------------------------------------------------------------------- DAWN WIRE SERVICE ------------------------------------------------------------------- Week Ending : 27 November 1999 Issue : 05/48 -------------------------------------------------------------------
Contents | National News | Business & Economy | Editorials & Features | Sports
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CONTENTS ===================================================================
NATIONAL NEWS + Nawaz says Musharraf being vindictive + Shahbaz, Saif & Saeed remanded in police custody + US debt relief for Pakistan: accord signed + Farooq, PQA official taken into custody + Plea filed in Supreme Court for Senate's restoration + Islamabad protests harassment of diplomat + US closely monitoring Nawaz's trial + Chief Executive grants pardon to Ameenullah + Chashma power plant goes nuclear + All contract jobs to be abolished in Sindh + NAB being expanded to process more cases + PML urges SC to undo military action + FO regrets EU resolution on Pakistan --------------------------------- BUSINESS & ECONOMY + Shaukat briefs CE on economic revival plan + Pakistan to raise textile quota issue at WTO + Banks asked to disclose names of exporters + Concern over ban on exporters going abroad + CBR to assess revenue inflow by month-end + Ishrat new SBP governor + Emergency economic measures needed for PIA + Withdrawals from FCAs: NAB asks banks to submit details by 27th + Belgian firm buying readymade garments + Foreign investors net sellers at KSE + Redco plea rejected: LHC holds Saif family defaulter + Low-cost credit: Govt wants cut in interest rates + Stock prices ease fractionally --------------------------------------- EDITORIALS & FEATURES + Storming of the Supreme Court Ardeshir Cowasjee + Pursuing a fallen man: not worth it Ayaz Amir + How now, cash cow? Irfan Husain ----------- SPORTS + Marshall first foreigner to win Pakistan Open + Sohail's golden goal puts Pakistan in Asia Cup final + Langer, Gilchrist secure series for Australia in historic win

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NATIONAL NEWS
991127
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Nawaz says Musharraf being vindictive
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Shamim-ur-Rehman

KARACHI, Nov 26: Deposed prime minister Nawaz Sharif on Friday 
accused the chief executive, Gen Pervez Musharraf, of making him 
(Nawaz) the target of personal 'vendetta' and directing "all the 
guns" at his family.

In his first direct attack on the army chief who ousted Nawaz from 
power on Oct 12, the deposed premier claimed that "Pervez Musharraf 
is making it a personal vendetta and a matter of personal ego."

Talking to reporters before the commencement of proceedings in the 
anti-terrorism court on Friday, Mr Sharif claimed: "We are all 
innocent and have done nothing wrong."

Asked why he thought that Gen Musharraf had made him the target of 
a personal vendetta, Mr Sharif said: "Because he has done something 
totally extra-constitutional, but I'll not talk about it at this 
stage, this will come up in the proceedings."

Mr Sharif, who claimed that the army chief had no right to remove 
his government, said the plane incident was being used as a 
diversionary tactics.

"There is no doubt that I said that the plane must land at 
Karachi," claimed Mr Sharif and said the fact "who delayed the 
landing and ordered its diversion will come out in the court."

Describing the army takeover as "extraconstitutional," Mr Sharif 
said "the facts will prove that the army went to the TV station at 
5:40pm when the plane was over the Indian ocean."

Asked if he felt that the coup was in the progress while the plane 
was still in the air, he said: "This is my impression...what I 
believe."

Complaining about the conditions of captivity, he said the whole 
world should see the conditions in which "we are being kept."

Asked if he feared more arrests, he said he was not aware.

"I don't know why they are delaying to proceed with the case, 
perhaps because it would expose the loopholes when the case will 
proceed."

The ousted premier complained that by keeping them in a "small 
cage-like cell" in solitary confinement, the regime was exerting 
both mental and physical pressure.

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991126
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Shahbaz, Saif & Saeed remanded in police custody
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Shamim-ur-Rehman 

KARACHI, Nov 25: Three more accused in the Oct 12 conspiracy case 
were remanded in the police custody for a day by the administrative 
judge, Anti-Terrorism Court, on Thursday with a direction to 
produce them on Friday, with four other accused in the case.

The former chief minister of Punjab, Shahbaz Sharif; ex-chief of 
the disbanded Ehtesab bureau, Saifur Rahman; and principal 
secretary to the deposed prime minister, Saeed Mehdi; who were 
formally arrested in the plane case on Wednesday at Islamabad, were 
brought to the ATC in separate armoured personnel carriers amid 
tight security. They were brought to Karachi early Thursday in a 
special plane after being granted transit remand.

Administrative judge of the ATC, Rehmat Hussain Jafri, did not 
accede to the prosecution's request for their seven day remand by 
police.

Deposed prime minister Nawaz Sharif, his adviser on the Sindh 
affairs Syed Ghous Ali Shah, former PIA chairman Shahid Khaqan 
Abbasi, former inspector-general of Sindh police Rana Maqbool and 
former director-general of Civil Aviation Authority Ameenullah 
Chaudhry were originally charged under 402-B, 365, 120-B, 34 of 
PPC, read with section 324 Qisas and Diyat, besides section 7 of 
Anti-Terrorism Act for hijacking flight PK-805 PIA plane returning 
to Karachi from Colombo on Oct 12, '99, with 198 passengers, 
including Chief of the Army Staff Gen Pervez Musharraf, and crew on 
board.

Ameenullah Chaudhry has turned approver and was granted pardon by 
the competent authority. The superintendent the Central Prison had 
sought clarification from the administrative judge regarding the 
production of Ameenullah Chaudhry before him, after Mr Ameenullah 
had become an approver. The Judge ordered that it was not required.

The ATC had earlier directed the prosecution to submit challan in 
the case on Friday, Nov 26.

At 2.45pm when the administrative judge, Rehmat Hussain Jafri, 
began proceedings, Mian Shahbaz Sharif stood up and submitted: "I 
have a right to be heard because for the last one-and-a-half months 
we have been kept under detention.."

The judge directed Shahbaz Sharif to wait for some time and let him 
go through the papers after which he will be given full opportunity 
to express himself.

The judge asked the accused whether they were maltreated in the 
police custody.

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991127
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US debt relief for Pakistan: accord signed
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Bureau Report

ISLAMABAD, Nov 26: The Clinton administration has consolidated and 
rescheduled Pakistan's loans amounting to $926 million.

A bilateral agreement was signed here on Friday between Pakistan 
and the United States to reschedule $926m dollar debt. By doing so 
the US has followed the decision of the Paris Club which 
restructured Pakistan's $3.3bn debt on Jan 30 last.

Under this agreement debt service of $926m, being the largest 
amount in debt relief amount, due during the period from July 1, 
1998, to Dec 31, 2000, on loans contracted up to Sept 30, 1997, 
have been consolidated and rescheduled on the following terms:

a) US AID project, commodity and PL-480 loans will be repaid in 20 
equal semi-annual instalments commencing from July 1, 2010.

b) An interest rate of 2.47 per cent per annum will be charged on 
US Aid loans (Project and commodity), while 2.88 per cent per annum 
on PL- 480 credits.

c) The debt of CCC wheat credits and US Eximbank is to be repaid in 
30 semi-annual instalments commencing on July 1, 2003.

d) The rate of interest of CCC credits shall be based on the US 
treasury average market yields in effect on the date of signature 
of agreement for 18 years loan maturity plus one half of one per 
cent. This is estimated approximately 6.25 per cent.

e) For the debt of US Eximbank the rate of interest shall be the 
per annum rate equal to be one half of one per cent over the 
interest rate applicable to US treasury short-term borrowing which 
is in effect on the first date of such interest period. This rate 
for the period from Jan 1, 1999, to Jan 30, 1999, shall be 5 per 
cent.

f) For defence and housing guarantee programme debt the repayment 
is to be made in 30 semi-annual instalments commencing on July 1, 
2003. The interest rate for defence loans and housing guarantee 
will be based on US government cost of borrowing for a comparable 
maturity in effect at the entry into force of this agreement plus 
one eighth of one per cent which is approximately 5.875 per cent.

The agreement has been signed by Javed Akram, secretary, EAD, on 
behalf of the government of Pakistan and by US William B. Milam, 
ambassador.

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991127
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Farooq, PQA official taken into custody
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Reporter 

KARACHI, Nov 26: Muttahida Qaumi Movement leader Dr Farooq Sattar, 
who has been facing charges of embezzlement in the award of a 
contract, and a senior official of Port Qasim Authority, Sattar 
Dero, were taken into custody by law enforcement agencies on 
Friday.

Dr Farooq Sattar, former parliamentary leader of the MQM in the 
suspended Sindh Assembly, had gone undergone ground when his name 
was cited by the government among defaulters and among those who 
had squandered the government funds.

Since then, raids were being conducted by the law enforcement 
agencies to arrest him. His residence was raided a week ago. In a 
dramatic move on Friday morning he surrendered himself to the law 
enforcement agencies soon after he addressed, with some other party 
leaders, a news conference at Karachi Press Club.

At that hurriedly-called press conference, Dr Farooq Sattar 
announced that he was going to surrender himself before the higher 
authorities. He said he had taken this decision on the directives 
of the party leadership.

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991125 
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Plea filed in Supreme Court for Senate's restoration
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Rafaqat Ali

ISLAMABAD, Nov 24: The Supreme Court was urged on Wednesday to 
restore the Senate, offices of the speakers of the National 
Assembly, and provincial assemblies and determine as to which 
provisions of the Constitution were to be held in abeyance and for 
what period.

In a constitutional petition filed under Article 184(3), Shahid 
Orakzai, a journalist-turned-pro-bono-publico, has asked the 
Supreme Court to determine the legal methodology for putting the 
Constitution back on its rails as it was on Oct 11, '99, in letter 
and in spirit.

The petition seeks remedy for a constitutional derailment that 
occurred on October 12, apparently because of a verbal and 
whimsical order of the prime minister to replace a military 
officer.

The petitioner stated that he could not be reconciled to be 
subjected to every order of the military officer without given the 
judicial review of the Supreme Court or any other court with the 
jurisdiction to rule on executive actions. The petitioner contended 
that the Senate could not be dissolved or suspended under any 
circumstance. 

