------------------------------------------------------------------- DAWN WIRE SERVICE ------------------------------------------------------------------- Week Ending : 20 November 1999 Issue : 05/47 -------------------------------------------------------------------
Contents | National News | Business & Economy | Editorials & Features | Sports
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CONTENTS ===================================================================
NATIONAL NEWS + Nawaz remanded in police custody + 26 top defaulters arrested: Benazir declared fugitive + Pakistan to have minimum N-deterrence + PPP plans for next elections + CE okays setting up of NRB + WAPDA's billing to Sindh govt was excessive, says Justice Shafi + UK asks Delhi, Islamabad to resume talks + Ehtesab commission disbanded + National Accountability Bureau ordinance amended + Chief Executive reiterates across-the-board Ehtesab + C'wealth decision creates new crisis for member states + KESC not merged with WAPDA, report denied --------------------------------- BUSINESS & ECONOMY + Rs6bn loans, Rs2bn utility dues recovered: Deadline largely ignored + $285 million debt: German officials to discuss rescheduling + Cash recovery goes up to Rs8.5 billion + Wapda, Hubco sign LC worth Rs3.95bn + SBP for daily revaluation from Jan + PTCL posts after-tax profit of Rs17.568bn + Indigenization programme may end by Dec 31 + NBP agrees on exchange of Eurobonds + Ban on corrupt bureaucrats' travel likely + Shares maintain optimistic outlook + 50% of WT assessees do not file returns + Industry shares 79% of total loan defaults + CBR to reopen case against Saif + Octroi, Zila tax not to be re-imposed, says Dawood --------------------------------------- EDITORIALS & FEATURES + Our heads of state Ardeshir Cowasjee + Cynicism takes a thrashing Ayaz Amir ----------- SPORTS + Saqlain spins Pakistan back in game with Test-best 6/46 + Saqlain, Waqar find their rhythm to send Aussies reeling + Pakistan, India, South Korea gun for World Cup spot + Jansher not in main draw of British Open

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NATIONAL NEWS
991120
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Nawaz remanded in police custody
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Reporter

KARACHI, Nov 19: Deposed prime minister Nawaz Sharif, a prime 
accused in the Oct 12 plane conspiracy case, was produced before 
the administrative judge of the anti-terrorism court on Friday. The 
court remanded him to the police custody for three days.

"I was subjected to severe mental torture during the solitary 
confinement since Oct 12 as I was kept in a very small room," he 
told the judge when asked whether the police had maltreated him.

He, however, did not complain about any excesses by the police, 
saying he had never come across the police during the confinement.

The deposed premier, who was brought to the court in a Rangers APC 
around 11:53am amid tight security, informed the court that he 
never knew about the charges against him. He said he had learnt 
about the charges only today as he was confined to a room and 
provided with no newspapers.

Clad in blue shalwar-kamiz and a waistcoat, Nawaz Sharif stated 
that most of the time since Oct 12 he was kept in Rawalpindi.

The IO had sought a seven-day custody of Nawaz Sharif for 
interrogation, but the judge granted the remand for three days and 
ordered the IO to produce the accused before the court on Nov 22.

The court also ordered the prosecution agency to arrange a meeting 
of the deposed prime minister with his wife, Kulsom Nawaz, and 
daughters, Uzma Nawaz and Mariam Nawaz. The meeting will be held on 
Monday at 9am but its venue was not disclosed.

These orders were issued on an application filed by Iqbal Raad, who 
appeared on behalf of the accused.

Mr Raad had also requested the court for a meeting between the 
accused and his paternal nephew. The request was rejected.

According to the police papers placed before the court for 
obtaining the remand, the arrest of Nawaz Sharif was effected at 12 
midnight on Oct 19.
Nawaz Sharif remained in the court for about 36 minutes. Over a 
dozen commandos guarded the former prime minister and no one was 
allowed to get any closer to him.

A little before the deposed prime minister was brought to the ATC, 
the police forced the media men out of the courtroom and the 
closed-door proceedings started amid strong protest by the 
journalists.

Senior police officials told reporters that they had orders from 
the army authorities not to allow the media men talk to Nawaz 
Sharif.

As the court proceedings ended and the deposed premier was brought 
out of the courtroom, the journalists asked him whether he was 
being tried in-camera. He remained silent with an apparent grim 
face and swiftly got into the APC.

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991118 
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26 top defaulters arrested: Benazir declared fugitive 
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Ihtasham ul Haque & Arman Sabir

ISLAMABAD, Nov 17: The government on Wednesday arrested 26 major 
bank defaulters and launched a hunt for 12 others, some of whom are 
believed to have fled the country.

In all 300 defaulters have been short-listed for the arrest. It is 
said that they owe Rs50 billion to banks and the DFIs. Some of the 
26 persons arrested were already under detention, like former prime 
minister Nawaz Sharif, former Punjab chief minister Shahbaz Sharif, 
suspended Senator Saifur Rehman, his brother Mujibur Rehman, and 
Brig (retd) Imtiaz.

The chief executive's secretariat has also provided a list of nine 
persons, including the detained suspended senator Asif Ali Zardari 
and Ramesh Udeshi, some of whom have been declared either 
proclaimed offenders or fugitive from law without explaining what 
specific offences these persons have committed. This list includes 
the names of former prime minister Benazir Bhutto, Admiral (retd) 
Mansoorul Haq, Dr Farooq Sattar, Salman Farooqui, Abdullah Shah, 
Mian Aftab Ahmad and Riaz Laljee (fugitives from law).

When asked the National Accountability Bureau (NAB) said that 
Benazir Bhutto had been categorized as "proclaimed offender" as she 
was wanted in a number of cases. Admiral (retd) Mansoorul Haq, Dr 
Farooq Sattar, Salman Farooqi, Syed Abudllah Shah, Mian Aftab Ahmad 
and Riaz Lalji were dubbed as "fugitive from law" because of being 
outside Pakistan, according to a NAB statement. However, the MQM 
sources confirmed Farooq Sattar's presence in Karachi.

Legal experts, however, said Ms Bhutto could not be declared 
proclaimed offender as her appeal before the Supreme Court against 
the judgment of the Ehtesab Bench was still pending, and that she 
had left the country with the permission of the superior courts. 
NAB officials on the other hand said that Ms Bhutto had been 
convicted by courts and as such she was a proclaimed offender.

According to the NAB, efforts were in progress to arrest some other 
culprits who have gone undergone and included: Syed Faisal Saleh 
Hayat, a former minis
ter; Mian Waqar Akhtar Paganwala, Syed Ahmad Mahmood, a former 
minister; Agha Shahabuddin, Fauzi Ali Kazmi, Naveed Qamar, a former 
finance minister and chairman of the Privatization Commission in 
the PPP government; Javed Ahmad Zia, Maj (retd) Malik Nawaz, M. 
Yaqub (probably abroad) and Maj-Gen (retd) Shujaat A. Bukhari, the 
former chairman of Pakistan Steel (probably abroad).

Informed sources said that the NAB headed by Lt-Gen Syed Amjad 
Hussain has sought the services of legal experts to frame charges 
against the wilful defaulters with a view to getting them convicted 
in the shortest possible time.

"They all must be made a horrible example so that nobody should 
dare in future to run away with bank loans and indulge in corrupt 
practices," said an official. He said that everyday the NAB would 
furnish the names of the defaulters to be arrested at 6pm.

The NAB was coordinating efforts with the ministry of interior as 
the job of investigation had been given to the FIA in which, 
according to the NAB officials, new people had been inducted to 
ensure a fair and impartial investigation against the culprits.

A PPP leader, Aga Siraj Durrani, was arrested for being an ADBP 
defaulter. The amount of loan could not be known.

Official sources said that besides being an ADBP loan, PPP's Mir 
Nadir Magsi was facing charges in the racket of carjacking and 
transportation of snatched or stolen vehicles to Balochistan. His 
family said that the personnel of army, rangers and police entered 
the house after midnight by scaling the walls and arrested him.

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991120
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CE briefed on foreign policy: Pakistan to have minimum N-deterrence
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M. Ziauddin

ISLAMABAD, Nov 19: Pakistan would continue to extend moral, 
political and diplomatic support to the Kashmiris and, at the same 
time, maintain a minimum credible nuclear deterrence in the 
interest of regional peace and stability.

These sentiments were expressed at the foreign office on Friday 
during a briefing given to the Chief Executive, Gen Pervez 
Musharraf, who spent the entire day there.

The briefing, given by the foreign secretary covered the foreign 
policy and organizational matters of the foreign ministry.

During the discussions following the briefing the role of missions 
abroad in advancing Pakistan's economic interests was emphasized. 
Several proposals were discussed for increasing the effectiveness 
of our embassies abroad in this regard.

According to the foreign office spokesman, welcoming the chief 
executive, the foreign minister said that the chief executive's 
visit reflected his deep interest in foreign policy and the role of 
the ministry of foreign affairs. The foreign minister said the 
international community had reacted to the chief executive's 
sincerity of approach and the agenda set forth by him positively 
and with understanding. The international community now had a 
better appreciation of the circumstances of the change of 
government in Pakistan and its priorities for reform and 
democratization.

The FO spokesman, in his written statement, said the foreign 
secretary had given a detailed briefing on all aspects of foreign 
policy, with particular focus on its future direction. The 
secretary said the foreign policy was rooted in "Islamic ethos, our 
values, our commitment to international norms and the geo-political 
environment." The safeguarding of national security, promotion of 
national interests and economic development constituted the pivot 
of foreign policy. "In our volatile geo-strategic environment, the 
foreign policy of Pakistan was its first line of defence. 
Consistent with the objectives of our foreign policy," the foreign 
secretary said Pakistan wanted good relations with all countries on 
the basis of sovereign equality and non-interference in internal 
affairs.

Pakistan's positive approach to non-proliferation issues including 
CTBT was reiterated. It was agreed that Pakistan would continue 
policy of responsibility and restraint and maintain a minimum 
credible nuclear deterrence in the interest of regional peace and 
stability.

The compulsive Indian hostility and her current propaganda campaign 
against Pakistan were noted with great regret. To deflect attention 
from her own state-sponsored terrorism, and repression against the 
Kashmiris, India has been raising the bogey of cross-border 
terrorism. Nevertheless, Pakistan would maintain its positive 
attitude towards a purposeful dialogue with India for resolution of 
all dispute including the core issue of Kashmir.

Pakistan would steadfastly continue to extend moral, political and 
diplomatic support to the Kashmiris until the attainment of their 
right of self-determination in accordance with the UN resolutions. 
The Kashmiris have offered enormous sacrifices in their continued 
indigenous struggle against the Indian occupation. The 
international community, particularly the supporters of human 
rights must speak up against Indian atrocities and prevail upon 
India to honour its commitments to the Kashmiris.

Pakistan desires durable peace, stability and national 
reconciliation in Afghanistan. A broad-based government in 
Afghanistan would be in the interest of the Afghan people. Pakistan 
would continue to cooperate with the Six Plus Two and friendly 
countries for consolidation of peace in Afghanistan and encourage 
greater engagement between Taliban and the international community.

