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PAKISTAN'S VISION 2025
#51
PM IMRAN KHAN SPEECH AT LAUNCHING CEREMONY OF KAMYAB JAWAN PROGRAM 






PM IMRAN INAUGURATES 'KAMYAB JAWAN PROGRAMME' FOR YOUTH UPLIFT  
https://www.dawn.com/news/1511382/pm-imr...uth-uplift

Prime Minister Imran Khan on Thursday launched the first phase of the "Kamyab Jawan Programme" for youth across the country to support them through technical and financial assistance.

The prime minister while addressing the inauguration ceremony in Islamabad announced that Rs100 billion have been allocated for youth loans under the programme. He said that out of the total amount, Rs25bn have been earmarked for women. Prime Minister Imran announced that loans worth up to Rs100,000 will be interest-free, while the loans in two other categories will be concessionary loans. 
The premier added that one million young people will be facilitated under the programme.


"We have youth, they are our power but unfortunately [we are lacking in] skills," he said, adding that Rs10bn will be used for teaching skills to 100,000 young people. Under the programme, the prime minister announced, 100 labs will be established for distance learning.

The programme will also arrange internships through which 25,000 young people will be connected with industries, he said.

Talking about religious seminaries, Prime Minister Imran said that 500 labs will also be established in seminaries. "This is the first government which has taken [such] initiatives. We will consider seminary students as our own children and we will impart science education to them," he said, adding that the government has interacted with religious scholars for educational reforms.

"We will try to make our education systems uniform," he said after pointing out that three educational systems — English medium, Urdu medium and seminaries — are presently functioning in the country. He further said that 2,000 teachers will be sent abroad for international-level training.

The prime minister also announced that a national youth development foundation is being established for youngsters across the country to interact and exchange knowledge and views. "The programme will be followed up by the Prime Minister's Office," he said.

"I assure you that merit will be ensured in this programme. We will provide loans to even the people of Fazlur Rehman, if they fulfil the merit," Prime Minister Imran said, referring to the JUI-F chief who has vowed to carry out an anti-government protest march later this month.

"I know this is the first assembly which is being run without diesel. I won't talk much about it," he quipped, in a reference to Rehman.

Addressing the participants of the ceremony, he reminded them that merit is the most important issue for Pakistan's future.

"The nations having merit-based systems make progress in this world," he said, adding that the West progressed in the world due to their merit-based democracy. He said he had learnt from Islamic history that the Muslim World went on a downward spiral because Muslim empires were following bloodlines, instead of democracy.

"When Mughal emperor Aurangzeb passed away, one-quarter of the total wealth of the world was in India. The Mughal empire, the then world power, fell because after Aurangzeb, there was no capable king in the bloodline," the premier said, adding that in a democracy, leadership comes forward on merit and not on the basis of bloodline.

Prime Minister Imran recalled that Quaid-i-Azam Mohammad Ali Jinnah had advised the nation to adhere to merit and refrain from corruption.

He promised that the government will bring meritocracy and overcome corruption as it goes ahead. He advised the participants of the ceremony to "dream big and think big".

"Always remember that great humans are those who dream big and think big. The great humans don't only think about themselves but others as well."

Citing inspiration from the example of the Holy Prophet (PBUH), the premier said that there will be no discrimination against minorities in naya Pakistan.

"I have learnt the history of Madina. Change doesn't occur all at once; it takes time. There is not a button to press for change," he said.

"Don't underestimate the power of truth, it will give you strength," he advised the young generation of the country.

Prime Minister Imran noted that "some people are trying to defy taxes; they want facilities but don't want to pay taxes, we have to avoid that mentality."

"If we want to become a nation with high self-esteem, we will have to pay taxes," he said.

He said that the last 12 months were "the worst time" he ever faced in his political career but assured the nation that good times are ahead of them.

Earlier, Special Assistant to the Prime Minister (SAPM) on Youth Affairs Usman Dar said that the Kamyab Jawan Programme has been developed to enable the country's youth to prosper.

"I am happy because the programme is the first step towards fulfilling the PTI's promise for youth's prosperity," he said.

He said that as per the instructions of the prime minister, the programme is completely transparent and merit-based. "To ensure transparency, the entire programme is made available on a digital platform," he said, adding that a scorecard has been developed on the basis of artificial intelligence to run the programme.