With the suspension of the offices of the chairman of the Senate 
and the speakers of the National Assembly and provincial 
assemblies, the constitutional contingency to fill the offices has 
been jeopardized.

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991124
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Islamabad protests harassment of diplomat
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Bureau Report

ISLAMABAD, Nov 23: Pakistan on Tuesday lodged a strong protest with 
India over the harassment and intimidation of its diplomat in New 
Delhi, and issued a warning that such events could only further 
vitiate the atmosphere.

The Indian deputy high commissioner was summoned to the foreign 
office and a strong protest was lodged with him over the incident 
in which a diplomat at the Pakistani High Commission, New Delhi, 
had been mistreated by the Indian intelligence operatives on Nov 
22.

A foreign office statement termed it an "ugly" incident of 
harassment and intimidation, which, it said, was second of this 
nature within a week.

"The Indian deputy high commissioner was reminded of the 
obligations of the Indian government under the Vienna Convention 
and the Bilateral Code of Conduct," the FO said, adding "he was 
also informed that such incidents of harassment had become a 
pattern which could only further vitiate the atmosphere."

On Nov 16, Pakistan defence and military adviser in New Delhi was 
blocked by two vehicles of Indian intelligence and five persons 

tried to force open the door of his car. When they failed to do so 
they hurled abuses at the diplomat and banged on the car's 
windscreen.

An opening in the traffic made it possible for him to escape and 
safely reach the Pakistan High Commission.

In the latest incident, a Pakistan counsellor was stopped by an 
intelligence vehicle when he was on his way to office. Some people 
got off the vehicle and started abusing the diplomat, though unlike 
the earlier occasion they did not make any physical effort to open 
the door of the diplomat's car or damage it.

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991124
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US closely monitoring Nawaz's trial 
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WASHINGTON, Nov 23: Washington is keeping a close eye on the trial 
of deposed prime minister Nawaz Sharif, a State Department 
spokesman said on Monday.

"We are monitoring the situation closely, including sending an 
observer to the hearings in Karachi," James Rubin told journalists.

The conduct of the trial is seen as a litmus test of the ruling 
army's adherence to rule of law following Army Chief General Pervez 
Musharraf's October 12 coup.

"We have repeatedly urged that Sharif and all others detained be 
treated fairly and impartially and in accordance with 
internationally accepted standards of due process," Rubin said.

Rubin pointed out the United States had sent an observer to the 
proceedings.

"We were concerned about his treatment, and that's why we raised 
the issue. If we had no concerns, we would never raise it," he 
said.-AFP

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991125 
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Chief Executive grants pardon to Ameenullah 
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Reporter

KARACHI, Nov 24: Ameenullah Chaudhry, former director-general of 
the Civil Aviation Authority, has been granted "pardon" after he 
turned approver and made a confessional statement saying Nawaz 
Sharif had ordered him on Oct 12 
not to allow the PK-805 to land anywhere in Pakistan, officials 
said on Wednesday.

After the confessional statement his name has been removed from the 
list of the accused and he would now be a prime witness in the 
conspiracy case.

Ameenullah Chaudhry, with Nawaz Sharif and three others, was 
charged under 402-B, 365, 120-B, 34 of PPC, read with section 324 
Qisas and Diyat, besides section 7 of Anti-Terrorism Act, with 
hijacking flight PK-805 PIA plane returning to Karachi from Colombo 
on Oct 12, 1999, with 198 passengers, including Chief of the Army 
Staff Gen Pervez Musharraf, and crew on board.

Ameenullah Chaudhry has been kept separately from other accused and 
was not brought to the court of judicial magistrate, Malir, where 
four other accused in the case, including Nawaz Sharif, were 
present during the recording of statements of other witnesses under 
section 164 CrPC.

"After going into judicial custody, Ameenullah Chaudhry applied to 
the district magistrate that he wanted to become an approver and 
pleaded for a pardon," said the advocate-general of Sindh, Raja 
Qureshi, adding that the "competent authority has granted him 
pardon."

The pardon, he said, had been granted under section 337 CrPC which, 
among other things, said: "District magistrate or a subdivisional 
magistrate may, at any stage of investigation or inquiry into or 
the trial of the offence, with a view to obtaining the evidence of 
any person supposed to have been directly or indirectly involved in 
or privy to offence, tender a pardon to such person on condition of 
his making a full and true disclosure of the whole of the 
circumstances within his knowledge relative to the offence and to 
every other person concerned , whether a principal or abettor, in 
the commission thereof.."

After the confessional statement, Special Public Prosecutor M. 
Ilyas Khan made an application before the judicial magistrate, 
saying that "Ameenullah Chaudhry is no longer an accused and he is 
a PW, who himself applied for making him an approver. District 
Magistrate has granted permission."

He said that now that he had become an approver, Ameenullah 
Chaudhry was not brought to the judicial magistrate, Malir, during 
the recording of 164 of other PWs.

Commenting on the confessional statement of Ameenullah Chaudhry, 
former law minister and head of the PML's legal committee Khalid 
Anwar claimed that the confessional statement had been given under 
pressure.

He referred to Mr Ameenullah's earlier reported statement according 
to which he had reportedly made an application before the trial 
court saying that he was under tremendous pressure owing to which 
he would either make a confessional statement or commit suicide.

He claimed that when Mr Ameenullah would be crossexamined, the 
truth would come out and his contention would be vindicated.

According to Mr Anwar, Nawaz Sharif was not demoralized by the 
report of confessional statement because "he has committed nothing 
wrong."

He also alleged that the proceedings were not open as the media was 
not allowed inside and the team of lawyers and senior Muslim 
Leaguers, who had come to consult the deposed prime minister, were 
not allowed to enter the courtroom. "This is not an open trial," he 
said.

He also alleged that Mr Sharif was not being provided adequate 
facilities in the prison. He said that in the court the authorities 
did not allow the Muslim Leaguers to provide him mineral water. He 
claimed that Mr Sharif had complained that all the accused were 
being kept separately and in very shabby and unhygienic conditions. 

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991124
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Chashma power plant goes nuclear
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CHASHMA, Nov 23: Pakistan's second 300 megawatt electric (MWe) 
power plant went nuclear on Tuesday. Dr Ishfaq Ahmad, chairman of 
the Pakistan Atomic Energy Commission, pressed the button to load 
the first fuel assembly of "121 assembly core" required to run the 
plant to produce 300 Mwe. The rest are in the process of loading.

The Chashma Nuclear Power Plant (CHASHNUPP) has been completed with 
the help of China and will become operational in the next few 
months. This is the first ever undertaking between China and 
Pakistan in the arena of high technology.

Karachi Nuclear Power Plant, the first nuclear plant, started 
supplying electricity in 1971.

The contract for the Chashma plant was signed on Dec 31, 1991, and 
work on it started in 1992. It will start providing electricity 
early next year at very reasonable rates.

Chashnupp is located near the Chashma Barrage on the left bank of 
Indus river, 32km south of Mianwali. Reactor pressure vessel is the 
heart of the plant where energy is set free by nuclear fission 
Uranium-235.

Since its location is in the middle of main-load cities like 
Karachi, Lahore, Faisalabad and Rawalpindi, the Chashnupp would 
help save line losses.

To meet the international safety culture, he said the safety 
aspects of the plant in every respect had been given top priority 
to the utmost satisfaction of the International Atomic Energy 
Agency.

Pervez Butt, member power of the PAEC, said the plan would require 
one ton Uranium annually to produce 300 Mwe whereas coal- fired 
plant required 1.5 million tons to produce that much electricity. 
He said it would also avoid pollution.

The general manager of Chashnupp, Mirza Azfar Beg, said the safety 
and quality had been the most important factors in the designing, 
construction and operation of the plant. Defence in depth is the 
fundamental principle of safety of the nuclear plant. Reactor 
protection system is of fail-safe and proven design.

The plant has been designed by China's Shanghai Nuclear Engineering 
Research and Design Institute and built by China National Nuclear 
Corporation for a life span of 40 years. The cooling water is drawn 
from Chashma-Jhelum Link Canal and discharged into Indus.

Pakistan is the only country in the Muslim world, which has been 
utilizing nuclear energy for electricity generation.-NNI

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991125 
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All contract jobs to be abolished in Sindh 
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Reporter

KARACHI, Nov 24: The Sindh government has decided to dispense with 
some 1,900 "non-essential" posts of various grades in different 
departments. A decision about this was taken at the first 
provincial cabinet meeting 
held at the New Sindh Secretariat on Wednesday, with Governor Air 
Marshal Azim Daudpota in the chair.

The meeting also decided, in principle, to terminate all the 
existing contract appointments, except the essential ones . It also 
approved the provision for re-employment of doctors, teachers and 
police personnel.

Informed sources said those decisions were taken on the basis of a 
report submitted by the finance department to curtail 
administrative expenditure.

They said although there was budgetary provision for the posts, it 
was found that the working of the departments would not suffer even 
if these posts were declared redundant and abolished.

The Sindh finance secretary, according to the sources, briefed the 
meeting about the main factors resulting in financial crisis, which 
included shortfall in federal transfers, increase in debt- 
servicing, at-source deductions by the federal government and 
increase in administrative expenditure.

The cabinet was told that the Sindh government had already taken up 
the matter of financial crisis with the federal government. The 
governor had already made a request for bailing out the Sindh 
government from the financial crisis.

The cabinet was also apprised of the salient features of the 
arbitration award regarding Wapda dues. The governor had asked the 
concerned officials to evaluate its implications on a priority 
basis for an early discussion.

The meeting also decided to take effective measures to achieve the 
targets in respect of various provincial taxes and to ensure that 
no shortfall occurred.

The governor took notice of the reports appearing in the press 
regarding the problems being faced by people due to indecision on 
files by the competent authority and said that officials ought to 
exercise their authority.

Taking notice of the report that illegal recruitments had been made 
in Dokri after taking bribe from the needy persons, he ordered 
inquiry into the matter and warned that corruption of any kind and 
at any level would not be allowed.

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991125 
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NAB being expanded to process more cases
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Bureau Report

ISLAMABAD, Nov 24: National Accountability Bureau is being revamped 
to process the largest number of corruption cases by December. 
Informed sources told Dawn on Wednesday that around 30 civil and 
military personnel 
were being inducted into the NAB to accelerate the pace of 
accountability by preparing corruption cases and referring them to 
the FIA.