The detailed policy review took into account the state of 
Pakistan's relations with the major powers including the US, Russia 
and China, the Islamic world and Pakistan's neighbours as well as 
nuclear and security issues, our trade and economic interests and 
the welfare of Pakistani community abroad.

Pakistan would continue to engage with the US on various important 
issues with sensitivity and in the spirit of traditional friendship 
which has characterized Pakistan-US relations.

The improved relations with Russia were considered of great 
significance, Pakistan would continue to endeavour for enhancement 
of economic and commercial ties and an across-the- border expansion 
of relations with Russia.

Relation with the Islamic world particularly with the Gulf 
countries were considered as the key element in Pakistan's Foreign 
Policy. These relations would be further strengthened in all 
fields.

High priority was accorded to reinforcing of the traditionally 
friendly and close relations with Iran.

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991119
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PPP plans for next elections
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Mahmood Zaman

LAHORE, Nov 18: The People's Party is learnt to be preparing lists 
of its prospective candidates for the national and provincial 
assemblies as it hopes that the military government may be obliged 
to allow a full-scale political activity in a few months from now.

Besides, it has undertaken a big party reorganization plan with 
express directions to its tehsil bodies to get ready for local 
elections. Tehsil leaders have been told to get as close contact 
with the people as possible and cooperate with them in matters 
relating to any future electoral activity like getting new national 
identity cards issued to the people on attaining the required age. 
They have also been directed to approach local registration offices 
to get the cards of those cancelled who do not qualify to possess 
them.

This is the first step which, the PPP thinks, will help in updating 
electoral rolls and go a long way in establishing a strong base for 
the future elections to be free from bogus voting.

The PPP assumption of an early restoration of political process and 
subsequent elections, is based on "foreign pressure" on the 
military government and the party's own assessment that Chief 
Executive Gen Pervez Musharraf will have to seek political support 
sooner or later. The PPP thinks that restoration of a full-scale 
political process will not take more than six months.

This is the assumption on the basis of which the People's Party 
"strongly" hopes that local council elections will not go beyond 
March 2000. Another reason to believe that local elections will be 
held in about six months time, is that the regime is itself 
committed to devolution of power to the grassroots level as part of 
the chief executive's seven-point agenda.

This hope has first been reflected in a recent letter sent by PPP 
chairperson Benazir Bhutto to some of her party leaders and was 
echoed at the Punjab PPP executive committee meeting here on 
Thursday.

Consensus emerging at the meeting was that the PPP was prepared to 
give another six months to the new administration for restoration 
of democracy and that the military government should issue a time 
frame for return to a democratic order.

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991119
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CE okays setting up of NRB
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Bureau Report

ISLAMABAD, Nov 18: Chief Executive Gen Pervez Musharraf approved 
the establishment of National Reconstruction Bureau on Thursday to 
formulate policy/strategy options for the consideration of National 
Security Council (NSC).

The bureau shall be headed by a chairman and comprise four to six 
members.

The secretariat of the bureau will comprise the following officers, 
with ancillary staff, as per their entitlement:-

1) Secretary (of the rank of joint secretary to the federal 
government), manager (idea bank), manager (information technology).

The admin branch will comprise deputy secretary (admin) and section 
officer (budget & accounts). Staff officer to the chairman will be 
a Lt Col.

The chairman may constitute Think Tanks and appoint members 
thereof.

The bureau shall be a part of the CE secretariat and principal 
secretary to the chief executive will be its principal accounting 
officer.

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991119
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WAPDA's billing to Sindh govt was excessive, says Justice Shafi
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Rafaqat Ali

ISLAMABAD, Nov 18: Justice Shafiur Rehman, arbitrator in the 
dispute between the Sindh government and WAPDA, has held that WAPDA's 
billing was excessive, and held that out of the Authority's total 
claim of Rs20 billion the government of Sindh was required to pay 
only 55 per cent.

In its finding announced on Thursday, the arbitrator held that 
WAPDA's billing was excessive to the extent of 20 per cent while 
the government of Sindh was not required to pay 25 per cent of even 
the valid bills as the electricity was consumed by unauthorised 
users.

The arbitrator in its final award observed that WAPDA officials 
consciously allowed continued theft and dishonest extraction of 
electricity even by rank outsiders to the government and exercised 
none of their statutory powers to prevent or to punish the 
beneficiaries. "Instead, WAPDA officials went on billing government 
of Sindh for such unauthorized use by rank outsider and not 
entitled persons."

The dispute between WAPDA and the Sindh government has been going 
on for the last five years. The case was referred for arbitration 
by the federal government on a request by the government of Sindh. 
Earlier, three committees were set up for resolving the dispute but 
the recommendations of none of these were implemented.

The WAPDA had a claim of amount of Rs20,788.963. After the decision 
of the arbitrator the actual bill has come down to Rs11,433.929. 
WAPDA had already deducted Rs14,136.765 at source. The arbitrator 
has held that excess payment by the government of Sindh to WAPDA to 
the tune of Rs2,702.836 was adjustable.

The issue before the arbitrator was "whether there has been an 
excessive, unjustified and arbitrary billing by WAPDA with regard 
to consumption of electricity by the establishments of government 
of Sindh located outside Karachi? If so, the nature and extent."

Justice Shafiur Rehman observed that section 26 of the Electricity 
Act required that correct meters be used for ascertaining the 
supply of energy to consumers. Even the statement supplied by WAPDA 
showed that during the disputed period about half the meters were 
defective and the number replaced each year was negligible.

It was further observed that evidence of the WAPDA officials itself 
painted a horrible picture. "What is shocking is that no 
explanation whatsoever is forthcoming to account for such state of 
affairs."

The arbitrator further stated that no efforts seemed to have been 
made to improve the situation. "The conclusion is unavoidable that 
such a state of affairs was allowed to continue in order to allow 
WAPDA officials greater maneuverability in billing with nothing to 
explain, no standard to go by and no verification possible."

The arbitrator further held that extrapolations exercises conducted 
in the past would not be a dependable method of arriving at a 
conclusion.

The experts group had developed six extrapolation results but was 
unable to integrate them and instead chose to adopt one such 
without reference to the legal liability and responsibility.

He said further that other such exercises were also deficient 
because in the case before him was dealing with a situation where 
the supplies were mostly and for long periods from unhealthy meters 
or no meters and the unauthorized connections/extensions were 
indiscriminately charged to government account.

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991120
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UK asks Delhi, Islamabad to resume talks
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NEW DELHI, Nov 19: British Foreign Office Minister Peter Hain on 
Friday urged India and Pakistan to resume their bilateral dialogue, 
despite the recent military takeover in Islamabad.

"It is sad that, just as India returned a government which had 
shown itself committed to resolving issues with Pakistan through 
dialogue, Pakistan turned its back on democracy," Hain told a news 
conference here.

"But this must not cut off the process of dialogue between Pakistan 
and India. We hope that both sides will remain open to contacts 
aimed at improving relations, and to addressing the issues between 
them."

Hain was the first British minister to visit India since the Hindu 
nationalist-led coalition government of Prime Minister Atal Behari 
Vajpayee was returned to power following Sept-Oct elections.

Speaking to reporters at the end of a two-day visit, Hain said that 
India and Pakistan needed to show political will to resolve the 
Kashmir issue.

"It is not up to any other powers to step in to mediate. But if 
both the countries asked us to do it then we would step in. But no 
country should interfere in such a serious issue," Hain said.

He said Britain understood India's "concern" over the military coup 
led by Gen Pervez Musharraf which toppled Pakistan prime minister 
Nawaz Sharif last month.

"There is no such thing as a good military coup," he told reporters 
after meeting Vajpayee.

"Whatever Nawaz Sharif's deficiencies and however good General 
Musharraf's intentions, he must be left in no doubt that an early 
return to democracy is the best service he can render Pakistan."

Hain arrived in India as Prime Minister Tony Blair's special envoy 
with a message for the new Indian government.

He said he had "very warm and friendly talks" with Vajpayee on 
issues such as trade policy, cross-border terrorism, investment and 
nuclear proliferation.-AFP

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991118 
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Ehtesab commission disbanded
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Ashraf Mumtaz

LAHORE, Nov 17: The office of the chief Ehtesab commissioner (CEC) 
stands disbanded after the promulgation of the National 
Accountability Bureau Ordinance and the entire record of cases 
pending with the CEC 
will now be transferred to the NAB. CEC Justice Ghulam Mujaddid 
Mirza has stopped working, with over 150 other employees under him, 
and he has surrendered his official car to the relevant 
authorities.

The services of the secretary and members for inquiry, 
investigation and prosecution, working with the CEC, also stand 
terminated. Of the remaining employees, services of those on 
contract will stand terminated and others on deputation will, 
possibly, go back to their parent departments.

According to official sources, the majority of the commission 
employees were appointed on contract.

The CEC was appointed for a four-year term, which was to complete 
in November next year. However, the three-year term of Secretary 
Javed Qayyum, Member (Inquiry) Malik Nawaz and Member 
(Investigations) Malik Nazir was due to expire next month. Member 
(Prosecution) Malik Hakim Khan was supposed to stay with the CEC 
till February.

The office of the CEC was created in November 1996, immediately 
after the dismissal of the PPP government. The major task before 
the CEC was to hold all corrupt people to task.

However, during the past three years only one major case could be 
decided and it was against former prime minister Benazir Bhutto who 
was convicted and disqualified as a member of parliament. A number 
of other cases are pending with the Ehtesab benches of various high 
courts.

The PPP chairperson was abroad at the time of the decision and her 
counsel filed an appeal against the decision before the Supreme 
Court. The matter is still lying with the apex court.

The accountability process was launched with much expectations by 
the 1996-97 interim government. However, it failed to take off 
because the PML, immediately after coming to power, changed the law 
to the benefit of the Sharifs.

The Ehtesab bureau, headed by a close friend of the deposed 
premier, which was supposed to investigate all cases referred to it 
by the CEC, started shelving all cases against the former ruling 
party members. In fact, it focused its attention on cases against 
the PPP leadership.

The CEC, informed sources say, was 'advised' many a time that he 
should dismiss all references against the deposed prime minister. 
One PML legislator, it is said, even offered his 'cooperation' to 
write an order for the purpose. However, the CEC did not agree with 
such suggestions and offers.
The cases shelved by the EB will now be taken up by the NAB.

It may be pointed out that the Lahore office of the commission has 
been lying closed since the ouster of the PML govt as a result of 
military action on Oct 12.

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991118 
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National Accountability Bureau ordinance amended
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Bureau Report

ISLAMABAD, Nov 17: The president has promulgated late Wednesday 
night the National Accountability Bureau ( Amendment) ordinance 
1999 which substitutes section 3 with the following "

The provisions of this ordinance shall have effect notwithstanding 
anything contained in any other law for the time being." In the 
original ordinance the section in question begins with " This 
Ordinance shall have effect...." .The other part of the section 
remains the same.

