mujib ur Rehman the right to build a government, and now they are using the same racism against Punjab to put a mask on all the ills PPP brings to this country. Funny to see how Punjab is repeatedly referred to in a debate about Bhutto's flawed nationalization. Pretty retarded.

[Ali_Syed]

Re: Bhutto's Nationalization policy

Easy to assess that the issue here is not a subjective assessment of Bhutto's flawed nationalization policy, but straightforward racism.

Back then, the same PPP used racism against Bengalis to deny Mujib ur Rehman the right to build a government, and now they are using the same racism against Punjab to put a mask on all the ills PPP brings to this country. Funny to see how Punjab is repeatedly referred to in a debate about Bhutto's flawed nationalization. Pretty retarded.

When you start talking about Bhutto it suddenly becomes us versus them (Punjab vs Sindh), hence the references.

[Sachaydino]

Re: Bhutto's Nationalization policy

There is a huge difference between you and me

And I Support my country cz I live here in Pakistan

By worshiping the leader of super permanent lotay that is I.K.eh