Twelve officials, mostly from the army, have just been inducted in 
the bureau while 18 others are likely to join it within the next 
few days.

NAB chairman Lt-Gen Syed Mohammad Amjad wants his team to 
thoroughly study the cases before sending them to the FIA. In this 
regard, sources said, a full-fledged "legal wing" was being set up 
in the NAB to be assisted by the new prosecutor general, Farooq 
Azam.

Lt-Gen Amjad, the sources said, was of the view that the job of the 
bureau was to take action specially against the wilful defaulters 
on the recommendations of the State Bank.

"There may be some leniency in the cases of loan defaulters but 
there will be no concession for those who have been involved in 
corruption," a source close to the NAB said. He added that about 35 
corruption cases were likely to be handed over to the FIA early 
next month.

The purpose of establishing the legal cell, sources said, was to 
make doubly sure that all the loopholes were plugged while 
preparing the cases. That was why the NAB was seemingly taking so 
much time in sending cases to the FIA.

The NAB, sources said, was giving special importance to the money 
laundering cases for which the services of senior joint secretary 
Hasan Wasim Afzal had been retained, despite his being a 
controversial man. The NAB chief had got an inquiry conducted 
against Mr Afzal and found him professionally a sound person. 

"Wasim knows his job and that is why he has been given the task of 
dealing with money laundering cases in order to bring to book 
corrupt politicians and ruling elite of both the PML and PPP," said 
a source.

Meanwhile, the NAB has decided to facilitate the participation of 
people and intelligentsia for making its activities and actions 
more meaningful and effective. 

The complaints and information, according to the NAB, should be 
related to corruption and supplemented by concrete and legally 
sustainable evidence or indication to evidence. The email address 
of the NAB is: nab@apollo.net.pk.

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991123
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PML urges SC to undo military action
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Bureau Report

ISLAMABAD, Nov 22: The Pakistan Muslim League on Monday challenged 
the October 12 military takeover in the Supreme Court, and prayed 
to the court to declare the proclamation of emergency and the 
subsequent provisional constitutional order unconstitutional.

In a representative petition, drawn by former law minister Khalid 
Anwar, the PML has impleaded the federation of Pakistan through 
cabinet secretary, Chief of Army Staff General Pervez Musharraf and 
the National Security Council as respondents.

A defence team will be headed by Khalid Anwar, suspended Senator 
Rafiq Rajwana and advocate-on-record Abu al Asam Jaffery from 
Lahore. The petitioners have not filed a separate application for 
interim relief, neither have they asked for early hearing.

The petitioners are Illahi Bakhsh Soomro, Speaker of the suspended 
National Assembly; Wasim Sajjad, chairman of the suspended Senate; 
Raja Zafarul Haq, leader of the house in the suspended Senate; 
Chaudhry Pervaiz Ellahi, Speaker of the suspended Punjab Assembly; 
Sardar Mehtab Ahmed Khan, former chief minister, NWFP; Prof Sajjad 
Mir, Hasil Bizenjo, members of the suspended National Assembly from 
Balochistan; Peter John Sahotra, minority member of the suspended 
National Assembly; Humayun Khan, member of the suspended Sindh 
Assembly; Pir Sabir Shah, member of the suspended NWFP Assembly; 
and Sahibzada Fazal Karim, former Punjab minister.

The joint petition stated that the proclamation of emergency and 
the PCO lacked constitutional validity and legitimacy.

The proclamation of emergency and subsequent PCO had been issued by 
an authority unknown to the laws of Pakistan. Both the proclamation 
and the PCO were violative of the fundamental rights of the people, 
the petition said.

It prayed to the court to declare the proclamation of emergency, 
the subsequent PCO, appointments, formation of NSC were ab initio 
void.

The petition stated that the FIR registered against the " prime 
minister" and others was in sharp contrast to the version of the 
chief executive."The first information report is a rambling, 
disjointed and self-contradictory document."

The petition said the FIR totally disregarded the clear statement 
of the chief executive in which he had unambiguously clarified that 
the captain of the aircraft was permitted by the Control Tower to 
fly to Nawabshah and that he had directed the captain accordingly.

The central point which emerged from the facts, narrated by the 
chief executive, the petition stated, was that there was no legal 
justification whatsoever for overthrowing the Constitution. 
"Nothing has been brought out to justify such an extraordinary 
action. The PML government which was elected with the largest 
majority in the history of the country had only completed half its 
term of office. The country was calm and peaceful. The Kargil 
crisis had been overcome. Events were proceeding in the normal 
course."

The petition stated that the proclamation of emergency gave no 
reason whatsoever as to why the emergency had been imposed. 
Previous constitutional deviations had always sought to justify 
themselves by referring to, for example, massive breakdown of law 
and order, or large-scale rigging of elections, but this 
proclamation was singularly reticent as to its causes or 
justification.

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991123
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FO regrets EU resolution on Pakistan
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ISLAMABAD, Nov 22: Pakistan on Monday regretted tone of the recent 
resolution of the European Parliament and noted that its contents 
were at variance with the observations of the European Union 
delegation which visited Pakistan.

"While the resolution acknowledges the lack of good governance and 
corruption on the part of the previous governments, it is silent 
about the priorities of the new government, which have been 
overwhelmingly supported by the people of Pakistan," FO spokesman 
said.

In a statement, the spokesmen pointed out that the EU Parliament 
resolution was also contrary to the statement of the EU Council 
members which showed understanding of the circumstances of the 
change of government in Pakistan.

"As regards the foreign policy agenda of the present government, 
the European Parliament should have taken into account the positive 
overture made by the chief executive to India in regard to our 
readiness for talks as well as for reduction of tension between the 
two countries".

The spokesman said India had not responded to Pakistan CE's offer. 
"The resolution should have also taken note of the efforts that 
Pakistan has been making for restoration of peace, normalcy and 
reconciliation in Afghanistan."

The government, he said, wishes to assure the EU of its 
determination to strive for peace and security both in the region 
and internationally.-NNI


=================================================================== 
 BUSINESS & ECONOMY
991123
-------------------------------------------------------------------
Shaukat briefs CE on economic revival plan
-------------------------------------------------------------------
Ihtashamul Haque

ISLAMABAD, Nov 22: Minister for finance Shaukat Aziz called on the 
chief executive Gen Pervez Musharraf here on Monday and apprised 
him about the proposed economic revival programme.

Informed sources said that the chief executive expressed his 
concern over the current economic situation with special reference 
to cotton crisis which has yet not been resolved.

"The cotton crisis is a biggest worry of the government", said a 
concerned official, adding that Gen Musharraf has been briefed 
about the fresh efforts to sort out the problem. Generally the 
government was facing criticism for its failure to announce new 
cotton price for growers as has been promised.

The federal monitoring cell, sources said, was receiving hundreds 
of letters and E-mails daily asking the chief executive to remove 
the cotton crisis. And it was in that backdrop the finance minister 
went to the General Headquarters (GHQ) and informed the chief 
executive about the latest situation concerning the cotton crisis.

Sources said that the finance minister's revival programme to be 
unveiled shortly includes new measures to increase revenues, 
exports and foreign investment. He had set up a number of groups 
togive their recommendations for the implementation of the economic 
revival programme.

The finance minister also apprised the chief executive about the 
loan defaulters and said about Rs 8.5 billion have so far been 
recovered and that the arrests of 24 defaulters would also help 
recover more money from them soon.

There was, however, no official word about the details of the 
meeting.

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991126
-------------------------------------------------------------------
Pakistan to raise textile quota issue at WTO
-------------------------------------------------------------------

ISLAMABAD, Nov 25: Pakistan has worked out a comprehensive strategy 
to protect country's long-term economic interests at the forum of 
World Trade Organization (WTO) that included issue of quota 
restrictions mainly on its textile exports.

While departing for Seattle, USA, enroute to Karachi, Commerce 
Minister Abdul Razak Dawood said, "Our main concern is that WTO 
does not imperil our long-term economic interests."

"The major areas of concern are agriculture, industry, intellectual 
property rights, anti-dumping etc.," he said, adding, Pakistan will 
definitely take up the quota restrictions imposed by some developed 
countries, including the United States, mainly on its textile 
exports.

The developing nations are working in close liaison to develop a 
consensus-backed strategy to defend their interests, he added.

In this respect, he said, they (developing countries) will be 
meeting two days ahead of the formal session of the WTO, to discuss 
plan that protects their economy in the face of "Openness" 
advocated by the developed countries.

"The meeting assumed more significance as the developing countries 
are demanding extension or re-negotiation on the WTO agreement, 
which is to be expired on Dec 31, 1999," he said and added, "the 
developed countries are, however, resisting to this call.

The minister's entourage will include specialists from sectors like 
agriculture, industry and law experts on intellectual property 
rights etc. It will also include representatives from the chambers 
and various associations.

Dawood touched upon various critical and key areas of the economy 
with particular emphasis on trade sector, saying, radical approach 
is being adopted to remedy the ailing sectors of economy.

"The government is attaching top most priority to boost country's 
stagnant exports and arrest the burgeoning trade gap for reviving 
the economy on sound footing.

"A comprehensive strategy is being worked out to propel the 
sluggish exports regime that put emphasis on removing the 
administrative and other bottlenecks," the minister said.

He was concerned about the country's stagnant exports for the past 
couple of years and said, certain drastic measures were 
indispensable to rectify the climate, impeding growth in the 
export.

"Exports are decreasing and prices of products being imported are 
going up and that is leading to a yawning trade gap," the minister 
said.

For the minister, curtailing the non-essential imports was one way 
of arresting the widening gap but added, the only viable solution 
is to increase exports.

To a question about the reduction in cost of inputs for increasing 
exports, certain measures will form part of the overall economic 
package, which is likely to be announced by the middle of the next 
month.

Dawood expressed the hope that a bumper cotton crop, surplus rice, 
onions, potatoes etc., will help supplement government's efforts in 
lifting the export quantum.

On the part of the government, an important step is the 
restructuring of the Export Promotion Bureau (EPB), which is being 
converted into an effective marketing organization for propping up 
exports.