The fresh ordinance also substitutes section 33 with the following: 
" Any and all proceedings pending before a court under the Ehtesab 
Act, 1997 ( IX of 1997), shall stand transferred to an 
Accountability court as soon as it is constituted under this 
Ordinance within the same province, and it shall not be necessary 
to recall any witness or again to record any evidence that may have 
been recorded. " In the original ordinance the section had begun 
with : " Any and all proceedings pending before a court under the 
Ehtesab Act, 1997....." . The other part of the section remains 
unaltered.

The third amendment states that in section 35, in sub- section (a), 
after the word " shall occurring for the second time the comma and 
words" subject to the provisions of section 35, " shall be inserted 
and shall be deemed always to have been so inserted."

Text of the ordinance: Whereas it is expedient to amend the 
National Accountability Bureau Ordinance, 1999 (XVIII of 1999), for 
the purposes hereinafter appearing;

And whereas the National Assembly and the Senate stand suspended in 
pursuance of the Proclamation of the fourteenth day of October, 
1999, and the Provisional Constitution Order No. 1, as amended;

And whereas the president is satisfied that circumstances exist 
which render it necessary to take immediate action;

Now , therefore, in pursuance of Proclamation of the fourteenth day 
of October, 1999, and provisional constitutional order as well as 
order no.9 of 1999, and in exercise of all powers enabling him in 
that behalf, the President of the Islamic Republic of Pakistan is 
pleased to make and promulgate the following ordinance:-

1. Short title and commencement.-(1) This Ordinance may be called 
the National Accountability Bureau ( Amendment) Ordinance 1999.

(2) It shall come into force at once.

2. Substitution of section 3, ordinance XVIII of 1999.- In the 
National Accountability Bureau Ordinance, 1999( XVIII of 1999), 
hereinafter referred to as the said ordinance, for section 3, the 
following shall be substituted and shall be deemed always to have 
been so substituted namely;-
"3. Ordinance to override other laws.- " The provisions of this 
Ordinance shall have effect notwithstanding anything contained in 

any other law for the time being in force."

3. Substitution of section 33, Ordinance XVIII of 1999.- In the 
said ordinance, for section 33, the following shall be substituted 
and shall be deemed to have always to have been so substituted 
namely:-

"33 Transfer of pending proceedings:- Any and all proceedings 
pending before a court under the Ehtesab Act, 1997 ( IX of 1997) , 
shall stand transferred to an Accountability Court as soon as it is 
constituted under this Ordinance within the same province, and it 
shall not be necessary to recall any witness or again to record any 
evidence that may have been recorded. "

4. Amendment of section 35, ordinance XVIII of 1999.- In the said 
ordinance, in section 35, in sub-section(a), after the word "shall 
occurring for the second time the commas and words", subject to the 
provisions of section 33, " shall be inserted and shall be deemed 
always to have been so inserted."

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991118 
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Chief Executive reiterates across-the-board Ehtesab
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Correspondent

RAWALPINDI, Nov 17: Chief Executive General Pervez Musharraf has 
reiterated that across-the-board accountability would be ensured in 
every field so as to provide relief and justice to the common 
people.

Addressing the senior armed forces officers at the Army Auditorium 
here on Wednesday, he said the menace of "bad governance" led the 
country and its institutions to a "near collapse", badly affecting 
the government policies and common people.

According to an ISPR press release the Chief Executive's address, 
lasting about an hour, focussed on the circumstances leading to the 
take over of power on 12 October besides his plans of action for 
the future.

The Chief Executive asked the armed forces to contribute positively 
by upholding their image. "Nation is looking at us and their 
expectations are enormous", he added.

Gen Musharraf was of the opinion that functioning of the present 
administration and its performance would improve with the induction 
of sincere and honest officials along with a transparent system of 
accountability and monitoring.

He said monitoring teams would consist of armed forces personnel 
and their job had been restricted to monitor and report about the 
performance of government functionaries at all levels. The chief 
executive told the officers about the rules and functioning of 
National Accountability Bureau and the National Reconstruction 
Bureau.

Gen Musharraf added that the accountability process would operate 
horizontally as well as vertically and all segments of society, 
including bureaucrats and military officials, would be made 
accountable.

He said that devolution of power from centre to provinces and from 
provinces to district level would ensure the enforcement of 
democratic norms at the grass-root level.
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991117
-------------------------------------------------------------------
C'wealth decision creates new crisis for member states
-------------------------------------------------------------------
Nasir Malick

LONDON, Nov 16: The Commonwealth communique, calling upon the 
international community not to accord any legitimacy to the 
military government in Pakistan, has created a new dilemma for 
several countries which have received applications from Pakistan 
for the accreditation of new high commissioners or ambassadors, 
political analysts believe.

The Commonwealth heads of the government summit, that ended in 
Durban on Sunday while confirming Pakistan's suspension from the 
councils of C'wealth, had called upon the international community 
not to accord any legitimacy to the new military regime in 
Pakistan.

The official decision of the Commonwealth, read out to reporters by 
its out-going Secretary General Emeka Anyaoku, said: "They believed 
that no legitimacy should be accorded to the new military regime 
and called for the restoration of civilian democratic rule without 
delay."

Many countries are now perplexed with the new scenario as giving 
accreditation to new appointees could be construed as according 
legitimacy to the military regime in Pakistan.

The new military regime had recalled 15 high commissioners and 
ambassadors, who were mostly political appointees of former Prime 
Minister Nawaz Sharif. Of these three were from Commonwealth 
countries - UK, Australia and Kenya. However, the ambassador to 
Kenya was again restored on his job. Other countries included the 
United States.

Pakistan had sent applications for the new nominees to almost all 
these countries but apparently these countries were awaiting the 
outcome of the Commonwealth Summit before taking any decision.

Islamabad is understood to have sent applications for appointment 
of Dr Maleeha Lodhi as ambassador to the US and Prof Akbar S. Ahmad 
as High Commissioner to Britain.

A British Foreign Office spokesman when contacted by Dawn on Monday 
confirmed that the government had received the application for the 
accreditation of the new high commissioner.

"We say an application for accreditation was received and is being 
considered," the Foreign Office spokesman said.

Political analysts believe the Commonwealth countries like Britain 
and Australia will have to tread carefully in the light of the 
communique as according accreditation to the new nominees of 
Pakistan's military regime can be construed as a breach of the 
organization's directive.

Many believe that the C'wealth countries faced with the new dilemma 
may approach its secretariat to seek clarifications on this issue 
before making a final decision.

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991116
-------------------------------------------------------------------
KESC not merged with WAPDA, report denied
-------------------------------------------------------------------

KARACHI, Nov 15: Karachi Electric Supply Corporation (KESC) had not 
been merged with WAPDA, KESC spokesman denied here Monday.

The spokesman said the news in this regard appearing in a section 
of the press was totally baseless and concocted. The chairman WAPDA 

is also the chairman KESC's Board of Directors while the 
corporation is headed by its Managing Director, Brig. Abdu Rashid.

KESC is a public limited company listed at Stock Exchange, the 
spokesman added.-APP


=================================================================== 
 BUSINESS & ECONOMY
991117
-------------------------------------------------------------------
Rs6bn loans, Rs2bn utility dues recovered: Deadline largely ignored
-------------------------------------------------------------------
Mohiuddin Aazim 

KARACHI, Nov 16: Banks and other financial institutions made a cash 
recovery of over Rs6 billion out of their total stuck-up loans of 
Rs211 billion in a month-long drive against defaulters that ended 
on Nov 16.
    
The State Bank and NBP in particular and all other banks in general 
also recovered Rs2 billion in taxes and utility bills cleared by 
the defaulters during the drive.
    
Senior State Bank officials were not available to confirm the 
figures but bankers close to the SBP said the data pouring in at 
the SBP head office till Tuesday midnight showed a cash recovery of 
over Rs6 billion.
Inquiries made at the SBP office at Tuesday midnight revealed that 
banks and other financial institutions were still sending figures 
of loan recovery. Banks and financial institutions also continued 
providing their final lists of top defaulters to the SBP till 
midnight.

Information gathered from five major banks revealed that they had 
made a combined cash recovery of more than Rs4.5 billion. Senior 
executives of these banks said their recovery figures could improve 
as they were in the process of receiving data from far-flung 
branches across the country. The figures for combined loan 
restructuring by these banks could not be obtained.

A senior executive of National Bank said they had made a cash 
recovery of around Rs915 million out of its non-performing loans of 
Rs23 billion. He said the NBP had also restructured Rs5 billion 
worth of loans in the one-month campaign for settlement of stuck-up 
loans. Restructuring of loans means that the borrower has agreed to 
repay his non-performing loans under a mutually settled time-table 
with the bank after making a down-payment in cash. The executive 
said the cash recovery of Rs915m was included in the total loan 
restructuring.
    
A loan is classified as non-performing when the borrower stops 
repaying it for more than 90 days. The borrower is branded as 
defaulter if he has not repaid the loan for more than a year but in 
a broader sense the borrowers of all non-performing loans are 
defaulters.
    
Muslim Commercial Bank said it had made a cash recovery of Rs1 
billion till Tuesday midnight. A senior official said the MCB had 
restructured Rs2 billion worth of loans out of its total non-
performing loans of Rs9 billion.
    
The official said his bank had sent a list of 21 top wilful 
defaulters to the State Bank. He said each of these defaulters had 
borrowed more than Rs100 million. He had no figures for their 
defaults.
    
United Bank said it had recovered Rs800 million in cash and 
restructured Rs1.4 billion worth of loans in the drive against 
defaulters. Total non-performing loans of UBL stand at Rs22 
billion. A senior UBL official said the bank had sent its final 
list of top 20 wilful defaulters to the State Bank. He said the 
amount outstanding against these defaulters was around Rs11 
billion.
    
Bankers said wilful defaulters were those who had the means to pay 
their loans but they did not make the payment. They said that in 
several cases of wilful default such criminal elements as 
embezzlement of borrowed money or misreporting were also found.
    
Allied Bank said it had recovered roughly Rs800 million. A senior 
ABL executive said figures for restructuring of loans were not 
available. Total non-performing loans of ABL stand at Rs10 billion.
    
The official said ABL had sent a list of 16 top defaulters to the 
State Bank, adding that each of these defaulters owed more than 
Rs100 million to ABL. He could not quantify the total default 
committed by these top wilful defaulters.
    
Senior executives of HBL could not be reached till 1am on Wednesday 
but sources close to the HBL said the bank had made a cash recovery 
of more than Rs1 billion. They had no idea how much worth of loans 
were restructured during the drive against the defaulters. The 
number of top defaulters included in the final list of HBL sent to 
the State Bank on Tuesday could also not be ascertained.
    
The National Development Finance Corporation reported cash recovery 
of Rs350 million by Tuesday midnight. A senior NDFC official 
explained to Dawn that Rs350 million recovery was from those 
borrowers who had never shown up at the NDFC in the past.
    
"Our regular recovery of around Rs400 million during the past one 
month is excluded from this figure," he said. The official said the 
NDFC had sent a list of 186 defaulters to the SBP. He did not say 
how much worth of default was committed by them.

