Mian Mansha has been officially declared the first ever billionaire by Forbes magazine. He is ranked 937 amongst the world rich and worth US$ 1.0 billion.
62 years old Mansha’s business career spans around 40 years, and he has reached this milestone carrying out his legitimate business activities. He has today US$ 1.0 billion tax paid wealth, has generated a lot of foreign exchange for the country over the years, gave decent legitimate employment to a lot of people, has paid a lot of taxes over the years, and generated huge business activity for the country. His textile company Nishat Mills is the largest textile company in Pakistan. MCB bank is one of the best managed banks today in the country. DG Khan Cement is one of the largest cement companies in Pakistan, and Adamjee Insurance is one of the best managed insurance company of the country.
Mansha is our national hero and we should celebrate that a Pakistani businessman carrying out business in Pakistan has reached this milestone.
Net Worth: $1.0 bil
Fortune: Inherited and Growing
Source: diversified
Age: 62
Country Of Citizenship: Pakistan
Residence: Lahore
Education: NA
Marital Status: Married, 3 children
Pakistan’s first billionaire. Born during the tumultuous Partition winter of 1947, when his parents were among those Muslim families making the trek from India to Pakistan. His father and uncles jumped into textiles with Nishat Mills in 1951. Mian went to college in the U.K.; joined family business after graduation. Father died one year after his return. Eventually split with uncles and took over his family’s business in West Pakistan decades ago. (The East Pakistan division later went bankrupt). His Nishat Group is now Pakistan’s largest exporter of cotton clothes (for brands like Gap) and nation’s largest private employer; also invests in power projects, cement and insurance. Smart bet in banking: Won a controversial bid for Muslim Commercial Bank during the country’s privatization push in 1991. Sold more than half of his MCB shares for $900 million May 2008.
It shows that in the midst of death and destruction, we have hope, we have people like Munsha who are carrying on the torch of progress, while so many Islamists are ready to burn down Pakistan.
Re: Mian Mansha is now Pakistan's first billionaire...
It is awesome but I just hope we don't go the same route as India where rich getter richer and the poor guys never get to live, I would much rather have the middle class in Pakistan- or whatever's left of it.
Re: Mian Mansha is now Pakistan's first billionaire...
well its good that we have one declared billionare, but trust me guys we have many hidden ones, as this is not culture in Pakistan to declare wealth.
Surely people like NS, AAZ is there with all stashed away wealth scar to declare all this and celebrate success(or loot)! and many other politicians
similarly, many industrialist manage to hide and keep low profile, I guess Mansha will lead the way to inspire other to come forward and open up a bit more.
Habib group, Jang, dewan, dawoods, sehgals, hashwani, etc can be included in the billionares list!
Re: Mian Mansha is now Pakistan's first billionaire...
Don't forget the role of N$ in his case.
He sold M.C.B. to him for a very little money and he became so rich. M.C.B. was a national asset.
He may be a secret partner............
Re: Mian Mansha is now Pakistan's first billionaire...
Any idea how much Tax this guy pays?
People who are familiar with Pak Tax System, can you tell me how much this person (or anyone who is worth Billion $$, approx 80 Arrab RS), should have to pay in tax to Pak?
Mian Mohammad Mansha and Nawaz Sharif- Privatization of Muslim Commercial Bank
The Master Stroke?
**“Investment in the shares of MCB has been one of my biggest business slip ups…In hindsight, I should have never invested in this bank.” ** Mian Mohammad Mansha-Interview, daily, The Nation, April 28,1997.
**Nawaz Sharif Came into power on November 6,1990, invited bids for the privatization of Muslim Commercial Bank (MCB) on December 15,1990 and announced its privatizaion to successful bidder, Messers Abdullah and others on January 9,1991. **
**Five bids were received for Muslim Commercail Bank with Tawakkals and Adamjee, being the highest and second highest bidders. Adamjee who formed a joint venture with Yunus Brothers, perhaps the biggest Export Houses in Pakistan, had incorporated Muslim Commercial Bank in 1949. As previous owner, they had the first right of purchase but, third lowest bid by Messers Abdullah and others, a consortium comprising of 12 leading industrialists, mostly from Punjab and headed by Mian Mohammad Mansha, was asked to match the highest bid and declared winner. The consortium which called itself the National Group comprised the following leading industrial groups and families: **
**1 Mohammad Abdullah Saphire **
**2 S.M.Muneer Din **
**3 S.S.Saleem Universal Leather and Footwear **
**4 Mian Mohammad Mansha Nishat **
**5 Haji Bashir Ahmad Sitara **
**6 Tariq Rafi Sadiqsons (United) **
**7 Mohammad Naseem Shafi Tanneries **
**8 Mohammad Arshad Arshad Textiles **
**9 Sheikh Mukhtar Ahmad Ibrahim **
**10 Saqib Elahi Be Be Jan Pakistan (Pvt) Ltd. **
**11 Bashir Jan Mohammad F and B Bulk Storage (Pvt) Ltd. **
**12 Khawaja Mohammad Javed Chakwal **
**At the press Conference called to announce the sale of MCB to the National Group, Finance Minister Sartaj Aziz said that two highest bids were rejected because the bidders had failed to disclose the source of their income. A press release distributed at the press conference claimed that the committee which scrutinized the five bids was guided by four major considerations namely 1) corporate and financial record of bidders, 2) capability of managing the bank on sound professional basis, 3) dispersal of share-holding to avoid concentration of ownership and control and 4) price offered on " as is where is" basis, without any condition. **
**Tawakkals filed a case in High Court but withdrew it under pressure from the Finance Ministry. In the subsequent privatization by Nawaz Sharif, Tawakkals succeeded in the privatization of three industrial units in such a dubious manner that Chairman, Privatization Commission came to be known as General Saeed Qadir Tawakkal, to