"The EPB will have a new Chairman within a week and soon after the 
visible changes will speak of our seriousness and efforts to give a 
new fillip to the exports."-APP

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991124
-------------------------------------------------------------------
Banks asked to disclose names of exporters
-------------------------------------------------------------------
Mohiuddin Aazim

KARACHI, Nov 23: The State Bank has asked the banks to disclose the 
names of the exporters who are not bringing in their export 
earnings on time so that it can initiate action against them.

The SBP on Tuesday issued a letter to all banks instructing them to 
provide details of the cases of delay in receipt of export 
earnings. The SBP also sought details about the exporters who fail 
to sell on time their foreign exchange earnings in the inter-bank 
market. Exporters are supposed to bring in export earnings on due 
time - the time stipulated in their export documents - or within 
four months at best. Once their export earnings come in, they are 
supposed to convert the same into rupees in the inter-bank market 
at a floating exchange rate.

"Of late it has been observed that some exporters are delaying the 
receipt of export proceeds. This position has been viewed very 
seriously," says the letter. It directs the banks to pursue the 
exporters properly for bringing in the overdue export proceeds. The 
letter instructs the banks to bring to the State Bank notice, the 
names of those exporters who continuously delay bringing in the 
export proceeds. This, the letter says, is needed to enable the SBP 
to initiate action against such exporters.

The letter reminds the banks of their responsibility to furnish 
statements on prescribed formats under the laws "to enable the 
State Bank to take action in respect of all overdue export bills". 
The letter further reminds the banks that under the rules of 
foreign exchange business, banks are supposed to receive "full 
export value of the goods" on due date "or within four months of 
the date of shipment, whichever is earlier."

Senior bankers reached by Dawn said the letter requires them by 
implication to furnish a set of monthly statements. They said banks 
needed to furnish to SBP monthly reports disclosing the names and 
addresses of those exporters whose export bills become overdue in 
the month under reporting. They said banks also needed to disclose 
such particulars of the overdue export bills as items and 
destinations of exports, the amount overdue and reasons for delay 
in realization of export proceeds. The bankers said banks were also 
supposed to furnish a statement to SBP showing total figure of all 
overdue export bills, relating to all their branches, including the 
bills that remain partly unrealized at the month-end.

Senior bankers said banks were required to furnish to SBP these and 
other such statements on export bills within 15 days after the end 
of a month.

Senior bankers said the due date for receipt of export proceeds 
varied from exporter to exporter depending upon his agreement with 
the foreign buyers but a large number of them were used to bring in 
the proceeds towards the end of 120 days - the maximum limit set 
for the purpose. "The result is that a few hundred millions of 
dollars are always in the pipeline creating shortage of foreign 
exchange in the inter-bank market," said head of treasury of a 
foreign bank.

"The SBP decision requiring the banks to expose such exporters may 
pump in a substantial amount of foreign exchange in the market," 
the bankers said.

Senior bankers said the government was keen on expediting receipt 
of export earnings on time not only to keep the exchange rate 
stable but also to ensure a certain level of foreign exchange 
reserves - currently hovering around $1.6 billion. Pakistan exports 
stood at $2.6 billion during July-Oct, short of $600 million its 
imports at $3.2 billion."

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991125 
-------------------------------------------------------------------
Concern over ban on exporters going abroad 
-------------------------------------------------------------------
Correspondent

FAISALABAD, Nov 24: All Pakistan Cloth Exporters Association 
(APCEA) and Faisalabad Chamber of Commerce and Industry (FCCI) have 
expressed grave concern over some exporters not being permitted by 
the immigration authorities
 to go abroad though they are not defaulters of any financial 
institutions of the country.

Chairman APCEA, Mian Naeem Omer, and president FCCI, Sheikh Khalid 
Habib in their separate statements issued here on Wednesday pointed 
out that some of the prominent local exporters were not permitted 
to leave the country by the immigration authorities at the 
international airports without caring to assign any reason.

They said that the exporters who were not allowed to board the 
international flights had not been declared defaulters by any bank.

They said that in case exporters were not allowed to visit the 
foreign markets, who would then explore the international markets 
for boosting the national exports.

They urged the chief executive to take notice of this situation and 
direct the authorities concerned to provide necessary travelling 
facilities to the exporters

WHEAT SUPPORT PRICE: Farmers Association Faisalabad has welcomed 
the announcement of the 25 per cent enhancement in the support 
price of wheat and hoped that timely decision of the government 
would pave the way for achieving wheat target.

Talking to newsmen here on Wednesday, president FAF, Mian Tahir 
Saeed, said that deferring the payment of agricultural loans upto 
Rs 50,000/- would help the farming community because they were 
being pestered by the functionaries of the Agricultural Development 
Bank of Pakistan. He also urged the federal government to reduce 
the prices of fertilizers and other inputs to ensure boost in the 
farm output.

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991124
-------------------------------------------------------------------
CBR to assess revenue inflow by month-end
-------------------------------------------------------------------
Ikram Hoti

ISLAMABAD, Nov 23: The impact of the budgetary measures on revenue 
inflows will be assessed at the end of Nov 99, to rehash the 
strategy contained in these measures for achieving the desired 
results in case the revised revenue target of Rs380bn for the 
current year seemed to be slipping out of CBR's reach.

Sources revealed to Dawn on Tuesday the new team in the finance 
ministry has communicated to the CBR that a special review of the 
achievements and prospects be undertaken at the end of the fifth 
month so that by the time the point is reached for the half year 
review the defects are corrected.

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991125 
-------------------------------------------------------------------
Ishrat new SBP governor
-------------------------------------------------------------------
Bureau Report

ISLAMABAD, Nov 24: The government on Wednesday appointed Dr Ishrat 
Hussain as the Governor of State Bank of Pakistan. According to an 
official handout, Dr Ishrat, currently serving as director for the 
(CAR) 
Central Asian Republics at the World Bank, Washington D.C, has been 
appointed for three years against the most prestigious banking 
sector slot in the country.

Though the curriculum vitae (CV) of Dr Ishrat, issued by the 
government, showed that he "was" a member of the civil service of 
Pakistan (CSP) before joining the WB some 20 years back, his name 
still exist in the seniority list of the secretariat group officer.

Dr Ishrat, in government record, is a grade 19 officer (deputy 
secretary) of the secretariat group. His present posting, as shown 
in the record, is as economist in WB. His date of appointment in 
the WB was 19-2-79. He belongs to the 1964 batch of the CSP.

Dr Ishrat and two other civil servants who had gone on long leave 
but did not turn up within a period of five years, were put on the 
static list of the seniority list.

According to government handout, Ishrat has held several senior 
positions, including those of the chief economist for Africa 
regions, chief economist for the East Asia and Pacific Debt 
Division.

He earned his Ph.D in economics at the Boston University and has 
Master's in development economics from the Williams College in the 
USA. He is also a graduate of the joint executive development 
programme of Harvard-Stanford-INSEAD.

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991125 
-------------------------------------------------------------------
Emergency economic measures needed for PIA
-------------------------------------------------------------------

KARACHI, Nov 24: Some harsh decisions have become unavoidable to 
avert financial and institutional collapse of the national carrier 
PIA. 'Implementation of emergency economic measures are required 
for revitalization of PIA which has no longer remained a viable 
Company', PIA sources confided adding that the situation can be 
rightly characterized as a 'state of insolvency'.

'Inevitable financial collapse is a matter of time' the sources 
observed and said the required benchmark is to achieve additional 
revenue of $10million per month - 15% of the existing level and 
reduce the cost by 10% of the existing level to make PIA solvent 
and viable.

Emphasising the need for adopting 'harsh and bold decisions', the 
sources called for review of open sky policy/aviation policy to 
protect the interests of Government of Pakistan and national 
carrier, 
suspension of working agreements of Unions and Associations for 2 
years, arrange financing to pay PIA's debt which need to get 
immediate relief of $80 million.

'The situation is now getting out of control and cash losses going 
up by Rs 10 million per day', the sources having genuine concern 
about PIA's financial health observed.

In term of foreign mismatch the cash inflow during 1997 stood at 
$333.33 million and outflow at $381.90 million. It was registered 
at $303.45 million and $299.20million in 1998 whereas the Nov/Dec 

'99 figures are projected at $273.35 and $320.31 million.

In term of Pak Rupee mismatch the inflow (Jan-Dec) and outflow in 
'97 were recorded at Rs 14,501 and 15,435 million, in '98 it were 
Rs 14,362 and 16,529 million whereas in '99 these are projected at 
Rs 14,328 and Rs 18,136 million.

The PIA previous management pursued defective strategies with no 
budgetary controls during the last 18 months financial year and 
current financial year. The Internal Control/Check wiped off and 
internal audit eliminated.

PIA hired expensive consultants/auditors to obtain reports to 
project/appreciate the management policies. 

 They included Taseer Hadi and Co, Sidat Hyder Qamar Maqbool and 
Co, Ford, Rhodes, Robson, Morrow; ESHAI, KPMG besides Adviser on 
Media Affairs and a Consultant for flight kitchen.

The sources were critical of the change of financial year from June 
30 to Dec 31 as part of defective strategies.

In persuasion of defective strategies, there had been no 
feasibility for operation via Shannon besides grounding of PIA 
fleet without proper planning and disposal of aircraft. There had 
been no proper/planned marketing strategy and controversial SABRE 
group became Administrator.

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991126
-------------------------------------------------------------------
Withdrawals from FCAs: NAB asks banks to submit details by 27th
-------------------------------------------------------------------
Ihtashamul Haque

ISLAMABAD, Nov 25: The National Accountability Bureau (NAB) has 
directed the banks to submit information about all the withdrawals 
from foreign currency accounts (FCAs) and foreign currency 
certificates during May 11 to 28, 1998.

The NAB, in a letter to the NCBs, said that the information should 
be submitted by Nov 27. However, this information is not required 
in respect of withdrawals made in Pakistani rupees and from the 
accounts of foreign diplomatic missions, diplomats, home-based 
employees of foreign missions, international organizations, foreign 
non-governmental organizations (NGOs) and the expatriate employees.

The same information in respect of all withdrawals from 1st January 
1996 todate has also been asked to be submitted by Dec 10, 1999.