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991120
-------------------------------------------------------------------
$285 million debt: German officials to discuss rescheduling
-------------------------------------------------------------------

ISLAMABAD, Nov 19,: Germany's official team is scheduled to visit 
Pakistan from November 23 to hold negotiations for rescheduling an 
estimated $285 million debt under the Paris Club arrangements, 
sources at the Finance Ministry said on Friday.

"The team will hold negotiations with the officials here from 
November 23 to 25 to sign agreement for rescheduling $ 285 million 
debt of Pakistan," the sources told APP.

Teams from Norway and Sweden are also scheduled to visit Pakistan 
for the same purpose by the end of this month, the sources further 
informed.

"The Norwegian delegation is to arrive here on November 27, while 
the officials from Sweden are scheduled to visit Pakistan on 
November 29 and 30 for negotiations and signing agreement on debt 
rescheduling." An amount to be rescheduled with Sweden is around $ 
81 million, the sources added.

Pakistan, in January last, signed an agreement with the Paris Club 
for rescheduling of $3.3 billion debt over a period of 20 years.

Under the agreement, Pakistan was to sign bilateral agreements 
individually with the creditor countries of the Paris Club by 
December 31, 1999.

The sources further informed that agreements with Netherlands and 
Finland have also been finalized and will be inked soon.

The agreements with the United States and the United Kingdom have 
almost been concluded with just "minor issues" to be sorted out, 
the sources said while adding, "We have already visited these two 
countries and completed necessary talks."

To a question, the sources said, negotiations with rest of the 
countries were in "advance stage".

Agreements with Canada, France and Russia are almost finalized, the 
sources said.

The debt rescheduling amount of $3.3 billion agreed with the Paris 
Club include both the Official Development Assistance (ODA) as well 
as non ODA loans.

Pakistan will pay back the ODA loans in 20 years, with a 10 years 
grace period. The non-ODA loans are payable in 18 years with a 
grace period of 3 years.-APP

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991119
-------------------------------------------------------------------
Cash recovery goes up to Rs8.5 billion
-------------------------------------------------------------------
Reporter

KARACHI, Nov 18: The cash recovery of loans by the banks and non-
bank financial institutions has reached about Rs8.5 billion
and top bankers expect the figure could go further up after a week 
or so.

The State Bank officials remained tight-lipped about loan recovery 
but senior bankers close to the SBP said the cash recovery of all 
banks and other financial institutions from across the country had 
gone up to Rs8.5 billion. This is less than 6 per cent of the total 
defaulted loans of Rs146 billion and slightly over 4 per cent of 
the total non-performing loans of Rs211 billion which also include 
the defaulted loans.

The defaulted loans are those which are not repaid for more than a 
year whereas all those loans including defaulted loans that are not 
repaid for more than 90 days are classified non-performing loans.

Inquiries made at major banks showed that their cash recovery 
figures improved slightly after Tuesday midnight on completion of 
data gathering process from far flung branches. Senior executives 
of state-run National Bank said the NBP had so far received over 
Rs1 billion in cash. Till Tuesday midnight the NBP had reported 
Rs915m worth of cash recovery to the SBP.

Finance Minister Shaukat Aziz had told the press on Wednesday that 
banks and non-bank financial institutions had made Rs8bn cash 
recovery till Tuesday midnight. He had said that the figures could 
improve after arrival of fresh data from remote branches of banks 
and financial institutions.

An executive of partly-privatized Allied Bank told Dawn that cash 
recovery at his bank had reached Rs830m. The bank had reported 
Rs800m cash recovery till Tuesday midnight.

Figures for cash recovery from other banks could not be ascertained 
but their executives said they had reported additional cash 
recovery after the expiry of the deadline for settlement of bad 
loans on Tuesday. The bankers close to the State Bank said the cash 
recovery of about Rs8.5bn so far also included the amount recovered 
after Tuesday midnight.

They said though the deadline given to the defaulters to clear 
their loans by Nov 16 was over the banks were making cash 
recoveries from all borrowers whether or not a defaulter. They said 
cash recovery of loans was likely to record a substantial increase 
in the days to come as some of the defaulters who were in 
litigation with the banks may agree on out of court settlement of 
their bad loans.

Agricultural Development Bank of Pakistan said on Thursday it had 
recovered Rs1.58bn in cash before the expiry of the Nov 16 
deadline. A press release quoted ADBP chairman Fazal Mabood as 
saying that the ADBP cash recovery had totalled Rs1.58bn between 
Oct 17-Nov 16, 1999.

The Industrial Development Bank said it had made cash recovery of 
Rs332m. A press release said the bank had recovered Rs332m in cash 
from its 281 defaulters. It said the cash recovery would result in 
regularization of Rs7.7bn of non-performing loans.

Bank executives say they are working overtime on cases of loan 
defaults of Rs100m and above after the SBP instructed them to 
furnish complete details of such defaults by Nov 23.

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991117
-------------------------------------------------------------------
Wapda, Hubco sign LC worth Rs3.95bn
-------------------------------------------------------------------
Our Staff Reporter

LAHORE, Nov 16: Wapda and a consortium of banks, led by the 
National Bank of Pakistan, signed an agreement for a stand-by 
Letter of Credit worth Rs3.95 billion in favour of Hub Power 
Company here on Tuesday.

NBP's part in the amount agreed will be Rs1.55 billion, Habib Bank 
Rs750 million, United Bank Rs600 million, Allied Bank Rs550 
million, Askari Bank Rs395 million and Bank Al-Falah Rs200 million.

NBP regional chief Asif Hasan and Wapda's General Manager Finance 
(power) Javed Nizam signed the agreement on behalf of their 
respective organizations. Senior Wapda and banks officials were 
also present.

The agreement aims at easing tension prevailing on financial 
matters between Wapda and Hubco.

In a briefing after the agreement signing ceremony, Wapda Chief Lt-
Gen Zulfiqar Ali Khan told newsmen that Wapda had been doing its 
utmost to resolve disputes with Hubco.

He said it was Hubco which made unilateral changes in the original 
agreement of Nov 16, 1993 under which Wapda was to buy electricity 
produced by Hubco.

Wapda, he claimed, had only challenged these amendments which led 
to controversies between the two organizations.

Replying to a question, he claimed that Hubco had been earning 
handsome profit after it went into operation in 1996 and already 
recovered its equity worth. At one stage Wapda was constrained to 
buy power at the rate of 11 cents per unit which had now come down 
to seven cents, he told a questioner.

He hoped that with new stand-by letter of credit in place, matters 
would be quickly resolved with Hubco.

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991118 
-------------------------------------------------------------------
SBP for daily revaluation from Jan
-------------------------------------------------------------------
Reporter

KARACHI, Nov 17: The State Bank has instructed all banks and non-
bank financial institutions to enter into master repo agreement 
with their counter parties before striking repo deals between 
themselves.
The decision would take effect from November 30 1999.

Master repo agreement is an internationally standardized and 
locally modified document that envisages provisions to settle 
defaults by either parties entering into a repo agreement. Once the 
banks enter into master repo agreement they can undertake as many 
repo transactions with the other party as they want because they 
know the legalities of managing the risk of defaults. Years before 
the absence of master repo agreement in India has caused its 
banking system a huge loss because of large multiple but fake repo 
deals.

A SBP circular (BPRD no 40) issued on Wednesday also advised banks 
and NBFIs to revalue their security holdings on a daily basis from 
January 1 2000. It asked them to report to the State Bank the same 
day the movement of funds or securities in repo transactions 
involving government securities. The SBP said for the purpose of 
revaluing the security holdings Karachi inter- bank rate would be 
introduced shortly.

Bankers said KIBR has already been in place and bankers for some 
time are getting it through Reuters adding that the State Bank 
might formally introduce the same for the purpose of revaluation of 
security holdings of banks and NBFIs.

The circular said the securities held or acquired by banks or NBFIs 
on account of transactions with the customers, other than the banks 
and NBFIs, would neither be contend towards statutory liquidity 
reserves nor would they be utilized for onward repo with banks and 
NBFIs. It warned banks and NBFIs that the State Bank could stop 
them from entering into repo transactions if they failed to comply 
with these instructions.

The circular said that in order to ensure proper monitoring of cash 
flow and interest rate risk all repo transactions would be for 
fixed maturity.

Senior bankers reached by Dawn said the decisions taken about the 
operational mechanism of repo transactions would create more 
activity in the market and make money market operations transparent 
enough for the State Bank to detect irregularities on time. They 
said the decisions would also facilitate the secondary market of 
securities to grow and force such NBFIs as leasing companies and 
investment banks to refrain from entering into dubious multiple 
repo transactions. The bankers said banks were already in practice 
of making repo deals for fixed maturity and by making it mandatory 
the State Bank had forestalled those banks that were planning 
entering into optional transactions. Bankers said an operational 
transaction is the one in which two parties enters into a repo deal 
for say one month but they can terminate it before time.

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991118 
-------------------------------------------------------------------
PTCL posts after-tax profit of Rs17.568bn
-------------------------------------------------------------------
Dilawar Hussain

KARACHI, Nov 17: Pakistan Telecommunication Company Limited (PTCL) 
unveiled financial figures for the year ended June 30,1999 on 
Wednesday, which came out on the top end of market expectations, 
both in respect of profit and the payout.

The telecom posted after tax profit at Rs17.568 billion on 
operating revenue amounting to Rs51.187 billion. This represented a 
solid growth of 22.4 per cent over a year ago profit at Rs14.348 
billion and 10.2 per cent increase in revenue over Rs46.466 billion 
for 1998.

The market price of the share in PTCL closed unchanged at Rs19.70 
on Wednesday, after oscillating between the high and low of Rs19.9 
and Rs19.50. On Tuesday, the stock had gained nearly two per cent, 
ahead of the announcement of results on rumours of higher than 
usual payouts.

The board also recommended cash dividend, which was at Rs2 per 
share of Rs10 each (20 per cent), representing improvement over the 
previous year payout at Rs1.8 pe share (18 per cent). The payout 
fell mid-way between the overall analysts' expectations of dividend 
at 18 to 22 per cent. On the ruling price, it fetched an attractive 
yield of 10.2 per cent.

For all its ebb and flow, many equity strategists had continued to 
retain faith in the telecom stock. They maintained that it was a 
high growth, high yield scrip. Several analysts following PTCL for 
foreign brokerage houses in Karachi had forecast PTCL to post the 
1999 profit between Rs16.500 to Rs17.000 billion. 

Global Securities Pakistan Limited, which had predicted profit to 
rise by 14.8 per cent to Rs16.7 billion, had been advising clients 
to accumulate stock, based on expected high dividend yield as well 
as three-month price performance.

Other figures in the profit and loss account announced on 
Wednesday, were, operating profit, which improved 9 per cent to 
Rs21.725 billion from Rs19.932 billion. Financial charges could be 
cut by 21.3 per cent to Rs4.743 billion for the year under review 
from Rs6.024 billion the previous year. Profit before financial 
charges and taxation increased 58.6 per cent to Rs32.311 billion 
from Rs20.371 billion.

The company has called the annual general meeting (AGM) on December 
29.