rhyme like Abdul Qadir Tawakkal of Tawakkal group. **
**For nearly 30 months while Nawaz Sharif was in power, Bhutto and her party leaders ceaselessly attacked the privatization process, particularly privatization of MCB to Mian Mansha and his associates, as an act of favourtism and part of a game plan. Farooq Leghari, Finance Minister in the caretaker govt. of Prime Minister Moeen Qureshi, declared on the floor of the Senate on May 18,1993 that MCB was privatized as part of a grand design to grab some of the most profitable units slated for privatization. **
**" In the very first case of privatization of MCB, highest bidder who was the oringinal owner was also excluded. The third group got it. And I will tell you later, what happened to the third group and how they manipulated and used MCB for a host of other takeovers of the govt. corporate sector. It did not happen by coincidence. It happened by design", Leghari declared. **
**MCB was sold for Rs 2,420 against a down-payment of Rs 804 million. Within a year of privatization of MCB, Privatization Commission sold some of the most profitable cement plants to Mian Mansha, his relatives and business associates. Thus D G Khan Cement was sold to Tariq Saeed Saigol for Rs 1,799 million, Maple Leaf Cement to Nishat Mills for Rs 291 million, Pak Cement and White Cement for Rs 137 million and Rs 188 million respectively to Mian Jehangir Elahi and Associates. Dandot Cement was sold to the Chakwal group for Rs 254 million. **
**D G Khan Cement was acquired by Kohinoor Textile Mills (KTM) of Tariq Saeed Saigol by borrowing heavily from the bank, as is evident from the annual reports of KTM for 1992 which show no debt and 1993 which reveal heavy indebtedness. **
**Nishat Mills had assumed the management of Maple Leaf Cement on Jan 8, 1992 but within a few months of the sale D G Khan Cement by KTM to Mian Mansha, Maple Leaf Cement was sold by Mian Mansha to Tariq Saeed Saigol. KTM had also invested in the privatization of White Cement and Pak Cement but its investment was also divested in March 1992, in favour of Mian Mansha. **
**Dandot Cement was officially privatized to employees group but somehow it has become a part of Chakwal group, also closely related in business to Mian Mansha. **
**Thus it was through a complex intercorporate financing that Mian Mansha, his relatives and business associates ended up with five of eight privatized cement units which accounted for 45% to total industrial assets privatized by Nawaz Sharif. Within months of their privatization, cement prices catapulated in domestic market, forcing the govt. to order the dormant Monopoly Control Authority (MCA) to hold an inquiry into the possibility of cartelisation of cement. As was expected the inquiry absolved the privatized units of any wrong doing. **
**It was because of the assets acquired in privatization that Nishat group of Mian Mansha which was at the 15th position among the list of 43 top industrial families in Pakistan in 1972 and sixth in the ranking of the Monthly Herald in 1990 had risen to the top of the corporate world in 1993, by the time, Nawaz Sharif was dismissed on charges of corruption and other irregularities.
**
Re: Mian Mansha is now Pakistan's first billionaire...
There are many billionaires but never declared.
Just think of a man who sold 1.5 million files of only one project on own between 2-3 lakhs and now that project is no where . He is also running many other huge projects now.
There was no case because so-called own has no documentation.
Did munsha loot the MCB? or he has maintained it and got it going in the right direction.
Getting stuck in 15 years old privatization debacles is good to know.
But now we have enough period to see what people did after buying up the privatized assets. Did they make them better or simply abused them and destroyed them.
Can we please stop fighting over him? He doesn’t give a damn, you know? He’s probably sitting in his Jacuzzi right now, smoking the night away… :cobra:
Did munsha loot the MCB? or he has maintained it and got it going in the right direction.
Getting stuck in 15 years old privatization debacles is good to know.
But now we have enough period to see what people did after buying up the privatized assets. Did they make them better or simply abused them and destroyed them.
So that is difference between
Good Looters and Bad looters.
Perhaps all who start their name with Mian are "Good Looters"
Yeah , I am smoking Pakistani cigarettes and my jacuzzi is at the moment my bed where my PVS is lying ,whom you see on wheel chair right now. I have made billion business here some years ago but…
Can not say
Did munsha loot the MCB? or he has maintained it and got it going in the right direction.
Getting stuck in 15 years old privatization debacles is good to know.
But now we have enough period to see what people did after buying up the privatized assets. Did they make them better or simply abused them and destroyed them.
You are very welcome. Yes he looted MCB from the actual owners. Read again. When you buy cash cow ventures in peanuts and become billionaire, it is not a big deal or one should be proud of such looting. That is how most Pakistanis have become rich in a crooked manner like this one.
You are very welcome. Yes he looted MCB from the actual owners. Read again. When you buy cash cow ventures in peanuts and become billionaire, it is not a big deal or one should be proud of such looting. That is how most Pakistanis have become rich in a crooked manner like this one.
Mansha runs many other businesses.
MCB was bought by a consortium of 10 leading businessmen in Pakistan, not him alone.
Finance people still consider that money invested in MCB could have been much more profitably invested and it was a mistake on part of Mansha & Co.
He does business and live in Pakistan. Some filthy rich don't even have any business and others Invest and live outside.
Nishat group is the biggest private sector employer in Pakistan.
He was forced into exile not agreeing to bhatta request from Zardari in the last PPP government.
Nishat group is one of the highest tax paying group of companies in Pakistan.
Had it not for Bhutto's crazy nationalisation, we would have many like him, the industrial engines of Pakistan.