A senior banker, when contacted, said the NAB had given them a very 
difficult task to be completed in a very short period. "We have 
been submitting our statements to the SBP every month and all kinds 
of records of withdrawals from FCAs is very much there", he said 
adding the NAB officials should ask the central bank to provide 
them the required information.

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991123 
-------------------------------------------------------------------
Belgian firm buying readymade garments
-------------------------------------------------------------------
 
KARACHI, Nov 22: A Belgian firm Cotton Group has been buying 
Pakistani readymade garments for re-export to countries in European 
Union and East Europe.

Branch Director Assistant Pierre Scmitz told newsmen here Monday 
that his group set up a liaison office in Karachi early this year 

to increase the purchase of garments from Pakistan for European 
market.

"We are buying readymade garments from 40 units located in various 
parts of Karachi including Korangi, SITE, Nazimabad, etc," he said.

He said previously, the Group was purchasing garments from a firm 
Ahmed Textile for the last 2 years, but the Group had decided to 
set up its office in Pakistan to increase the volume.

"Now we are purchasing 350,000 to 400,000 pieces every month, 
making a total exports of garments worth dollars 18 million 
annually," Schmitz said.

He said 80 of these garments will be re-exported to other European 
countries including members of EU, Poland, Czech Republic, Hungary.

He said his group had hired the services of a Belgian engineering 
consultant in textile sector to impart technical expertise to 
garment manufacturing units engaged with Cotton Group.

"He has not only provided technical expertise to these units but is 
also disseminating information about the design, quality and 
pattern to them", Schmitz said.

He said these units are producing good quality and standardised 
readymade garments for the group which has plans to increase the 
volume of purchase as the demands grow in European countries.

He said the Group was presently buying a large quantity of 
readymade shirts from Bangladesh worth dollars 30 million 
annually.-APP

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991123 
-------------------------------------------------------------------
Foreign investors net sellers at KSE
-------------------------------------------------------------------
Reporter

KARACHI, Nov 22: Foreign investors remained net sellers at the 
Karachi Stock Exchange during the month of October, when they sold 
twice as many shares as they purchased, figures received by the 
Exchange
 from its members up to November 10, revealed.

A total of 10.348 million shares valued at Rs 226.985 million were 
noted to have been purchased by the foreign investors during 
October. 

 Compared to that, the number of shares sold stood 107% higher at 
21.332 million in terms of quantity and 81% in terms of value at Rs 
410.623 million.

The radical change in the political scene, said analysts, was a 
major factor. The unsettled issue of the IPPs, made foreign 
investors wary, who are known to have large exposures in private 
power equities, particularly Hubco, analysts said.

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991124
-------------------------------------------------------------------
Redco plea rejected: LHC holds Saif family defaulter
-------------------------------------------------------------------
Shujaat Ali Khan

LAHORE, Nov 23: The Lahore High Court on Tuesday declared the 
ousted regime's Ehtesab (accountability) chief a defaulter and held 
him and his family liable to repay Rs916 million to the United Bank 
together with mark-up calculated at the mutually agreed rate from 
the date of the filing of the decreed recovery suit till the date 
of full and final payment.

Suspended PML senator Saifur Rehman Khan, his parents, two younger 
brothers and other co-directors of the Redco Textile Mills are 
jointly and individually responsible to satisfy the decree. The 
decretal amount is recoverable as land revenue arrears at the 
instance of the creditor bank.

However, an appeal against the decree and judgment, passed by LHC 
banking judge Malik Muhammad Qayyum, lies on three material and 
substantive grounds to a division bench of the high court.

The counter-suit filed by the debtor concern for damages against 
the bank for first 'engineering' a default and then instituting 
legal proceedings, as well as a writ petition moved by it to seek 
relief under a State Bank scheme for rehabilitation of sick units, 
stands dismissed.

Justice Qayyum rejected the Redco mill's plea for leave to appear 
and defend and decreed the amount as claimed. Advocate Salman Akram 
Raja and Salman Aslam Butt appeared for the plaintiff and the 
defendants, respectively.

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991125 
-------------------------------------------------------------------
Low-cost credit: Govt wants cut in interest rates
-------------------------------------------------------------------
Nasir Jamal
  
LAHORE, Nov 24: Finance Minister Shaukat Aziz on Wednesday said the 
government wants to slash bank interest rates for making low-cost 
credit available (to the industry to accelerate economic recovery.)

Speaking to reporters here at the Press Club, he said interest 
rates could not be brought down by making laws or issuing orders. 
"The rates are determined by the market forces. The government is 
nevertheless making effort to create an enabling environment (for 
banks) to cut down the rates. The central bank will also play its 
due role. The availability of credit at low cost is high priority 
for the government."

Aziz, a Citibanker, said the government will itself be biggest 
beneficiary of low interest rates "because it is largest borrower 
of credit from banks". "The government will be able to reduce its 
deficit and also avoid resorting to new taxation by saving money it 
is forced to pay in interest on its (domestic) borrowings," he 
said.

He agreed that the previous government had tried to bring down 
interest rates and succeeded in doing so to some extent. However, 
he believed, there is still some room to slash the rates further.

The minister, who was on his first visit to the Punjab capital 
since taking over charge of the economy, addressed businessmen as 
well as big farmers in separate meetings earlier in the day.

He told businessmen at the LSE and the LCCI that he also wants to 
do away with wealth tax because it is a "regressive" levy. But the 
government will have to find some alternate resources to make up 
for the loss of revenue in case of abolition of wealth tax. In 
addition to this, the government would not like to create an 
impression (in the masses) that "prosperous sections of society are 
being given further relief".

Aziz said the government is considering to effect wide-ranging tax 
reforms in the country as well as broaden tax base and remove 
anomalies in the existing tax laws.

He said a proposal to introduce industry-wise tax units at the 
national level and reduce the number of taxes is also under study 
to end harassment of tax-payers. But, he said, all sectors of the 
economy will have to pay tax without exemption.

He said the tax reforms will aim at simplifying tax collection 
system, putting in place a transparent tax regime, reducing human 
interaction and broadening the tax base. He said the issue of GST 
is being studied and no decision has so far been taken. 

 Aziz is said to have told the businessmen at the LCCI that the 
government is studying sort of an amnesty scheme to "allow people 
to register hitherto unregistered property without any penalty".

He said the government policy on the recovery of the defaulted 
loans is to settle issues (with genuine defaulters) on commercial 
basis. The wilful defaulters, he said, who have obtained loans by 
using their clout and influence, will be dealt with sternly. "The 
banks responsible for giving loans without an economic basis will 
also be taken to task." He said 8-10 performance indicators are 
also being prepared to check performance of banks.

The minister said "the government is focussing on the recovery of 
big loans of Rs100 million or above at the moment". He claimed that 
the recent recovery campaign had proved successful for banks have 
recovered over Rs8 billion in cash during one month which is 
unprecedented in the world. More cash is coming, he asserted. The 
defaulters are also offering their property and land (in addition 
to cash) to adjust their unpaid loans. He said the names of non-
beneficial owners of defaulted companies will be removed from the 
exit control list (ECL).

Aziz said the government is preparing an economic road map for 
future talks with the IMF. Like the now detained finance minister 
Ishaq Dar, he said the government wants to implement a "homegrown 
economic plan" but will not avoid seeking comments on it from the 
IMF which is holding back release of $280 million loan tranche to 
Pakistan for several months. "It isn't bad to ask for advice." He 
said the country "could not avoid going to the IMF for short-term 
relief from the present crisis".

He is reported to have told the LSE directors that the "policy (of 
the previous government on Wapda's disputes with) Hubco won't be 
changed". He said the previous government had studied issue of 
increase in POL prices. But, he said, no decision has so far been 
taken in this respect. He also sought to deny that a proposal for 
cutting down the defence budget is under consideration.

The Security and Exchange Commission of Pakistan (SECP), he is 
quoted to have told the businessmen, to "strengthen its reporting 
requirements from listed companies to provide more information to 
public".

The minister told the businessmen that "the present government is 
"business friendly". He said the "government is faced with the 
formidable task of narrowing its budget deficit". He said some 57 
per cent of the country's budget is spent on debt servicing while 
the rest on defence and civil expenditure which leaves little for 
the government to begin with.

He said it is a misnomer that foreign investment is needed for 
boosting the economy. The objective of economic development could 
not be achieved unless local investors start making investments. He 
said the chief executive will unveil a comprehensive economic 
reforms package around the middle of next month.

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991127
-------------------------------------------------------------------
Stock prices ease fractionally
-------------------------------------------------------------------
Reporter

KARACHI, Nov 26: Stock prices on Friday eased fractionally on 
weekend profit-selling as warranted by technical factors but there 
were buyers at each dip.

However, the broader market did not show signs that the current 
run-up is overdone as the reaction was caused by profit-taking by 
day traders and jobbers, which is considered a part of the weekend 
session.

'The market is heading to gain its next chart point of 1,250.00 and 
until that is hit bears could not hold sway', a leading stock 
analyst Faisal Abbas claims.

The market will think whether or not to go beyond after the KSE 
100-share index touch the coveted mark of 1,250.00, he adds.

But the general perception is that the market has left far behind 
the lean period and now it could tread on safe footing and maintain 
its upward thrust after consolidating initial gains.

'This strategy reflects that investors are inclined to built-up a 
safe and sustainable level for the index without indulging in 
speculative trading as it suits to prevailing compulsions of the 
situation', stock analysts at the KASB & Co said.

The KSE 100-share index finished at 1,220.71 as compared to 
1,226.28 a day earlier, off 6.17 points owing to selling in leading 
base shares.

Floor brokers said strong buying in most of the blue chips shares 
notably Shell Pakistan, Hub-Power and PTCL continued to inspire 
active sympathetic support on some other selected counters amid 
predictions that the market is poised to stage a grand turnaround.

'Above market expectations dividend even from some of the weaker 
group of industries did not allow investors to stay out and they 
are trying to have a stake on all the low-priced counters', they 
added.

While Shell Pakistan continues to be under bull squeeze, with its 
share value aiming at the next target of Rs300.00 well before the 
announcement of the final dividend plus rumoured bonus shares of 
40%, most of the leading textile shares have assumed the role of 
active scrips. However, it ran into weekend selling and ended lower 
Rs256.00 amid brisk two-way activity.

