Posted on 12/06/2009 2:38:10 PM PST by gandalftb
Billions of rupees of loans written off from Pakistan's state-owned banks...
Army led institutions plundered the Army Welfare Trust, Rs14.49 million.
General Kuli Khan, two Allied Bank loans written off: Rs1.8 million and Rs1.6 million against Janana De Malucho Textile Mills, owned by his father General Habibullah Khan. His brother Gohar Ayub Khan, Rs7.2 million written off against Rehana Woolen Mills.
Lt General Azhar, Rex Breen Batteries, Rs16 million, Major General Mumtaz, Lt Colonel Shaukat, Major Tajuddin Rs1.2 million, Major General Ghaziuddn, Major General Umar, Rs8.5 million written off, Agriculture Development Bank.
Air Marshal Azeem, Rs15 million written off, Pakistani Kuwait Investment Co. Lt General Burkey, Major General Akbar, Brig Mahmood, loans written off.
Brig Baig, Rs1.09 million (UBL). Lt-Col Ahmed, Col Ullah, Rs2.6 million. Irfan Rice Mills of Col Hussain, Rs1.6 million. Mehr Textile Mills, Col Mohammad Ayub Khan, Major General Raja, Air Marshal Khan, loans written off.
Mohammad Textile Mills of Air Commodore Amanullah, Rs95 million written off, UBL. Air Vice Marshal Sheikh of National Fructose, Rs43 million written off.
Sairani Cotton Ginning Factory owner Capt Latif, loan written off. Air Marshal Sheikh, Air Vice Marshal Rab, Group Captain Mohammad Khan of Sky Rooms, Rs8.4 million written off.
Col Yaqoob, Aswan Tentage and Canvas, Rs276 million written off, Bankers Equity. Captain Shaukat of Locus Enterprises, Rs8.8 million written off. A Lt-Col who owns Meditex Intl, Rs6.322 million written off, HBL. His business partner was Col Bashir Ahmed. Commander Abdul Latif, Rs10 million written off. Brig Mohammad Aslam Khan, Rs4.3 million written off.
Feroz Sons Textile Mills Mirpur owners Col Munir Hussain, Nasim Farms’s and Major General Majeed, beneficiaries. Col Saleem, Special Iron and Steel Mills, Lt General Habibullah Khan, Brig Hahang, Col M Sharif Khan, beneficiaries.
Lt-Col Jaffar, Rs7.2 million, Chemphar Pakistan of Brig Shareef Rahat, Captain Murad and Major Tariq Baig, beneficiaries.
(Excerpt) Read more at thenews.com.pk ...
As I have posted before, Pakistan cannot be understood without knowledge of the effect of the military and "Feudals" ruling classes on their economy and politics.
We are sending them billions of our tax dollars and trying to figure out who is in charge and how the money is being spent.
This is the best article I've seen that really shows the corrupt and insider nature of Pakistan leadership. About 70% of Pakistan's economy is directly managed by the military. Over 30,000 active duty military officers work in "private" (LOL) business. The Pak military is the largest land-owner/landlord/realtor in Pakistan. We complain of countries nationalizing businesses. In Pakistan they just do it from the inside out.
The Pakistan banking system, which was nationalized in the nineteen eighties by the military dictator and then provatized at the end of that decade is also incredibly corrupt, It is also in bed with the military caste.
I will not be suprised if the Pakistani Government is using our tax dollars to fund the Taliban
I bet Bin Laden paid off his share of Pakistanis too.
The IMF’s main reason for dragging their feet on loans to Pakistan is the inherent tampering by the military on the bankers.
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