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991119
-------------------------------------------------------------------
Indigenization programme may end by Dec 31
-------------------------------------------------------------------
Aamir Shafaat Khan
KARACHI, Nov 18: The official indigenization and deletion programme 
for manufacture of auto parts will be required to be terminated by 
December 31, 1999 as per Article 5.1 of the Agreement on Trade 
Related Investment Measures (TRIMS).


The auto sector will be free to undertake indigenization and would 
also be able to claim tariff concessions.

According to Ministry of Commerce, some developed countries have 
been insisting for notifying a time table to eliminate TRIMS and 
some developing countries are asking for more time.

Auto sector sources said that the Ministry of Industries believe in 
the continuation of existing deletion policy, since WTO decision is 
likely to affect adversely the development and growth of vendors's 
industry.

Pakistan, being a signatory to the World Trade Organization (WTO), 
is obliged to make certain changes in the laws relating to trade 
policy, customs valuation and other trade related matters which 
will effect country's local trade, finance and industry. These 
changes are aimed at liberalizing the trade and to be implemented 
by 2,000, an assembler said.

The Pakistan Automotive Manufacturers Association (PAMA) has taken 
up the matter with the Ministry of Commerce, Ministry of Industries 
and Engineering Development Board to save the industry from threat 
it is facing from the proposed scrapping of deletion programmes.

PAMA in its letter said that the industry is currently in state of 
uncertainty due to the TRIMS agreement. It is important to reaffirm 
that the deletion programmes will remain in force notwithstanding 
with the TRIMS.

In case the agreement comes into force, the industry will suffer 
very badly in shape of job loss in the vending industry. Traders 
will start importing parts to manufacture vehicles without local 
content and foreign currency cost will go up widening the trade 
gap.

According to PAMA, locally assembled tractors and two wheelers have 
75 per cent local contents,57 per cent in truck/bus chassis and 65 
per cent in small cars. The deletion policy has encouraged large 
revenue contribution, new investment, employment and technology 
transfer.

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991119
-------------------------------------------------------------------
NBP agrees on exchange of Eurobonds
-------------------------------------------------------------------

KARACHI, Nov 18: State-run National Bank of Pakistan says it has 
received an offer from the government for the exchange of Eurobonds 
and floating rate notes as part of its external debt restructuring.

'Mindful of the background of this offer and in consideration of 
the long term interests of both the institution in part and 
Pakistan as a whole the NBP has voluntarily agreed to participate 
in the transaction,' says a press release.

NBP through its overseas branches holds a sizable amount of 
Eurobonds and FRNs. Pakistan is exchanging these bonds and FRNs for 
foreign debt restructuring because of balance of payment 
shortfalls.

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991119
-------------------------------------------------------------------
Ban on corrupt bureaucrats' travel likely
-------------------------------------------------------------------
Bureau Report

ISLAMABAD, Nov 18: The military government has decided to put the 
names of all the allegedly corrupt bureaucrats on exit control list 
(ECL), it is learnt.

Official sources told Dawn that the interior ministry has sought 
the lists of such government servants from all the 
ministries/divisions and their attached departments so that these 
names could be placed on ECL to avoid their escape from the 
country.

In a latest circular issued to all government agencies with the 
signatures of Ahmed Jawad, joint secretary, the interior ministry 
asked for the immediate preparation of lists of all the government 
servants who are being proceeded against under criminal/anti-
corruption/efficiency and discipline laws or charges of corruption, 
embezzlement or financial mismanagement for their placement on the 
ECL. 

Similarly lists of officers against whom there are no formal 
proceedings of any kind but they have a persistent reputation of 
being corrupt or in possession of assets beyond their known means 
of income were also be sought by the interior ministry.

The interior ministry wants the lifting of the existing general 
prohibition on all the government servants under which they can not 
go abroad without getting the no objection certificate from the 
intelligence bureau.

Soon after the Oct 12 military take over, the present government 
had stopped all the government servants from travelling abroad 
without obtaining NOC from the intelligence bureau (IB).

It was believed that with the change of the government certain 
officials who were allegedly involved in corruption or misuse of 
authority during the previous regime, would make an effort to fly 
abroad to escape possible action against them by the incoming 
military rulers.

The intelligence bureau was asked to process the requests for the 
NOCs promptly so that the genuine travelers were not be stopped at 
the airports. But of late the intelligence bureau had told the 
interior ministry that this additional work had increased the 
workload of the agency following which it was decided to include 
the names of all allegedly corrupt official on the ECL.

The interior ministry circular issued a few days back, wanted the 
preparation of these lists within three days. But the government 
departments, currently working on the exercise, believe that the 
complete lists could not be prepared within three days.

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991120
-------------------------------------------------------------------
Shares maintain optimistic outlook
-------------------------------------------------------------------
Reporter

KARACHI, Nov 19: Shares on Friday maintained an optimistic outlook 
aided largely by some positive developments on the corporate front 
including higher dividend announcements and strong institutional 
support.

The KSE 100-share index breached the psychological barrier of 1,200 
points at 1,204.00 after moving to over 1,210.00 points.
Bears though were not sidelines they stayed away most of the time 
amid predictions that the market is in for grand technical rebound 
and if all to sell 'why not at the higher levels'.

'The market could witness a major change in its underlying 
sentiment possibly by the next week as some of the ground realities 
associated with the market recovery have undergone a needed 
surgery', said a leading broker.

But turnaround will not manifest itself with a bang and could 
progressive, of course, after consolidation of the earlier gains, 
he added.

Apart from speculative support at the lower levels the sentiment 
was also boosted partly by positive news on the Hubco front and 
partly to good dividend news pouring in each session.

The KSE 100-share index breached the psychological barrier of 1,200 
points and was last quoted at 1,204.13 as compared to 1,197.37 a 
day earlier,up 6.76 points.

Analysts said there are reasons to believe that the market is 
poised for a big turnaround possibly during the next week as most 
of its irritants are fading out one by one.

'The big one among them,the 30-month old power tariff cut row with 
the Hubco seems to be settled during the next couple of days as 
indicated by the world bank highups', they added.

That is perhaps why who are well aware of its potential of capital 
appreciation after the settlement of the issue are building up long 
positions below Rs20.00 as it considered to be an attractive buy at 
this rate, they said.

The general perception is that the market will be back on a stable 
footing by the next week as dividend-inspired short-covering could 
gain in stature at the current lower levels.

Shell Pakistan led the list of top gainers, up Rs15.10 on strong 
support apparently ahead of higher dividend and was last quoted at 
the day's peak of Rs234.70 on large turnover of 0.627m shares at 
such a inflated level.

Other good gainers included 9th ICP, Paramount Spinning, Al-Ghazi 
Tractors, BOC Pakistan, Knoll Pharma, Packages, Pak Leather and 
Diamond Industries, which posted gains ranging from Rs2.00 to 
Rs6.45.

Fazal Textiles, which has risen smartly during the last few 
session, off Rs8.00 followed by General Tyre, easy Rs4.05 and 
Millat Tractors and Cherat Papersack, off Rs2.25 each.

Sharp decline in General Tyre was attributed to selling prompted by 
below market expectations dividend of 15% for the year ended Sept 
30, '99.

DIVIDEND: General Tyre at the rate of 15% for the year ended June 
30, '99.

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991116
-------------------------------------------------------------------
50% of WT assessees do not file returns 
-------------------------------------------------------------------

ISLAMABAD, Nov 15: The number of Wealth Tax assessees registered as 
taxpayers by the Income Tax department, not filing returns, has 
crossed the 50 per cent mark at the end of October 1999. Only 
191,312 registered assessees out of 400,900 filed their tax returns 
by end of October 1999.

The Income Tax department officials told Dawn here on Monday that 
more than 50 per cent of the registered assessees on the list of 
the department are non-tax-filing right from registration as 
taxpayers.

They added that these non-filing assessees (50% of the non-filing) 
have never filed tax return but the department does not de-list 
them to keep their ledgers of registration showing more "standard" 
performance on the registration count. This standard performance, 
they added, was the demand of the IMF officials and though the non-
filing trend has been on the rise during the 1997-98 and 1998-99 
financial years, the department did not opt for launching a survey 
to determine as to why these non-filers do not file returns.

On the contrary, they said, the ledgers on registration were being 
filled in with new assessees, to show that the number of wealth tax 
assessees is on the increase. They also pointed out that amount 
deposited under the Direct Taxes sub-heads of Wealth Tax, Capital 
Value Tax, Workers Welfare Tax and CAT, has been 0.28 per cent 
lesser than the amount deposited under these sub-heads in the same 
period last year.

Last year, the total amount paid by assessees falling in these 
category of taxpayers deposited Rs 763.4 million, while this year 
they paid Rs 761.3 million. The amount of Wealth Tax included here 
is apart from the amount deposited under Universal Self-Assessment 
Scheme and ledgered separately, every year. On the other hand, 
though the number of tax-returns filing assessees has been going 
down, the amount of tax they have been depositing has recorded 
appreciable increase. The Wealth Tax amount deposited in the 
current financial year's first four months (July-October) has been 
Rs 618.53 million whereas, last year in the same period, this 
amount deposited was Rs 367.67 million.

This performance has been despite the fact that the total number of 
Wealth Tax assessees who filed the tax returns this year by end of 
October was 191,312 against 207,433 last year.

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991118 
-------------------------------------------------------------------
Industry shares 79% of total loan defaults
-------------------------------------------------------------------
Sabihuddin Ghausi

KARACHI, Nov 17: Industry shares almost 79 per cent of the total 
loans default in the country mainly due to the perpetual adhocism 
practised by all the successive governments during last 20 years, 
along with the recession that hit globally, which has also 
afflicted the domestic market - an almost five times depreciation 
in Pakistani rupee's exchange value since 1981 - and of course the 
inherent and unending greed of many businessmen who received all 
patronage from the military and civilian rulers.

According to the bankers, the much maligned agriculturists share 
hardly 5.36 per cent of the total default of big amount loans of 
Rs30 million and above. "But remember many of these agriculturists 
who were in all the assemblies and in every government after 1985 
have claimed a big chunk of industrial loans and have defaulted on 
payment", a top executive of a financial institution reminded 
emphatically.
Also included in the category of these businessmen are the retired 
and serving bureaucrats and those from the armed services who were 
helped by all the successive governments in last more than 20 years 
in getting hefty loans for the projects that would have been 
declared at first sight by any honest and professional banker as 
"not credit worthy".

Bankers say that traders share in default loans is less than 5 five 
per cent. This include a trader who alone has defaulted on more 
than Rs1 billion loans and his name has been appearing regularly in 
all the successive lists of loan defaulters since late July 1993, 
when caretaker set up of Moeen Qureshi made public for the first 
time names of about 6,000 loan defaulters.

The remaining share in the default loans - a little over 11 per 
cent - is shared by the services sector and others, mainly loans of 
personal accounts obtained by the most influential persons either 
in their own names or in the names of their spouses against over-
valued collaterals.

The five top commercial banks were the popular hunting ground for 
all the adventurers since the time they were forced to offer long 
term lending on fixed assets. Thanks to the World Bank and the 
International Monetary Fund, the government after signing first 
ESAF in 1981 forced the banks to offer long terms loans for 
industrial projects on fixed assets as was done by the financial 
institutions.