'The current lower prices of lint cotton and rising yarn export 
rates could give the needed boost to their sales and in turn good 
dividend', brokers believe.

Analysts said a big section of leading operators are selling in 
part their stake on the overvalued counters to buy textile shares 
as they are considered a 'good buy' at their below a half of their 
face values of Rs10.00.

Minus signs dominated the list under the lead of some leading MNCs, 
notably Shell Pakistan, General Tyre, Engro Chemical, Singer 
Pakistan and Lever Brothers, falling by one rupee to Rs12.00.

Among the locals, which suffered pruning, IGI, Fazal Textiles, 
Ibrahim Textiles and Sapphire Fibre were leading,which suffered 
decline ranging from Rs1.50 to Rs1.90.

Most of the gains on the other hand were fractional barring Gulf 
Commercial Bank, Sitara Energy, Abbott Lab, Dawood Hercules, Murree 
Brewery and United Distributors, which posted gains ranging from 
one rupee to Rs4.50.

Trading volume fell to 62m shares from the previous 94m shares as 
losers managed to force an edge over the gainers at 98 to 71, with 
43 shares holding on to the last levels.

Hub-Power again topped the list of most actives, off 30 paisa at 
Rs19.80 on 17m shares followed by PTCL, easy five paisa at Rs20.40 
on 11m shares, PSO, lower 40 paisa at Rs138.10 on 4m shares and 
Engro Chemical, off Rs1.50 at Rs110.25 also on 4m shares. Sui 
Northern was traded lower by 25 paisa at Rs10.00 on 5m shares.

Other actively traded shares were led by ICI Pakistan, up five 
paisa on 3m shares, followed by Dewan Salman,.firm 10 paisa on 3m 
shares, Nishat Mills, unchanged on 2m shares, Sitara Energy, up 
Rs1.30 on 2m shares, Tri-Pack films, lower 15 paisa on 1.596m 
shares, Dhan Fibre, up 25 paisa on m 1.491m shares, and FFC-Jordan 
Fertiliser, unchanged on 0.990m shares.

Back to the top
=================================================================== 
 EDITORIALS & FEATURES
991121
-------------------------------------------------------------------
Storming of the Supreme Court
-------------------------------------------------------------------
Ardeshir Cowasjee

AN affidavit in the case of the storming of the Supreme Court of 
Pakistan (Cr. Appeal 162/99 arising out of Cr.Misc.27/98) was sworn 
on November 17, 1999, and placed on the Supreme Court record :

"I, Ardeshir Cowasjee, son of Rustom Fakirjee Cowasjee, Parsi, 
adult, resident of 10 Mary Road, Karachi, do hereby solemnly state:

"1.	Instigated, supported and aided by the leaders of the 
Pakistan Muslim League (N) party then in power, legislators, party 
members and street activists of the party stormed the Supreme Court 
of Pakistan on the morning of November 28, 1997.

"2. On December 13, 1997, I wrote and sent the following letter to 
the then Acting Chief Justice of Pakistan, Justice Ajmal Mian : 
'Gravest contempt committed in the face of the Supreme Court of 
Pakistan at Islamabad whilst the court was in session on Friday 
November 28 1997 'Sent herewith :

'1) A copy of the manuscript of my column sent to Dawn to be 
printed in my regular slot on Sunday, December 14.

'2) A video cassette.

'3) A copy of the manuscript of my column printed in Dawn on 
Sunday, December 7, with excised passages highlighted.

'You will undoubtedly appreciate the urgency of the matter. 
Apparently, encouraged by the successful storming of the Supreme 
Court on November 28, a fortnight later a mob invaded the court of 
a civil judge at Faisalabad.

'It is my firm belief, which, needless to say, is shared by many 
others, that, as is the case with Benazir Bhutto, her family and 

followers, Nawaz Sharif and his adherents can neither tolerate nor 
survive a strong united judiciary.

'If Nawaz does survive beyond the next six months, he will find 
ways to remove you.'

"3. On December 15, 1997, the Acting Chief Justice appointed Abdur 
Rehman Khan, J, of the Supreme Court to hold an inquiry for the 
following purposes :

'(1) examine what steps the Federal Government has taken against 
the persons responsible for the incident on 28/11/97 at the Supreme 
Court premises and at what level investigation is being carried out 
as also the stage of investigation; and also to examine the various 
communications/information which have been received by this Court 
from various sources, including members of the public.

'(2) to suggest what steps/ actions the Supreme Court should 
take/initiate in the above matter and for avoiding such incidents 
in future.'

"4, On February 18, 1998, two months later, not satisfied with what 
he could establish, the government of the day for obvious reasons 
being non-cooperative, Justice Abdur Rahman reported back to the 
Chief Justice suggesting, inter alia :

'(C)(i)	As the action of those individuals who forced their 
entry into the court premises and raised slogans against the 
judiciary prima facie amounts to gross contempt of this Court but, 
except for some of them, most of such individuals have yet to be 
identified, it is considered appropriate that the Hon'ble Chief 
Justice may constitute a Bench of the Court to initiate contempt 
proceedings for the outrageous incident of 28/11/97. The Bench so 
constituted can adopt such measures and take such actions as it may 
deem necessary to identify the concerned persons. Once the 
concerned persons are identified, the Court can then issue notice 
to them and then take further action under Article 204 of the 
Constitution and the applicable law. Necessity for initiating such 
action immediately is felt because of paramount importance of the 
matter as the sanctity, dignity and respect of the apex Court of 
the country is involved. Street power should not be allowed to 
coerce and intimidate the judiciary.'

"5. On February 25, 1998, the Chief Justice issued the following 
order:

'Pursuant to the recommendation contained in para (C)(i) of the 
report, I constitute a Bench comprising Mr Justice Nasir Aslam 
Zahid, Mr Justice Munawar Ahmad Mirza and Mr Justice Abdur Rahman 
Khan to identify the persons involved in the incident of 28th 
November, 1997, and to initiate contempt proceedings as recommended 
in the above para ....... '

"6. Pursuant to the order of the Chief Justice, Criminal 
Miscellaneous 27/98 was registered and proceedings in the case were 
commenced on March 2, 1998.

"7. Between March 25, 1998 (on which date I was for the first time 
summoned to give evidence), and May 21, 1998, I attended eleven of 
the hearings held from the commencement of the identification 
proceedings on March 2, 1998, to their completion on June 15, 1998. 
It was my distinct impression, and the impression of many others 
who attended these hearings, that the Attorney-General of Pakistan, 
Chaudhry Farooq, lawyer of the Ittefaq group of industries, and his 

assistants did their utmost to protect the leaders of the Muslim 
League (N) and the men who had stormed the court rather than 
prosecute them. Chaudhry Farooq himself having been accused of the 
grossest contempt in the face of the court of Mr Justice Munir A. 
Shaikh could obviously not have done otherwise.

"8. The actual storming of the Supreme Court (within the building) 
was recorded on two of the Court's closed circuit television 
cameras and whereas these were seen on a screen by the Bench and 
the Attorney-General on March 11, 1998, despite my request, these 
two cassettes were not shown subsequently in the courtroom whilst 
witnesses were being examined.

"9. Names of witnesses who could have given valuable evidence were 
submitted to the Court but all these witnesses were not called. As 
is recorded on p.5, serial no.4, of Justice Nasir Aslam Zahid's 
judgment in the matter :

'Other persons made applications to the Court for being examined. 
Whenever the Court considered necessary, such persons were called 
and their statements recorded.'

"10. Whilst giving evidence, I accused the former prime minister, 
Mian Nawaz Sharif, and other members of the party in power of 
having masterminded and organized the storming of the Court. 
However, the Court did not find it necessary to summon such members 
of the ruling party to give evidence.

"11. Senator Saifur Rahman, former chief of the Ehtesab Bureau, was 
clearly shown on the cassette which I submitted to the Court. It 
was very evident that he was exhorting the crowd to storm Courtroom 
No.1 where contempt proceedings against the prime minister, Nawaz 
Sharif, and other parliamentarians were being heard that day. 
Khwaja Asif, PML MNA, was also identified but not charged, as was 
the case with PML MPAs Chaudhry Tanveer and Mian Abdul Sattar. 
Former Information Minister Mushahid Hussain and the former 
political secretary to the prime minister, Mushtaq Tahirkheli, were 
clearly shown on the BBC film of the storming crowd outside the 
Supreme Court as being members of that crowd. None of these members 
of the ruling party were charged.

"12. During the course of the investigation proceedings it was not 
deemed necessary by the Court to inquire into the background and 
run-up to the storming of the Court, nor into the reasons why it 
was engineered.

"13. On July 3, 1998, show cause notices were directed to be issued 
to 26 respondents, and such notices were issued on October 11, 
1998.

"14. On March 1 1999, further proceedings against eight activists 
of the Muslim League were postponed until the decision of the 
criminal case against them (FIR 229/97, PS Secretariat, Islamabad), 
and apologies tendered by ten officers of the police and 
administration were accepted. The show cause notice to Mushtaq 
Tahirkheli was withdrawn. Contempt charges were framed against two 
MNAs, four MPAs, and one PML (N) activist.

"15. On May 5, 1999, I was again summonded to give evidence and 
made the following statement: 'I accuse the Prime Minister and the 
ruling party of storming the court on 28 November, 1997. They 
obstructed the course of justice (p.18 judgment of May 14, 1999).

"16. The judgment of May 14, 1999, signed by the three judges 
acquitted the seven respondents, as charges of contempt were not 
established against any of them on the basis of the evidence 
produced before them. The judgment impliedly held that no one had 
been responsible for the storming of the Supreme Court on November 
28, 1997.

"17. Crl. Appeal 162/99 against the judgment of May 14, 1999, is to 
be heard on November 19, 1999, by a Supreme Court Bench of 12, and 
for the first time notice has been issued to the PML (N) at House 
No.4, Khayaban-e-Iqbal, F-7/3, Islamabad.

"18. Now, with the suspension of the PML (N) government and the new 
government in power, government functionaries and law enforcers 
will feel free to give evidence, as may certain members of the PML 
(N) itself. There will be no apprehension that the administration 
will coerce and intimidate witnesses. For this reason, it will be 
in the interest of justice and of the institution of the judiciary 
that Criminal Miscellaneous Application 27/98 be heard by the 
Supreme Court de novo .