According to Dar, the programme is focused on ensuring employment opportunities to the youth and providing them proper platforms to excel.

The programme is supported by the United Nations Development Programme and no amount of people's tax is incurred on it, Dar had earlier said in a press briefing.

Under the programme, the government will also devise a state-of-the-art digital platform to support the youth.
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#52
THIS GOLD MINING INITIATIVE IS PERHAPS THE MOST STRATEGIC AND VALUABLE PROJECT TO DEVELOP NOT ONLY THE PAKISTANI ECONOMY BUT ALSO TO BACK  
PAKISTAN'S CURRENCY THE RUPEE WITH GOLD RESERVES. THIS BECOMES CRUCIAL AS DAILY REPORTS ARE COMING IN OF A GLOBAL RECESSION AND BANKRUPTCY OF  GLOBAL PAPER FIAT CURRENCY AND THE USURIOUS FINANCIAL SYSTEM  

PAKISTAN IS GOING TO EXTRACT GOLD FROM REKO DIQ IN UPCOMING DAYS 

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#53
ANOTHER MILESTONE IN REBUILDING PAKISTAN AND INDIAN SIKH RELATIONS IS TAKING PLACE WITH THE FOUNDATION CEREMONY OF GURU NANAK UNIVERSITY ON THE 550TH BIRTH ANNIVERSARY OF GURU NANAK. THIS IS TAKING PLACE JUST BEFORE THE OPENING OF THE KARTARPUR CORRIDOR WHICH WOULD OPEN UP DIRECT ACCESS TO INDIAN SIKH PILGRIMS TO THE MEDINA OF THE SIKH FAITH IN PAKISTAN. 


IMRAN KHAN HAS ANNOUNCED SOME VERY SIGNIFICANT PTI POLICIES ON THE NEED TO DEVELOP PAKISTAN AS A KNOWLEDGE BASED ECONOMY AND SOCIETY. HE HAS STRESSED THAT THERE WAS AN URGENT NEED TO DEVELOP AN ISLAMIC EGALITARIAN MERITOCRATIC EDUCATION SYSTEM BY UNIFICATION OF A COMMON CURRICULUM OFFERED IN THE ENGLISH, URDU  AND MADRASSA SYSTEMS. THE PTI GOVERNMENT WOULD BUILD AND CONSTRUCT UNIVERSITIES IN AWQAF PROPERTIES THROUGHOUT THE LAND TO WIDEN ACCESS TO HIGHER EDUCATION FOR ALL THE PEOPLE. WHILST THIS MAKES SENSE AND IS OF CRUCIAL IMPORTANCE IT HAS IMPLICATIONS FOR PUBLIC FINANCE AND PRIORITISATION. IN PARTICULAR THERE IS A NEED TO ESTABLISH AN ISLAMIC ECONOMIC SYSTEM WHICH ELIMINATES THE NEED FOR CARRYING THE BURDEN OF A FINANCIALLY USURIOUS DEBT BASED SYSTEM. 


WE NEED TO HEAR OF WAR BEING DECLARED IN PAKISTAN AGAINST 4 MILLION BONDED CHILDREN AND FAMILIES WHO ARE DEBT SLAVES TO SOME VESTED INTERESTS INCLUSIVE OF POLITICIANS AND FEUDAL LANDLORDS WHO HAVE ENSNARED THEM DUE TO USURIOUS DEBTS. IT GOES WITHOUT SAYING THEY ARE BEING DENIED EDUCATION AND FUNDAMENTAL HUMAN RIGHTS IN THESE KILNS AND BRICKWORKS.  TABDEELI NEEDS TO MEAN SOMETHING REAL FOR THESE PEOPLE.     


NANKANA SAHAB: PM IMRAN KHAN ADDRESSES AN EVENT 

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#54
'THIS IS THE BEGINNING': PM IMRAN INAUGARATES KARTARPUR CORRIDOR ON HISTORIC DAY  
https://www.dawn.com/news/1515830/this-i...storic-day

Prime Minister Imran Khan formally inaugurated the Kartarpur Corridor at a colourful ceremony on Saturday, paving the way for Indian Sikh pilgrims to visit one of their religion's holiest sites in Pakistan without needing a visa.

