An old topic of debate in Pakistan, is it the Landlords?, The Army? Politicians? Big business? One or the other ethnic group?
Anyway here are some bizzare examples of how the system works in Pakistan, the people involved in these acts are generally part and parcel of every government in Pakistan.
http://www.pakistanlink.com/hussaini/09-10-99.html
*a sugar mill set up with tax payers money at an estimated cost of Rs.300 million is sold for a token price of one Rupee,
the government majority shares in Pakistan’s biggest chain of hotels are dished out free to a crony, by giving him a loan to facilitate the purchase and then writing the loan off,
*a business shark manages to secure 38 loans totaling Rs 3.5 billion through fake collaterals, escapes when found out and is living happily abroad,
*an unknown entity is granted a loan of Rs. 1.18 billion without any collateral on a telephone call from Islamabad and the banker who sanctioned the loan ends up as a federal minister instead of ending up in prison,
*all five loans worth Rs.500 million of an enterprising businessman heading FPCCI Committee for Revival of Sick Industrial Units, are written off,
*12 foreign currency loans of an industrial tycoon, amounting to Rs. 672 million are converted into a rupee loan and rescheduled so that repayment starts in 2002 instead of 1990. When the matter is raised in the Supreme Court, the tycoon who has expanded his business abroad is granted another loan to repay the rescheduled loan,
*80 industrial units including 32 biggest units set up by public and private sector in the last 50 years are sold for a paltry amount of Rs.10 billion. *
*New owners are defaulting in the payment of Rs. 4 billion to the Privatization Commission and liabilities of the privatized units worth tens of billions of Rupees in local and foreign currencies are being paid by the Government of Pakistan, i.e. the tax payers,
*1,500 individuals and firms make use of 80 per cent of the total bank credits; Rs. 130 billion are stuck up in bad loans and Rs. 8.2 billion have been written off: while the public demands recovery of stuck up loans, the government has come out with schemes to reschedule the loans and grant new loans to the same defaulters,
the common man bears the burden of 100 different taxes prevalent in
*the country but the super-rich are provided escape routes of exemptions and tax holidays, 180 of them in the payment of income tax alone.
- Wadera Ghulam Mohammad Mehr owns 100,000 acres, Ghulam Mustafa Jatoi follows him with 80,000 acres.
kia janay kia hachuka hauta!