"19. It is accordingly prayed that the honourable court set aside 
the judgment of the three members Bench and direct that the case be 
heard de novo . "

On November 18 a letter was sent to Attorney-General Aziz Munshi, 
attaching a copy of the affidavit and stating, inter alia :

"You are the first law officer of the people and they are justified 
in their assumption that you will plead that the case be heard de 
novo."

Munshi delivered. Seven hundred and twenty-two days after the Court 
was stormed, thirty-eight days after Prime Minister Nawaz Sharif 
and his ruling party were deposed, the Supreme Court sent a notice 
to Mian Muhammad Nawaz Sharif, president of his own Muslim League 
group and former head of government of the Islamic Republic of 
Pakistan.

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991126
-------------------------------------------------------------------
Pursuing a fallen man: not worth it
-------------------------------------------------------------------
Ayaz Amir

WHY can't we do things a bit gracefully in this country? Nawaz 
Sharif is down and out. Use any cliche you like: his own worst 
enemy, took a step too far, hoisted on his own petard. It makes no 
difference. Through folly, monumental and all of it his own, he has 
lost his kingdom and come crashing to the ground.

Although in more civilized climes this in itself might be 
considered sufficient punishment, he is yet being put through a 
judicial wringer. What great national purpose this will achieve is 
uncertain but one thing is for sure: it will diminish Pakistan.

How many military strongmen have been prosecuted for the disasters 
they directly or indirectly brought upon the country? None. The 
dead amongst them were buried with full military honours. Those 
living (Beg and Kakar) play golf, ride horses and, in Beg's case, 
regularly inflict press statements on the nation. As opposed to 
this benign record, three elected prime ministers in recent memory 
alone have been prosecuted for their real or imagined crimes: 

Zulfikar Ali Bhutto, Benazir Bhutto and now Nawaz Sharif. And 
Junejo, remember, got the sack for the trouble he took to stand up 
to Zia. Probably all of them deserved what they got but even to the 
blind it would be obvious that at work here is justice of a very 
selective kind.

Already Nawaz Sharif's court appearances have become a bit of a 
tamasha. Stalin's show trial victims were not brought to court in 
armoured personnel carriers. Nor I think was Al Capone. Even in 
Malaysia where powerful Mahathir pursues a vicious vendetta against 
Anwar Ibrahim things are done better. But the hamhanded security 
arrangements in place for Nawaz Sharif's mornings in court give 
some idea of the sophistication we bring to these enterprises. And 
all this, mind you, in front of the world's cameras. Then we moan 
that Pakistan has an image problem.

And, since the script with us never varies, lo and behold, there is 
another high-profile approver, Aminullah Chaudry, which only proves 
that the tradition of Masood Mahmood lives on. I feel sorry for 
Chaudry. When I was in Punjab as an MPA I sat in on several 
meetings with him and my impression of him was that he was a 
forceful man and a cut above the rest of his peers. Now for what 
remain of his days he will have to live with the memory of what 
cruel circumstances have brought him to do.

In a country where politicians are regularly reviled for a variety 
of sins, it is noteworthy that even when some of them play the role 
of collaborators they do so discreetly and with a sense of 
lingering shame. Not so sharp-eyed bureaucrats who in fair weather 
take loyalty and subservience to extraordinary lengths even when, 
as often happens, they are called upon to execute patently illegal 
orders. The moment there is a reversal of fortune, they are equally 
adept and prompt in abandoning ship and scurrying for safety.

In Zulfikar Ali Bhutto's time Masood Mahmood, Saeed Ahmed Khan and 
Viqar Ahmed were terrors across the land. When Bhutto fell and the 
military took over (sounds familiar, doesn't it?) they proved to be 
without shame or conscience. Of all of Bhutto's bureaucratic high-
flyers, Rao Rashid was probably the sole exception: arrogant (and a 
bit of a ladies' man) in police uniform, arrogant in jail and 
adversity. Much on the lines of Bhutto himself who, if autocratic 
and heavy-handed in power, remained stiff-necked and unbending 
right till his death. About Rao Rashid I cannot help saying further 
that in politics to which he turned during the Zia years he proved 
to be a total failure, a sad eventuality for a colourful and gifted 
man.

Aminullah Chaudry, a heart patient, should have been content to 
remain as a secretary to the Punjab government. But at Nawaz 
Sharif's behest, for whom the first conditions for senior 
appointments was personal loyalty, he had to become boss of civil 
aviation. Now he has turned approver. The higher one flies, the 
harder one falls.

Next time a pundit utters imprecations against the political class 
let him remember that compared to the kind of bureaucrat who has 
flourished in the last 15-20 years, the professional politician, 

for all his faults, looks like a pillar of strength and loyalty. A 
reluctant sense of objectivity compels me to add that some members 
of the journalistic tribe could teach anyone a thing or two about 
turncoatism. In fact, keeping the history of military takeovers 
before us it is journalists (obviously some and not all) who change 
colour first, followed by bureaucrats and then politicians.

This has been a pretty long digression. But to return to the main 
theme, few people will be under any illusion that the wheels of 
higher prosecution in Pakistan move of their own accord. They are 
set in motion by pragmatism and political expediency with 
governments turning prosecutor in pursuit not of justice (an 
elusive bird in Pakistan) but naked self-interest. Zulfikar Ali 
Bhutto could have been hanged twice over for his sins but in 
reality to the gallows for a different reason. His enemies would 
have known no peace till his body was lowered into the ground. As 
Zia himself famously put it (at a cabinet meeting no less), "It's 
his neck or mine." Nawaz Sharif's case is different. While in power 
his Mughal ideas of rulership were a threat to everything. If he 
had succeeded in his design of foisting Lt-Gen Khawaja Ziauddin on 
the army God alone knows where his galloping megalomania would have 
come to rest. But unlike Bhutto who remained a force to be reckoned 
with even beyond the grave - till Dutiful Daughter came along and 
with her husband buried his legacy forever - Nawaz Sharif out of 
power is a threat to no one, least of all the military.

Perhaps in Bhutto's case the Greek tragedy of his life had to be 
played out fully. But Nawaz Sharif, as even his friends might 
agree, is no character from Athenian history. All this rise and 
fall stuff, of greatness arriving at its doom through its own 
excesses, sits inappropriately on his shoulders. He was a mediocre 
figure who rose to political stardom because of exceptional 
circumstances. Starting with Zia-ul-Haq Pakistan, as so often in 
its history, stumbled once again on mediocre and tawdry times and 
Nawaz Sharif more than anyone else - more even than his great rival 
for the mediocrity crown, Benazir Bhutto - embodied the spirit of 
the age.

In his rise therefore many of this country's people were intimately 
involved either as witnesses or accomplices. With a succession of 
military men, from Gen Jilani to Hamid Gul, helping nurture Nawaz 
Sharif's political career the army least of all can disclaim 
responsibility for his spectacular ride to political glory. Even 
Benazir Bhutto is guilty on this count, as indeed on so many 
others. If she had been less greedy and incompetent Nawaz Sharif 
would not have been the helmsman of the heavy mandate.

Justice of course should be done but it should be commensurate with 
the crime. The Sharifs were perhaps the greatest robber barons this 
country has seen. For this they should be called to account. If in 
the process the Raiwind Estate becomes a nature preserve (which I 
am sure will not happen), it will be all to the good. But there is 
no call for the kind of small-minded victimization with which our 
recent history is replete. Why, for instance, deny newspapers and 
other small amenities to Nawaz Sharif, or deny his family regular 
access to him? These are petty slights and smack of vindictiveness.

More important than removing inter-provincial disharmony, one of 
the points in the Chief Executive's agenda, is the need to heal the 
disharmony of our souls. Pakistan needs a fresh start, a period of 
internal peace, so that there is an end to the never-ending cycle 
of warfare which has been the bane of our political existence. 
Whether the military can do any lasting good is problematic. What 
is certain is that it does not have an infinity of time at its 
disposal. Much better therefore to concentrate on essentials and 
keep away from energy-draining peripheral issues.

And, please, no more martyrs. After Bhutto's experience it should 
be clear that this is one luxury Pakistan cannot afford. 

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991127
-------------------------------------------------------------------
How now, cash cow?
-------------------------------------------------------------------
Irfan Husain

ALTHOUGH bank defaulters have not exactly rushed to repay their 
loans, there has been a small trickle of cash that has made its way 
back to the financial institutions that had handed it out with such 
generosity.

But even if all 240 billion rupees in non-performing loans are 
returned by the sharks who have pocketed much of this loot, it is 
doubtful that our economic woes will be reduced. Most Pakistanis 
feel - and I include here the intelligentsia - that once the 
defaulted billions are returned, rivers of milk and honey will 
start flowing across the parched Land of the Pure. Looking for a 
quick fix, most of us have neither the patience nor the stamina to 
accept that progress takes sustained effort and consistency. We are 
convinced that had the crooks who masquerade as businessmen not 
plundered the banking system, we would not be in our current 
precarious situation.

Very few of us have stopped to consider what will happen if and 
when the bulk of the defaulted loans is returned. As it is, 
Pakistani banks are not short of liquidity. The recent schemes 
launched to attract deposits have been very successful as people 
looked for opportunities to park their savings in an environment 
where the stock market continues its erratic behaviour and the real 
estate market has virtually collapsed.

But despite ample liquidity, very few businessmen are applying for 
loans. Partly this is because of the prevailing recessionary 
conditions when no new investments are being made. Indeed, the last 
three years have witnessed only three new listed companies being 
added to the stock exchange. Then there are the crushingly high 
interest rates that continue to stifle investment despite the 
presence of sufficient liquidity. Although the State Bank cut prime 
rate slightly earlier this year, an entrepreneur still has to pay 
interest at the rate of around 18% annually. If he goes to a 
leasing company, the rate can be around 20-22%. Add to this a 
normal profit margin of at least 12%, and we are talking about an 
annual return of about 33%. Very few investments earn this kind of 
profit, especially in an economy as depressed as Pakistan's.