"First of all, I congratulate the Sikh community on the 550th birth anniversary of Baba Guru Nanak and welcome you all," the premier said at the start of his address, paying tribute to the government team for completing the Kartarpur project in a matter of months.

"I salute you all. I had no idea you were so efficient. That means we can do so much more," he told the government officials.

"I am always so happy to see the Sikh community who have come here. God lives in the hearts of all of us. All the messengers who have come and gone only ever brought two messages, that of peace and justice.  "These two things distinguish us from the animal kingdom," he said.   Prime Minister Imran noted that the lessons that can be drawn from Guru Nanak's teachings are about bringing people together and not to spread hate.  "I am happy we could do this for you," he told the hundreds of Sikh pilgrims. "Believe me, I had no idea of the importance this place holds; I found out a year ago.  He said the inability of Sikhs in the past to visit the Kartarpur shrine was akin to Muslims being able to see Madina from a distance but not be able to go near it.  "That is why I am happy to see you so happy and the way your hearts have nothing but prayers for us."

Citing the examples of Prophet Muhammad (PBUH), Nelson Mandela and Sufi saints, the prime minister said a true leader is one who always brings people together and does not spread hate in order to gain votes. He continued: "The first thing I did after becoming the prime minister was to tell [Indian Prime Minister Narendra] Modi that poverty is our mutual problem, and the way to deal with it is to open our borders to people and trade. "I met Manmohan Singh during a conference and I remember when he was the PM he had said that 'the entire South Asia can rise if we solve Kashmir'. And that's what I told Modi. "But I am sad to say that Kashmir has gone beyond a territorial issue. This is an issue of humanity, not a territorial dispute. "The way they [Kashmiris] are being kept like animals. Their rights have been snatched away which the UNSC gave them. 


"If Modi is listening, [he should know that] justice brings peace and injustice spreads confusion.  "Let's rid ourselves of this problem," he told Modi, referring to the Kashmir dispute. "So we can live like humans.  "Imagine the happiness that will spread and how we will be able to pull people out of poverty.  "I have hope that this is the beginning. One day our relations with India will be such that would have been had the issue of Kashmir been resolved in the beginning (at Partition).  "I also foresee a day when the hatred that has spread in the sub-continent over the past 70 years due to this dispute [will be no more]. "When this problem is solved and Kashmiris get their rights, the sub-continent will see prosperity and our entire region will rise in the world, and I pray that day is not far," he concluded.
'You've won hearts'

Former Indian cricketer-turned-politician Navjot Singh Sidhu earlier addressed the ceremony, thanking Prime Minister Imran for taking the bold step to build the Kartarpur Corridor "without looking at gains or losses".  "You have won hearts," he said while addressing the premier.  Further heaping praise on Prime Minister Imran, he said: "There are people who are swept away by the tides of time, even the mountains bow to the tides of time, man is left spinning as it whirls by, but then there are those like Imran Khan who stand the test of time and create history. "No benefit or loss was weighed. No deals were considered. My faithful friend (PM Imran) did this for the love of God.  "What will you gain from killing in a war? If you want to win someone over, do so by generosity. The enemy can neither die from loss that way nor be able to hold his head high after being struck by such generosity.   "This Sikh community is going to take you farther than you can fathom," he said, addressing the prime minister. "We will become your mouthpiece. "Four generations of Sikhs were deprived; for the first time a government has [opened access to Kartarpur] for 140 million Sikhs. Alexander won the world through fear and terror. Imran Khan you are the Alexander who has won the world's hearts and you rule them all."

Shah Mahmood Qureshi speaking with former Indian premier Manmohan Singh and cricketer-turned-politician Navjot Singh Sidhu. — Foreign Office

Minister for Religious Affairs Pir Noorul Haq Qadri in his speech said today's ceremony and the opening of the Kartapur Corridor is "the biggest message of peace and love" since Partition.