All these five top commercial banks, even after nationalization in 
1974 were offering only short term loans for trading and for 
industry, besides seasonal agricultural loans. After the government 
heeded to the World Bank advice and accepted a line of credit for 
disbursement through these banks - the HBL, UBL, NBP, ABL and the 
MCB - there was no let up in the flow of loan applications in these 
institution.

Little wonder then all these five top banks showed a total amount 
of Rs143 billion non-performing loans at the beginning of this year 
(1999). The bankers estimate that total portfolio of non-performing 
loans of these five top commercial banks is over Rs155 billion. Of 
this about Rs122 billion has been defaulted on by the industrial 
sector. The public sector default is anywhere from Rs35 to Rs40 
billion and about Rs82 billion is accounted for by the private 
sector.

Of this total default of over Rs80 billion, the five banks are 
reported to have received Rs8 billion from the borrowers in their 
recently concluded recovery drive. These borrowers are reported to 
have settled their accounts of about Rs25 billion.

Total recovery of PICIC in the current drive is Rs250 million and 
that includes Rs100 million disbursement from a business group 
after two months. Senior executives in PICIC appear to be contended 
with this recovery as they maintain that quite a good number of 
their 94 infected accounts have been settled and regularized. As 
one of the senior executives expressed the hope that by June next 
year, PICIC will have a Rs12 billion portfolio of performing loans 
and Rs6 billion of non-performing loans.

The Industrial Development Bank of Pakistan, also one of the oldest 
financial institution has a portfolio of Rs7 billion of non-
performing loans. The officials claim to have recovered Rs327 
million in the current drive and have been able to settle and 
regularized a large number of infected accounts.


But as the IDBP invested projects are old and the sponsors are 
facing mounting liabilities mainly on account of steep fall in 
exchange value of Pakistani rupee, the officials find it extremely 
difficult to recover total liability. The only option available is 
restructuring and rescheduling which would involve a substantial 
write offs. The IDBP needs Rs4 billion funds as equity to be back 
in business as a viable entity.

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991117
-------------------------------------------------------------------
CBR to reopen case against Saif
-------------------------------------------------------------------
Correspondent

ISLAMABAD, Nov 16: The Central Board of Revenue has finalized 
papers to reopen the Rs18.7 million under-invoicing case against 
the former chief of Ehtesab Bureau, suspended senator Saifur 
Rehman.

The charge of under-invoicing and evading Rs136 million customs 
duty on 25 BMW cars imported by the Redco was set aside by Lahore 
High Court, Rawalpindi Bench, on Jan 29.

The case-file was reopened on Sunday last at the CBR by the Customs 
(Evaluation) Wing on instructions from the military government, 
sources said here on Tuesday.

A Karachi Customs lawyer, Ismat Mehdi, has reportedly been engaged 
to serve notice on Saifur Rehman in this connection, said the 
officials.

They added that the military government's instructions to retry the 
former EB chief in this case were received on Sunday evening and 
the Customs Evaluation Wing completed the process to send the 
collected evidence for retrial to the lawyer on Monday evening.

Saifur Rehman faced an under-invoicing notice of Rs18.7 million 
from the Customs department on import of 25 BMWs but was acquitted 
by the Lahore High Court, Rawalpindi Bench on January 29, 1999.

The Redco had imported the vehicles as agent of BMW to introduce 
BMW's 3161-4 series cars in October 1992. After the enquiry report 
was finalized by the Customs department in early 1994, a notice was 
issued to Redco for depriving the treasury of custom duties worth 
Rs136 million in the said import.

The military intelligence agencies are learned to have already 
investigated the case and evidence obtained during and after the 
setting aside of Customs charges by the LHC, Rawalpindi Bench.

Evidence gathered during these investigations has also been 
reportedly annexed to the material to be produced at the court in 
support of the appeal for retrial to be filed shortly, the sources 
added.

The prosecution in the LHC case was accused of having deliberately 
withheld vital information regarding the under- invoicing, and 
there was a demand from legal experts for independent 
investigations into the under-invoicing as charged by the Customs 
department.
The chief Ehtesab Commissioner Mujaddad Mirza, too had said the 
case, along with other cases against Saif and Nawaz could not be 
sent for investigation to the Ehtesab Bureau operating under Saif, 
and the investigations had to be undertaken by some other 
independent and impartial agencies.

Redco had pleaded with the LHC that the prices of BMW cars varied 
in different export markets and the prices in Pakistan market were 
different from those applicable in Korea or Japan. It had pleaded 
that BMW cars marketed in Pakistan did not have accessories like 
pollution control instruments, air bags, seat belts and collapsible 
steering which implied a price differential, whereas the Customs 
department had got prices from BMW Germany through the Pakistani 
embassy.

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991117
-------------------------------------------------------------------
Octroi, Zila tax not to be re-imposed, says Dawood
-------------------------------------------------------------------
Parvaiz Ishfaq Rana

KARACHI, Nov 16: The Minister for Commerce and Industries Abdul 
Razzak Dawood on Tuesday assured the business community that the 
government would not re-impose Zila and Octroi taxes abolished by 
the previous government of Nawaz Sharif.

In his first meeting with the Karachi businessmen held at the 
Export Promotion Bureau (EPB) headquarters, the minister 
categorically dispelled the impression of government plan to 
reintroduce the Zila and Octroi system.

The minister, who belongs to a well known business-cum-industrial 
family of the country, is well abreast with the problems facing 
this community. The representatives of over two dozen trade bodies 
have faced no problem in communicating with him as most of the 
issues raised by them were readily agreed upon by the minister.

When his attention was drawn towards the multiplicity of taxes and 
the harassment meted out to the businessmen at the hands of 39 
collecting government agencies, Abdul Razzak Dawood had no second 
opinion about the issue.

He assured to work for the early resolution of the matter and felt 
that the business community could not afford to waste time in 
dealing with these agencies if they want to enter the new 
millennium well prepared.

Abdul Razzak Dawood said that henceforth no independent SROs or 
notifications would be issued which are mainly to oblige an 
individual or a group and becomes a vehicle for earning huge amount 
at the cost of national exchequer. "I have already refused to issue 
such SROs and suggested that no one should approach me or the 
ministry in future," he added.

The meeting which lasted for over two hours also witnessed some 
complaints coming from exports with regard to the performance of 
the Quota Supervisory Council (QSC). A leading exporter asked the 
minister to hold an inquiry about the missing quota of 325 tons 
given under Special Flexibility Quota by the EU.

The minister for commerce was also informed about the incentive 
scheme for exporters notified by the previous government but which 
was not implemented. Dawood assured that once he goes through the 
scheme the exporters may be allowed duty adjustment for their 
incremental exports during 1998-99.

However, he said there are matters which need to be looked at from 
WTO point of view and its agreement, and as such no unilateral 
decision could be made.

There was general concern amongst the participants that the value-
added textile industry is not being consulted at the policy making 
stage which damages their interest.

A participant informed the minister that as per his information the 
export refinance scheme would be stopped by June 2000, therefore 
some other source of cheap fiance be arranged. In reply to this 
Abdul Razzak Dawood said that he would look into the matter as he 
cannot say anything off-hand.

Back to the top
=================================================================== 
 EDITORIALS & FEATURES
991114
-------------------------------------------------------------------
Our heads of state
-------------------------------------------------------------------
Ardeshir Cowasjee

HOW are they remembered?

Mohammad Ali Jinnah:

For achieving his ambition to found a state, which he hoped (vainly 
as it turned out) would be modern and democratic, a home for those 
in need of protection, their own country in which they could live 
and prosper.

For enunciating his creed whilst addressing the first session of 
the Constituent Assembly of Pakistan on August 11, 1947, in which 
he clearly set forth the direction he intended his country to take.

For doing good, for being fair, just and equitable, free of bigotry 
or hypocrisy, and for being scrupulously honest both morally and 
materially.

For stating in his speech broadcast on February 19, 1948 :

"The great majority of us are Muslims. We follow the teachings of 
the Prophet Muhammad. We are members of the brotherhood of Islam in 
which we are equal in rights, dignity and self-respect. 
Consequently, we have a special and deep sense of unity. But make 
no mistake : Pakistan is not a theocracy or anything like it. Islam 
demands from us the tolerance of other creeds and we welcome in 
close association with us all those who, of whatever creed, are 
themselves willing and ready to play their part as true and loyal 
citizens of Pakistan."

Jinnah was the first governor-general of the Dominion of Pakistan 
and died as such on September 11, 1948. From that day onwards, his 
successors in office, the presidents and prime ministers that 
followed, have misgoverned. A few may have to their credit some 
little good they may mistakenly have done, but it is not that for 
which they are remembered. As pronounced WS, it is mostly a case of 
the evil living on and the good being firmly interred.

Khwaja Nazimuddin : Governor-general from September 14, 1948, to 
October 17, 1951, and prime minister from the latter date to April 
17, 1953. A gentleman sportsman, he was never in tune with the 
politicians with whom he worked.

Malik Ghulam Mohammed : Jinnah chose him as his finance minister, 
in which position he remained until intrigue and convenience made 
him the third governor-general ( October 19, 1951, to October 15, 
1955). He is remembered for setting the trend, for dissolving the 
first constituent assembly of Pakistan in October 1954 with its 
speaker Maulvi Tamizuddin Khan. Tamizuddin went to the Sindh Chief 

Court and his petition against dissolution was upheld by its Chief 
Justice Sir George Constantine. Ghulam Mohammad appealed against 
this decision to the Chief Justice of Pakistan, Mohammed Munir, and 
his appeal was accepted in April 1955.

*From that moment it became an accepted fact that the law can be 
read and interpreted as the men in power desire.

Ghulam Mohammed fell ill, and was deposed in March 1956.

Major General Iskander Mirza : Born November 13, 1899, died 
November 13, 1969. A good career officer, a well-known political 
agent of Tank. After partition he served, inter alia, as our 
defence secretary, minister of the interior, and governor of East 
Pakistan. When Ghulam Mohammad was deposed, the politicians in 
power appointed him as their fourth governor-general, in which post 
he remained from October 16, 1955, to March 22, 1956, on which date 
he became the first president of Pakistan. On October 27, 1958, (a 
date that was to be known for some years as Revolution Day, a 
public holiday) he was deposed by his defence minister, General 
Mohammad Ayub Khan. He was exiled and sent to London, where he 
worked for his living and died an honourable man. He is remembered 
with muted respect as a man to whom injustice was done.

Mohammad Ayub Khan : The first martial law administrator of the 
Republic of Pakistan which he declared himself to be on October 7, 
1958, adding to it the title of president on October 27 of that 
year. He is remembered for being the man under which this country, 
for his first few years in power, was seen to be truly a developing 
country - developing in the right direction, economy and industry 
booming. He is remembered for his innovative system of Basic 
Democracy, rather a flop, for his decade of development, a 
misnomer, and for his disastrous 1965 war with India and his speedy 
decline thereafter, until sick and tired, he handed over power to 
his army chief on March 25, 1969.