Pakistan's fiscal managers have traditionally kept interest rates 
high to keep prices low, but this anti-inflationary monetary policy 
has been at the cost of growth and investments. When the economy 
was doing well, industrialists borrowed to expand capacity and 
build new plants, often reducing personal risk by over-invoicing 
massively on imported machinery. But when the textile boom went 
bust in he early nineties and political uncertainty began stifling 
growth, many mills shut down and industrial moguls were unable to 
service the loans they had acquired at very high interest rates. 
This is not to suggest that their indebtedness affected their 
lifestyle in any way: their offspring still went abroad to study; 
they summered in Europe and maintained their flats in London; and 
they partied as hard as ever.

While the present government is trying to crack down on the worst 
of these defaulters, they haven't yet turned their attention to the 
bankers who dished out these unsecured loans as though they were 
from their personal coffers. The most illustrious of the tribe. 
Younus Habib, was imprisoned for ten years by the Benazir Bhutto 
government, but was granted several remissions during Nawaz 
Sharif's last tenure, and is now out of jail.

The fact is that loans simply cannot be granted without the active 
connivance of a number of bankers. The whole process of evaluating 
a proposal is a lengthy one in which a number of people are 
involved. Unfortunately, those manning the development financial 
institutions (DFIs) and the nationalized banks have served as 
personal bankers to politicians and their sycophants ever since 
these organizations were brought under government control in the 
early seventies by Bhutto. The only qualifications needed to head 
these institutions were a compliant nature and an easy conscience. 
Pakistan is fortunate in having more than its fair share of such 
men.

As the balance sheets of these banks became awash in red ink, the 
return they offered on savings became embarrassing even to them. 
Currently, most nationalized banks give around 8% on savings 
accounts, out of which the government takes another bite in the 
shape of zakat. Considering that the same banks lend money at 
around 18%, this gives them a spread of 10%, a figure unheard of in 
respectable banking circles. Nevertheless, their profits are 
virtually non-existent because of their huge overheads and their 
bulging portfolios of non-performing loans which, instead of being 
written off, are shown as "receivables." This accounting sleight of 
hand allows them to show paper profits where none exist.

In the process, it is the average account holder who gets shafted. 
When all this talk of accountability reverberates across the land, 
nobody says "let's get the bloody bankers." Many of these worthies 
have enriched themselves by granting loans which a private bank 
would not touch with a barge pole. They have colluded with 
businessmen who have happily given them bribes in the shape of cash 

or share in their companies. While these bankers have usually cited 
political interference as an excuse, the fact is that the majority 
of bad loans were sanctioned entirely by misusing their authority 
for personal gain or professional advancement.

The State Bank of Pakistan which is enjoined and empowered to 
oversee the working of nationalized and private banks,did little to 
stop this plunder. Not once in public knowledge has it stepped in 
to protect the interests of the state or individual account 
holders. As far as I know, it has never held top bankers 
accountable for their miserable performance, demanding to know why 
they were giving such low returns to savers when private banks, 
usually foreign, were doing so much better.

Ever since privatization became the official mantra a decade ago, 
we have been hearing that nationalized banks will be returned to 
the private sector. Apart from MCB, we are still waiting for the 
country's two biggest banks, Habib and United, to be sold. The 
problem is that their executives, the bureaucracy and politicians 
all want their cash cows to be tethered where they can be milked at 
will.


===================================================================
SPORTS
991127
-------------------------------------------------------------------
Marshall first foreigner to win Pakistan Open
-------------------------------------------------------------------
A. Majid Khan

KARACHI Nov 26: England's qualifier Peter Marshall, currently 
ranked 109 in the world, created history with a sensational upset 
8-15, 15-13, 15-12, 15-10 victory over third seeded defending 
champion Amjad Khan to lift the Pakistan Open trophy on Friday 
afternoon here at the DHA Asif Nawaz Squash Complex.

Double-first Peter Marshall took one hour and five minutes to 
become the first foreigner and also the first qualifier ever to 
break Pakistan's domination over the Championship, instituted in 
1980. Squash legend Jahangir Khan holds the record of 10 wins and 
former world champion Jansher Khan had won the Pakistan six times 
and Amjad Khan won it last year defeating Canadian Graham Ryding in 
five-games at the same venue.

Marshall, the Pakistan Open runner-up in 1994, was out of the world 
circuit suffering from Chronic Fatigue Syndrom ( CFS ) for well 
over three years before staging a come back four months ago.

The packed to capacity championship court gallery enjoyed the 
quality squash and Marshall was lustily cheered for hismemorable 
performance.

Sindh Governor Air Marshal (Rtd ) Azim Daudpota, who was the chief 
guest, presented the trophy to Peter Marshall and also the the 
winner's purse of $6125 of the $35,000 prize money championship. 
Runner-up Amjad Khan got the runner-up trophy and $4025.

The other prize money break-up is semi-finalists -$ 2450 each, q-
finalists- $ 1487. 50 each, second round losers- $ 875 each and 
first round losers - 437.5

In his welcome address, the Senior Vice-President of the Pakistan 
Squash Federation, Air Chief Marshal Zahid Anis, who is the 

chairman of the organising committee, gave the details of the 
Pakistan Open which ended successfully today. He praised the 
performance of Peter Marshall and congratulated the Englishman for 
his memorable show. 

He turned frustratingly erratic after winning the opener and his 
struggle to regain his touch went in vain as in-form Marshall 
returned several impossible shots of Amjad that looked winners.

Amjad Khan could not match the brilliance of his opponent who won 
the fascinating final in a commanding and convincing style to get 
cheers from the sporting spectators.

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991127
-------------------------------------------------------------------
Sohail's golden goal puts Pakistan in Asia Cup final
-------------------------------------------------------------------

KUALA LUMPUR, Nov 26: A golden goal from penalty corner executioner 
Sohail Abbas propelled three-time champions Pakistan into the final 
of the fifth Asia Cup men's field hockey tournament with a 3-2 win 
over host Malaysia in a rousing semi-final here on Friday.

Sohail sent the drag-flick into the roof of the cage in the fourth 
minute of extra-time for the match winner but had to be carried out 
on a stretcher, having twisted his ankle while taking the crucial 
shot.

Pakistan's opponents in the final will be defending champions South 
Korea, who rode on a last-minute penalty corner goal from Ji Seong-
Hwan to prevail 5-4 over India in the other cliffhanger semi-final.

Commonwealth Games silver medalists Malaysia stunned the fancied 
Pakistan by taking an early lead through a flash strike by skipper 
Mirnawan Nawawi in the fourth minute.

Pakistan fought back to gain ascendancy through two goals from 
left-winger Mohammad Anis in the 27th and 49th minute before Kuhan 
Shanmuganathan scooped the ball into the cage in the 67th minute to 
force the issue into extra period.

Malaysia threatened to repeat their stunning Commonwealth Games 
performance at the same venue when forced two successive penalty 
corners in the extra period before Sohail sealed the fate of the 
match.

The South Korea-India match also swung from one side to the other 
before Ji's match winner, 10 seconds from the hooter, earned South 
Korea revenge for the loss to India in the final of the Asian Games 
in Bangkok last year.

South Korea drew first blood in the third minute when Shin Seok-Kyo 
slammed the rebound from Indian goal-keeper into the cage after his 
initial penalty corner shot had been padded away.

Three minutes later Hwang Jong-Hyun swept Song Seong-Tae's defence-
splitting cross from right to increase South Korea's lead.

A penalty corner strike by Dilip Tirkey in the 10th minute, skipper 
Baljit Dhillon's crisp field goal in the 15th minute and Deepak 
Thakur's deflection of Tirkey's penalty corner shot in the 23rd 
minute then saw India surge to a 3-2 lead before a heavy downpour 
forced the umpires to stop play for 15 minutes.

South Korea drew parity at 3-3 in the 26th minute through Jeon 
Jong-Ha goal in an indirect penalty corner attempt.

India again went ahead in the 46th minute with Dhanraj Pillay 
pushing in a rebound from goal-keeper Lim Jong-Chun on Dhillon's 
penalty corner shot but Korea was against at par in the 59th minute 
on a penalty corner conversion by Kim Jung-Chul.

Indian manager K. Jothikumaran said his team paid the penalty for a 
bad start and a bad finish.

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991123
-------------------------------------------------------------------
Langer, Gilchrist secure series for Australia in historic win
-------------------------------------------------------------------

HOBART, Nov 22: Justin Langer and Adam Gilchrist were the toast of 
Australian cricket on Monday after their record partnership lifted 
their team to a history-defying four-wicket win over Pakistan in 
the second Test at the Bllerive Oval here.

The two West Australian left-handers and close mates, playing to a 
game plan and not the scoreboard, shared in a 238-run partnership 
in 265 minutes to break Pakistani hearts and steer Australia to the 
third-highest winning target of 369 in Test history.

Australia also clinched the series against Wasim Akram's tourists 
with third Test beginning in Perth on Friday.

Gilchrist struck his debut Test century in his unconquered 149 in 
Australia's second innings 369 for six, while the stoic Langer was 
out five runs short of victory at 127, crafted in a tick over seven 
hours.

Only twice before have teams scored higher to win a Test match.

India scored 406 for four when set 403 by the West Indies at Port-
of-Spain in 1975-76 and Don Bradman's Australians hit 404 for three 
to beat England at Leeds in 1948.

"That's the best chase we've seen in Test match cricket," declared 
Australian captain Steve Waugh. "To win it so convincingly against 
such a good bowling team in the fourth innings was really a credit 
to the players for the way they played today."

At the outset it looked such a daunting target to chase for the 
Australians - still requiring 181 runs with five wickets left at 
the start of Monday's play - but in the latter stages it was so 
utterly convincing.

PAKISTANIS SHATTERED IN DEFEAT: Australia's amazing triumph has 
left Wasim Akram with a monumental task to regroup his players for 
the final Test.

It was impossible to gauge the Pakistanis' feelings about their 
shattering defeat - captain Akram was too ill with a low sugar 
count to attend the post-match conference and there was no other 
team spokesman available to talk to the media.

Despite complaints from the media about not having a team 
spokesman, it was learnt that the touring party had left Bellerive 
Oval for the team hotel.

The media was eager to learn of Akram's version of a controversial 
incident when Pakistan believed they had dismissed Langer 75 
minutes into the final day.-AFP/Reuters

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