"Imran Khan, the promise you had made to the millions of Sikhs has been fulfilled. And I congratulate Sardar Navjot Singh as it was you who brought this idea to the prime minister. "Baba Guru Nanak spent the last days of his life here. He spent his life bringing people together and spreading the message of love.  "In his last days here he continued to spread the message of oneness, truth, peace. His teachings carry the lessons of humanity and its well-being.  "He spent six years in Baghdad and while there every morning he would visit the shrines of Imam Moosa Kadim and Sheikh Abdul Qadir Jilani. This was his message of love which was a unifying force of harmony between religions. "This project was the prime minister's personal interest and his commitment," he said, adding that he prays Prime Minister Imran will be rewarded by God for winning people's hearts.  'Doors of Kartarpur sahib have been opened'

Earlier, Foreign Minister Shah Mehmood Qureshi in his address gave the credit for the "historic" project coming to fruition to Prime Minister Imran and the government team. "The doors of Kartarpur sahib have been opened for you," the foreign minister said while addressing members of the Sikh community across the world.  FM Shah Mehmood Qureshi addresses the Kartarpur opening ceremony. — DawnNewsTV

He said the message of Sikhism founder Guru Nanak Dev was one of peace and love, but that it needed to be reflected upon who is today "sowing the seeds of hate" in the subcontinent.  "If the Berlin Wall can be demolished, if the Kartarpur Corridor can be opened, then the temporary boundary of the Line of Control can also be ended," Qureshi said, adding that the promise of granting the right of self-determination to the people of occupied Kashmir can also be fulfilled. He asked Indian Prime Minister Modi, who had earlier in the day thanked Prime Minister Imran, whether he will also give his Pakistani counterpart the chance to thank him.  "You can do so," he told Modi, "by lifting the curfew in occupied Kashmir, ending the use of pellet guns, ending the violations of human rights [and] by ending the communication blackout".  He expressed the wish that Modi will open the Srinagar Jamia Mosque for Kashmiri Muslims the way the Kartarpur gurdwara was opened for the Sikh community by Pakistan. The minister announced that the prime minister has identified 400 temples in the country which will be renovated.

Manmohan leads Sikhs delegation
Sikhs from across the border started arriving in Pakistan today to make a historic pilgrimage to the shrine of Guru Nanak Dev, the founder of Sikhism, which is located in Kartarpur, as Islamabad and New Delhi made history by opening the Kartarpur Corridor. Former Indian PM Manmohan Singh led the first delegation of Sikh pilgrims as they crossed into Pakistan. — DawnNewsTV

Prime Minister Imran arrived at the corridor inauguration ceremony using the shuttle service used by pilgrims, according to state broadcaster PTV.  The premier was accompanied by Punjab Chief Minister Usman Buzdar, Governor Chaudhry Sarwar, Foreign Minister Shah Mehmood Qureshi, Minister for Religious Affairs Pir Noorul Haq Qadri and other officials.  Former Indian prime minister Manmohan Singh led the first delegation of Sikh pilgrims as they crossed into Pakistan through the Kartarpur Corridor. Indian Punjab's Chief Minister Amarinder Singh was also part of the jatha (caravan).  "I hope India and Pakistan relations improve enormously as a result of this beginning," Manmohan told PTV as he walked towards the Pakistan side, terming the occasion a "big moment".  The Indian Punjab chief minister said they were all happy because it had been a desire of Sikhs to visit their religious sites in Pakistan for 70 years.

Indian Punjab CM Amarinder Singh speaks to Pakistani media. — DawnNewsTV

"This is a beginning, I hope it's going to continue and many more gurdwaras are going to be allowed," he remarked. Besides Sidhu, Bollywood actor-turned-politician Sunny Deol also attended the opening ceremony.  Foreign diplomats, accompanied by Foreign Office Spokesperson Dr Mohammad Faisal and Foreign Secretary Sohail Mahmood, were also in attendance.

Before seeing off the first group of pilgrims, Indian Prime Minister Narendra Modi addressed members of the Sikh community and hailed the opening of the corridor.  "I also thank Pakistan's Prime Minister Imran Khan for understanding India's wishes and turning Kartarpur into reality," Modi said in his speech. He also thanked the labour in both countries for completing the construction in such a short time.