Agha Mohammad Yahya Khan : General Agha Mohammad Yahya Khan, 
'Rangila Raja', a good soldier but a bad martial law administrator 
and head of state. He is remembered for having saved the library at 
the Staff College, Quetta, when an instructor at that institution. 
He is remembered for holding the only free and fair elections in 
this country in 1970. He is remembered for allowing himself to be 
manipulated by Bhutto, and, above all, he is remembered and blamed 
for having thrown away half the country. He died as he had lived, 
within his meagre means. An honest man, but exceedingly foolish.

Zulfikar Ali Bhutto :

The first ever civilian martial law administrator holding 
conjointly the post of president of the Republic, which dual post 
he held from December 21, 1971, to August 14, 1973. Unforgettable. 
Remembered for all the wrong things, for the evil he did, and for 
being hanged to death. His elder son was murdered during the prime 
ministership of his elder daughter Benazir, and his younger son 
died in mysterious circumstances during the presidency of his 
successor and executor.

Chaudhry Fazal Elahi : Appointed August 14, 1973, on the day on 
which Zulfikar Ali Bhutto promulgated his constitution and 

converted himself to prime minister of the Republic. An unassuming 
man, who did nothing memorable, and who allowed himself to be kept 
a virtual prisoner throughout his presidency. On September 16, 
1978, his resignation was accepted by Zulfikar's successor, deposer 
and executor. Remembered with derision and pity as the man on the 
walls of whose house was chalked 'Fazal Elahi ko reha karo .'

Mohammad Zia-ul-Haq :

Zulfikar Ali Bhutto, always afraid of the army, to replace the 
retiring army chief Tikka Khan in February 1976 chose a junior 
general, sixth down the line, Zia-ul-Haq. Zia was selected for the 
subservience he had exhibited whilst a corps commander. The fact 
that his confidential report declared him to be ambitious and not 
to be trusted was ignored. In 1977, much to the delight of the 
people, he deposed Bhutto and took over the country as its third 
martial law administrator (July 5, 1977, to December 31, 1985), 
announcing immediately that he would march back to his barracks in 
90 days time. In September 1978 he took over the presidency, 
remaining president of the Republic until blown into the skies on 
August 17, 1988. He, likewise, is remembered for much wrong, most 
importantly for the misuse and abuse of religion to keep him in 
power. His legacy haunts us.

Ghulam Ishaq Khan :

He took over the presidency on August 17, 1988. He manoeuvred and 
manipulated elections and the goings and comings of prime ministers 
until on July 19, 1993 he was forced by his chief of army staff, 
General Waheed Kakar, to resign, taking with him his contentious 
prime minister Nawaz Sharif, largely responsible for his downfall. 
He is remembered for his own strict financial probity but for 
allowing his sons-in-law to run riot in the corruption field. He is 
also remembered for his intellectual dishonesty in bargaining with, 
and bowing to, politicians he himself had booted out and 
discredited, such as Benazir Bhutto and Asif Zardari, so that he 
could win for himself a second presidential term.

Sardar Farooq Ahmad Khan Leghari :

Elected president on November 14, 1993, by his party chief Benazir 
Bhutto and her men. To the manor born, much was expected of him, 
his record as a civil servant and a minister being whistle-clean. 
He, as do all, succumbed to the heat from the seat of power and his 
good deeds faded into oblivion . He is now remembered for his 
notorious land deal with the doubly notorious Yunus Habib, for what 
is known as the Mehran Bank scam, for failing the nation's 
expectations that he would conduct a process of accountability and 
clean out the political sewers, and for bargaining with Nawaz 
Sharif, a man he disliked and distrusted, so that he too could gain 
a second term as president.

Rafiq Ahmad Tarar :

Former judge of the Supreme Court, appointed by Nawaz Sharif to the 
Senate. Remembered for his clandestine trip to Quetta with a 
briefcase in hand, and for certain questionable judgments delivered 
during his time on the Bench. When his mentor and master Nawaz 
Sharif was given the boot on October 12, 1999, rather than putting 
in his resignation, he chose to remain in occupancy of the Aiwan-e-

Sadar, on whose walls we expect any day a slogan to be chalked 
reading : Tarar ko reha karo.

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991119
-------------------------------------------------------------------
Cynicism takes a thrashing
-------------------------------------------------------------------
Ayaz Amir

I have drunk deep of joy and shall taste no other wine tonight.

-Shelley

I can scarcely believe it. The clouds have lifted and sunny uplands 
beckon from afar. And although only the gods can tell whether 
enough will happen to prolong this mood, while it lasts it is 
exhilarating.

Bliss was it in that dawn to be alive,
But to be young was very heaven.

As I scan in the papers the mug shot of the Reverend Nawaz Khokhar 
- formerly a PML(N) grandee, now lately of the PPP (what exalted 
company our political parties keep) - being led away by an army 
posse, and as I read the names of the sleek cats caught in the 
first flush of the army's crackdown on those of the good and the 
great who have brought the country to its present sorry pass, and 
indeed down to its very knees, my heart, withered and woebegone 
till yesterday, cracks with joy even if I do not have Shelley's 
excuse (methinks a pair of comely arms) for being intoxicated.

Play on Vajpayee and to the flourish of fife and drum come out more 
stoutly in defence of your co-signatory to the Lahore Declaration 
(whither has that piece of parchment gone?), the sadly incarcerated 
Mian Nawaz Sharif who slipped while trying to read new meaning into 
the Leninist concept of the balance of forces. The Muslim League, 
its wits still befuddled, has yet to catch on to Vajpayee's tune. 
With friends like the Indian prime minister, Nawaz Sharif will 
stand in need of no enemies.

Consider the transformation worked by a mere 24 hours. Cynicism and 
despair entrenched so deeply in the Republic. And yet what it takes 
dissipate their malevolent influence is just a show of unabashed 
will and sincerity which have been vouchsafed by the dramatic swoop 
against the first batch of well-heeled conmen who have rooked the 
nation's finances. Who are amongst the first caught? Two Saigols, a 
Leghari, a Saifullah, an air marshal (no less) and several others 
of the same ilk. To ears used to hearing weak porridge being 
churned in the name of accountability this is thundering music. 
There is also a list of distinguished absconders, including our 
shrill princess, Ms Bhutto, and Grand Admiral Mansoor-ul-Haq. Again 
music to jaded ears. The Grand Admiral was the counterpoint to that 
civilian admiral, Amer Lodhi, who reportedly swung the famous 
submarine deal during the time shrill princess was inflicting 
herself for the second time on the country. When will the veil be 
lifted on that game of high-class poker? Only the oracles can say.

Meanwhile, it will be no small cause for rejoicing if as a result 
of the latest events we see the last of Ms Bhutto as a political 
redeemer. If there is one exit this country needs, it is hers. If 
it's any consolation to her, the greatest beneficiary of this will 
be her own party which may possibly breathe again if rid of her 
iron dictatorship. There will of course remain the matter of Ms 
Bhutto's articles in the press. But after being declared an 
absconder I think even from those there should be some relief.

Is it not a sign of the times that even the Chaudries - of Gujrat, 
that is - have begun to bleat? Even if I may not want to lay it on 
too thick as far as they are concerned (since the Chaudries include 
my former speaker, Ch Pervez Ellahi), it is hard not to notice that 
when they say, as they said vociferously at a press conference in 
Islamabad the other day, that they are not defaulters, they want 
the entire nation to plunge into a bout of amnesia and forget that 
after the Sharifs they profited the most from the industrial 
revolution that got going when that commander of the faithful, 
General Zia-ul-Haq, came to power.

If nothing else, their role in the famous cooperatives's scandal of 
1991 is enough to condemn them and keep them out of politics 
forever. It was the huge loans which the Sharifs and Chaudries took 
(65 crores or thereabouts apiece) which well and truly sunk the 
cooperatives ship although, and this is a tribute to the majesty 
and flexibility of the law in Pakistan, His Lordship Justice Lone 
of the Supreme Court, asked to look into this matter, gave both the 
Sharifs and the Chaudries a certificate of outstanding probity. 
Anyway, I bet my last rupee that nothing will happen to the 
Chaudries. Even in the present set-up they have their defenders who 
think that they are unjustly maligned and that apart from one or 
two loans too many, they are basically clean. I should say no more.

But to return to the main story. The accountability ordinance just 
signed by the Sharif's own President (how times change) His 
Holiness the Pakistani Pope is the law that these past 25 years the 
people of Pakistan have been crying out for. Comprehensive in its 
sweep, unambiguous in its meaning, it is the perfect instrument - 
one, moreover, which puts the onus of proving innocence on the 
shoulders of the accused - for pursuing the battle against 
corruption and wrongdoing. Those responsible for drafting this law 
deserve the nation's thanks. If Mr Sharifuddin Pirzada has had 
anything to do with it then all is forgiven. Although I doubt very 
much this would have been the case since Mr Pirzada has made a 
career out of equivocation while this law is a model of clarity.

For all the wrong selections made by the Great Chief in the early 
stages of excitement, a forgivable lapse considering all the things 
crowding in on his mind (although that still does not stop me from 
wondering how Akbar Ahmed has made it to London and the Boy 
Sarfraz, you have to see him to believe me, into the cabinet), the 
Chief has redeemed himself by picking Lt Gen Amjad Hussain as the 
Chairman of the National Accountability Bureau (NAB). Amjad is a 
Gallian (alumnus of Lawrence College) in the same way that Lt-Gen 
Mahmud Ahmed, formerly of 10 Corps and now ISI, and Sahibzada 
Imtiaz of the NSC are. What is more, he scored well in his Senior 
Cambridge exams, scarcely a trifling matter since at that time 

Lawrence College was more known for producing (how gingerly can I 
put this?) dunces than scholars.

Being a year senior to me in college I say this from personal 
knowledge that a cleaner and more suitable man for this sensitive 
position could not have been chosen. If anyone can make NAB work it 
is Gen Amjad and if he falters or fails, or even if the pace of his 
offensive slackens, General Musharraf can say goodbye to the public 
goodwill that still remains strong for his coup - sorry, counter-
coup - and all its works. There should be no mistake about this: as 
far as the public perception is concerned, more rests on 
accountability than any of the other items in the Chief's agenda.

That is why it is important not to be distracted by cries that the 
drive just started to nab defaulting and crooked fat cats will ruin 
business confidence and trigger a flight of capital out of the 
country. No heed should be paid to these feeble-minded reservations 
for what is at stake is not the confidence of the business 
community but the last remaining shreds and tatters of the nation's 
faith in itself and its ability to pull itself out of the swamp in 
which it is caught. Nothing has done so much to revive the nation's 
hopes as the arrest of big-name defaulters. Nothing will more 
cruelly shatter these hopes than if this drive fails or comes to a 
premature end.

The money recovered in this drive is not important. A 100 or 200 
billion rupees will not make this country sink or swim. What was 
important was to send a message, not so much to defaulters as to 
ordinary people, that at long last those guilty of pillaging the 
country were being called to account. The message therefore is 
ultimately political and not simply financial and that should be 
kept in mind even as the cacophony rises that the rule of law 
should be respected. It should indeed, but for once in 52 years let 
the rule of law work against and not, as it always has, in favour 
of the nation's plundering oligarchy. March on in this fashion 
Great Chief and troops of angels will speed you on your way. Falter 
or make exceptions and may then purgatory be your reward.

Tailpiece: Good Punjab cabinet for which Governor Safdar deserves 
all praise. Compared to the other provinces it clearly stands out. 
But then from a son of Chakwal - General Safdar being from Dulmial 
in the Choa Saidan Shah hills - I would have expected no less.

I am particularly glad for my friend Chaudry Shafqat Mahmood whose 
cries (audible to the initiated in his recent columns) that he was 
available to serve the people have been given the notice they 
deserved. Seriously though, his presence should bring intelligence 
and depth to cabinet discussions as should the voice of my friend, 
Shahid Kardar.
A word in the Governor's ear, however: making haste slowly is all 
right but when is he going to turn his attention to the rot in the 
districts? As long as the symbols of that rot remain, and he need 
go no further than his own district in this regard, no amount of 
monitoring mechanism is going to make a difference.


===================================================================
SPORTS
991120
-------------------------------------------------------------------
Saqlain spins Pakistan back in game with Test-best 6/46
-------------------------------------------------------------------

HOBART, Nov 19: Saqlain Mushtaq mesmerised Australia's batsmen with 
his assortment of biting off-spin, top-spin and leg-breaks to take 
career Test best 6-46 as Pakistan swung the second cricket Test at 
Bellerive Oval here on Friday.

Spearing in his off-spinners, sometimes above 100 kilometres (60 
miles) an hour and flicking in the occasional leg-breaks to the 
right-handers, Saqlain swung the match after Australia had looked 
set to bat their way to the three-Test series on the back of 
another domineering Michael Slater innings.

Pakistan quickly erased the 24-run first innings deficit to reach 
61-1 by stumps for an overall lead of 37 with nine second innings 
wickets in hand.

Saeed Anwar, who clouted Shane Warne's first ball for six, was not 
out 36, with nightwatchman Saqlain yet to score.

First innings top-scorer Mohammad Wasim was caught by McGrath off 
Scott Muller for 20 after putting on 50 for the first wicket.

Needing to win here after being hammered by 10 wickets in the 
opening Test at Brisbane, Pakistan appeared down and out when 
Australia were high-tailing at 191 for one, with Slater poised for 
his 14th Test century.

But Slater was out in the 90s for the seventh time in Tests when he 
was deceived by the flight of a Saqlain delivery and dollied a 
catch to Ijaz Ahmed for 97 precipitating a stunning batting 
collapse - nine wickets for 55.

Within 101 minutes and 20.2 overs the number one Test nation's 
batting was shredded firstly by a bewildering spell with the old 
ball by Waqar Younis, who removed Mark Waugh (5) and Ricky Ponting 
for a second successive duck in the series, before Saqlain proved 
unplayable after tea.

ALMOST A HAT TRICK: In four overs, Saqlain snared 4-6 and narrowly 
missed a hat trick in his 22nd over when he had Adam Gilchrist (7) 
stumped and bemused Shane Warne bowled first ball by a leg-break 
before a touch-and-go stumping decision next ball on Damien Fleming 
was turned down by the video umpire Steve Davis.

But Saqlain claimed Fleming with a quicker delivery on the last 
ball of that over, trapping him lbw as Australia tottered to 236 
for eight.

He then finished off the Australian innings when Glenn McGrath 
played forward and was caught short of his ground as Moin whipped 
off the bails to effect his 100th dismissal in 49 Tests.

Saqlain's previous pinnacle Test bowling performance was 5-32 in 
the first innings of the Lahore Test against Zimbabwe last 
December. He has now taken five wickets in an innings nine times, 
but this was his first against Australia.

"I was bowling for a long time, but I was positive and focused on 
my target," said Saqlain, who now has taken 103 wickets in his 23rd 
Test match.

Saqlain, who in the process became the 10th Pakistani to claim 100 
or more wickets, perfected his leg-break from his teenage days, 
playing cricket on the streets of Lahore with his cousins and 
friends.

Saqlain said his most enjoyable moment was claiming Warne's scalp 
with his mystery ball, or "doosra" in Urdu, the same delivery that 
he has used to dismiss Sachin Tendulkar three times.

"I really enjoyed that one," Saqlain said.-AFP/Reuters

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991120
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Saqlain, Waqar find their rhythm to send Aussies reeling
-------------------------------------------------------------------
A. Jalil

HOBART, Nov 19: There is a final drop of venom that transforms a 
good bowler into a great one. Saqlain Mushtaq's bowling has 
contained that deadly ingredient long enough to put him in that 
category. His remarkable figures today simply provided further 
evidence of his stature.

It was the virtuoso bowling and tenacity of Pakistan that came to 
the fore, halfway through the second day's play. Having taken much 
flak for their batting and again for their work in the field, they 
battled hard just when this Test and, indeed, the series was 
perilously close to slipping away.

Australia were comfortably placed with their opening batsmen 
setting them off with a flying start of 76 and when that was 
extended to 191 for the loss of just one wicket, it looked most 
ominous for Pakistan with their meagre first innings total.

It would appear that a lunch time pep talk spurred them on, not 
only to some controlled bowling but in the field as well, for they 
had dropped Michael Slater earlier on 36 when there was a chance of 
a running catch at back-ward square-leg and again on 68 at point.

He had, nevertheless, batted beautifully and his drives of the back 
foot were a delight to watch. He had been severe on Waqar Younis in 
the first session of play when 30 runs came off seven over with the 
last over going for 12. But not long after lunch Waqar began to 
give glimpses of his former self when he was the spearhead of the 
Pakistan attack.

Meanwhile, Slater had progressed to 97 when he was dropped again, 
this time by Wasim Akram at slip. It was a low but simple enough 
chance off Saqlain. The Pakistan captain was, however, relieved 
that without further addition to Slater's score, Saqlain struck his 
first blow. It was the seventh time the Australian was dismissed in 
the 90s in Tests.

Thereafter, the combined pace and spin attack of Pakistan proved to 
be so potent. Waqar trapped Mark Waugh leg before wicket and on the 
same score of 206 Saqlain got a bat/pad decision against Justin 
Langer. The batsman had, however, in reaching a half-century, 
probably ensured his place for the next Test on his home ground in 
Perth. He was the only batsman in the Australian team who was in 
need of runs to hold his place.

Pakistan bowlers had now taken control and Waqar struck once again. 
He produced an absolute beauty which came in late to slip of Ricky 
Ponting's off-stump. Waqar had found his rhythm and consequently 
his speed and ball movement. In his previous over, he beat Steve 
Waugh with one that moved the other way and the Australian captain 
survived a close call for leg before wicket.

Australia's innings had taken a battering with Waqar and Saqlain 
claiming two wickets each but the dramatic end of the innings was 
kept for the final session of the day. His renowned 'mystery ball' 
which drifts away from the right-handed batsman, although bowled 
with the off-spinners action, mesmerized three of his four victims 
of that session.

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991118 
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Pakistan, India, South Korea gun for World Cup spot
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KUALA LUMPUR, Nov 17: Asia's top three hockey powers, Pakistan, 
South Korea and India will be pulling no punches when the 5th Asia 
Cup gets underway here on Thursday.

The winner of the tournament automatically qualifies for the 2002 
World Cup and all three countries have brought virtually full 
strength squads to Kuala Lumpur in a bid to secure an early berth 
for the tournament, which is also to be held in the Malaysian 
capital.

India have an added incentive to add an Asia Cup title to the Asian 
Games title they won in Bangkok last year, having never won the 
event.

Pakistan, who won the first three, and holders South Korea, have 
generally held the upper hand over India in the last decade.

But the Indians, who have have booked their place in the 2000 
Sydney Olympics by virtue of its Asian Games gold, may find it 
difficult to replicate their tournament-winning form of last year, 
when they beat South Korea in the final in Bangkok.

None of the other participants in the nine-nation tournament - 
China, Bangladesh, Sri Lanka, Japan, Hong Kong and hosts Malaysia - 
are expected to threaten the ruling triumvirate of Asian hockey.

Kazakhstan was an eleventh hour withdrawal from the tournament, 
leaving Group B with only four teams - India, Japan, Hong Kong and 
Malaysia.

Defending champions South Korea, Pakistan, China, Bangladesh and 
Sri Lanka comprise Group A, on paper the tougher of the two groups.

Korea and Pakistan are expected to emerge the top two teams in 
Group A while India and Japan, who play each other in the opening 
match on Thursday, should share the equivalent places in Group B.

The crossover semi-finals on Nov 26 are expected to see the same 
contenders but in different pairings than at last December's Asian 
Games when Korea eliminated Pakistan and India defeated Japan.

Hosts Malaysia, a formidable opponent when enjoying home ground 
advantage but brittle even at the best of times, are not expected 
to unduly threaten India's and Japan's progress to the semi-finals 
from Group B. The final is scheduled for Nov 28.-AFP

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991117
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Jansher not in main draw of British Open
-------------------------------------------------------------------

ABERDEEN (Scotland), Nov 16: Jansher Khan, winner of the World Open 
a record eight times and of the British Open six times, did not 
feature in the draw made here Tuesday, for a British Open for the 
first time in 13 years.

The absence from the world's longest-established tournament of 
arguably the most complete player of all time suggests that Jansher 
is unlikely to be a serious contender again for the big titles.

Despite knee problems and other injuries which have limited the 30-
year-old Pakstani to only occasional appearances, he has often 
still claimed during 1999 that he has the capacity to return for 
significant challenges on big occasions.

But Jansher's decision not to compete here next month (December 6-
12) follows his absence from the World Open at the Giza pyramids 
two months ago.

The last time Jansher competed in a major was when he lost to in 
the final of the British Open to Scotland's Peter Nicol at 
Birmingham 19 months ago.

"The Squash Rackets Association wanted to give Jansher a wild card. 
But when it became clear he would not accept it, it was given to 
England's former world number two Peter Marshall instead," said 
British Open organiser Alan Thatcher, who also made an appeal to 
the world's number one woman, Michelle Martin.

The Australian quit squash rather suddenly after losing last 
month's World Open final in Seattle to England's Cassie Campion, 
and Martin has resisted attempts to persuade her to change her 
mind, saying she no longer has the motivation.

This means the 32-year-old will not defend the British Open title 
she has won six times in a row, and that Campion, formerly Jackman, 
becomes the first English player for 15 years to be the top seed, 
with the New Zealander Leilani Joyce her nearest rival.

The British Open's entry list does show one piece of good news. 
Another Aussie, the three-times former world champion Sarah Fitz-
Gerald, will make her international comeback during the tournament 
after seven months out of the limelight with a knee injury.

However, the second-seeded Nicol, who is playing in his home city 
where he may have overwhelming support, will be unofficial 
favourite for the British Open title, despite a probable quarter-
final against the controversial Australian Anthony Hill.-AFP


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