Sikh pilgrims arrive from India to attend the opening of the Kartarpur Corridor. — Photo provided by Naveed Siddiqui

The Indian premier said that Baba Guru Nanak was not just a revered figure for Sikhs but for the entire humanity. About 8,000-10,000 pilgrims are expected to arrive from around the world to mark Guru Nanak's 550th birthday on November 12. The premier had performed the groundbreaking of the visa-free corridor last year. Since then, the government has employed hundreds of labourers to spruce up the shrine, including building a border immigration checkpoint and a bridge, as well as expanding the site's grounds. After tough negotiations between Islamabad and New Delhi, Pakistan and India had finally signed an agreement regarding the project last month. In this picture taken on November 6, workers clean the floor at the Shrine of Baba Guru Nanak Dev at the Gurdwara Darbar Sahib, ahead of its opening in Kartarpur. — AFP

Ahead of the opening, the prime minister also announced special waivers in order to facilitate Indian pilgrims. Pilgrims who arrive from India will no longer need a passport to cross over into Pakistan as long as they have a valid identity.  The premier had also announced that he had directed that the condition for pilgrims to register 10 days before their arrival at the Kartarpur shrine be waived.  Furthermore, the pilgrims who arrive on the day of the Kartarpur Corridor's opening and on Baba Guru Nanak's 550th birth anniversary will not be charged any fee to visit.  Up to 5,000 Indian Sikhs have been allowed access daily, with plans to eventually double the capacity. Sikhs from around the world — including some from India who entered from the main border crossing at Wagah after obtaining visas — have been arriving in Pakistan ahead of the celebrations for several days already.

Opening border and hearts
In a statement issued hours before the opening of the Kartarpur Corridor, Prime Minister Imran congratulated the Sikh community residing in Pakistan as well as in India on the occasion.  The premier said that the "unprecedented gesture of goodwill [...] is a reflection of our deep respect for Baba Guru Nanak Dev Ji and religious sentiments of Sikh community".  "Today we are not only opening border but also our hearts for the Sikh community," the statement read.  The prime minister in his statement further said: "The inauguration today is also a testimony of our commitment towards peace of the region. We believe that the road to prosperity of region and bright future of our coming generation lies in peace. We believe that interfaith harmony and peaceful coexistence will provide us an opportunity to work for larger interests of people of the sub-continent. While congratulating the Sikh community once again, I also wish to thank all those who contributed towards transforming this vision in reality in record time of 10 months only."

Tantalisingly close
For up to 30 million Sikhs around the world, it is one of their holiest places. When Pakistan was carved out of colonial India at independence from Britain in 1947, Kartarpur ended up on the western side of the border — though most of the region's Sikhs remained on the other side.  For them, it is tantalisingly close — just four kilometres inside Pakistan, so near that Indian Sikhs have been known to stand on the other side and simply gaze across the divide at the site. People hold balloons arranged in the shape of number 550, ahead of the 550th birth anniversary of Guru Nanak Dev, in Amritsar on November 8.

But decades of enmity between India and Pakistan has left extreme restrictions on their ability to visit. “This land is sacred for them,” Habib Khan, the 63-year-old imam of a small mosque just outside the gurdwara, told AFP on Friday.  Vans of pilgrims could be seen travelling through Kartarpur on Friday.  The Indian flag could be seen flying across the border, just beyond fields dotted with eucalyptus and guava trees — though it was half obscured by the heavy smog that has blanketed large swathes of South Asia in recent days. Contingents of Rangers dotted the rice-growing region which, being so close to the border, is heavily secured, with multiple checkpoints.

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#55
PRIME MINISTER IMRAN KHAN BLASTING SPEECH TODAY 
18 Nov 2019


Prime Minister Imran Khan blasts the recent Dharna in Islamabad led by Maulana Fazlur Rehman.  Claims that the country's mafias are attempting to oust him from power alone because he has been targeting them and wants to bring financial corruption to an end. He vows to continue to the end to clean up the country so that the country can be liberated from corruption and injustice. Justice must be upheld for the weak and poor and the strong must be made accountable.




https://www.youtube.com/watch?v=GSvNcT7k8GM
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#56
FROM THE GLOBAL VISION 2000 UTUBE CHANNEL AS IT IS  STILL RELEVANT. THIS AGENDA IS HAVING IMPACT AND  CASTING IT'S SHADOW ON COUNTRIES SUCH AS PAKISTAN WHERE THE NEW PTI GOVERNMENT WHICH IS CHAMPIONING ANTI CORRUPTION AND JUSTICE. IT HAS LAUNCHED  PAKISTANI STATE INSTITUTIONS TO LOCATE AND REPATRIATE STOLEN MONIES AND ASSETS BACK TO THEIR RIGHTFUL OWNERS.

GLOBAL VISION 2000' S ROMMA COMMISSION LAUNCH IN THE UK PARLIAMENT 


REPATRIATION OF MISAPPROPRIATED MONIES AND ASSETS COMMISSION 
















IMRAN KHAN'S PTI GOVERNMENT SHOULD LOOK AT THE AGA KHAN AND HIS EMPIRE IF HE WANTS A CORRUPTION FREE PAKISTAN. ANOTHER CASE FOR ROMMA COMMISSION. 


HBL PRIVITIZATION TO AGA KHAN FUND COST PAKISTAN $9.1 BILLION 
https://insideismailism.wordpress.com/20...-1-billion

On 29 December 2003 when AKFED (Aga Khan Fund for Economic Developmet) acquired HBL (Habib Bank Limited), AKFED had only PKR 90 billion ($ 1.5 billion) in assets. An organization worth $1.5 billion buying a bank worth $9.5 billion for just $389 million is the largest corruption scandal in Pakistan’s history.



The Aga Khan Fund for Economic Development (AKFED) acquired Pakistan’s second largest bank worth PKR 570 billion for a measly PKR 22.5 billion – benefiting as much as PKR 548 billion from the transaction. This is a staggering 30% of Pakistan’s fiscal budget, and this amount could have funded 8 more motorways like the Lahore-Rawalpindi motorway, equipped every government-funded hospital in the country with vital lifesaving equipment, funded hundreds of government schools, and helped with numerous other poverty alleviation projects. However the ones involved in this transaction ignored every benefit that the residents of Pakistan could have received, and chose to benefit themselves.



HBL started in Bombay with a mere PKR 25,000. In 1945 it reached Karachi and after Pakistan was formed, the bank’s head office moved to Karachi and is still here. It maintained it customer base even after 1974 privatization. In the privatization drive of the 1990s HBL could not survive



Established in 1947, HBL is considered Pakistan’s second largest commercial bank. It has 1425 branches in Pakistan, and has 48 more branches in 26 other countries including US, Middle East, Far East, Britian, Switzerland, Holland and other European and African locations. Among these 1425 local branches, there were 1408 retail and 17 corporate branches. At the time of it’s sale HBL had 20% share of the national banking market. Three more institutions owned by HBL were also functioning in the trade sector:


  • Habib Bank Financial Services (Private) Limited (Karachi)
  • Habib Finance International Limited (Hong Kong)
  • Habib Finance Australia Limited (Sydney)


HBL also had joint ventures  – one was Habib Nigeria Bank Limited with a 40% share and the other was Himalayan Bank Limited  with a 20% share. Habib Allied International Bank PLC has 90.5% holding of HBL. Moreover, HBL was the only Pakistani bank to have offices in Iran and Egypt.


The first plan to sell HBL was under prime minister Nawaz Sharif under the privatization program. At that time a Canadian group had placed a bid to buy HBL for PKR 60 billion ($1.2 billion dollars at that time), but Nawaz Sharif government declined that offer citing that the offer was too low for such a large bank. At that time, when the plan to sell HBL came up, the bank was restructured and overhauled, due to which all of it’s 48 overseas branches became profitable.



It is worth mentioning that overseas banking licenses are extremely difficult to obtain, as millions of dollars in licensing fee has to be paid to foreign governments where the banking license is required. Banking experts were shocked that for a mere $382 million, not only did Aga Khan buy off a prominent institution like HBL, but expanded the footprint of AKFED in 48 countries, and obtained influence over Pakistan’s entire economy by controlling one of the largest banking entities in Pakistan.



The process of privatization of HBL started in Nawaz Sharif’s but concluded when Shaukat Aziz – a banker by profession – was appointed Prime Minister in Parvez Musharaff’s regime. The swiftness with which the deal was completed left all economic experts in a state of shock. This happened in December 2003 with the entire bidding process concluding in no more than 10 minutes. The Secretary of Privatization Commission announced that 2 parties have put forward unconditional sealed bids for the acquisition of HBL, and that whichever offer is in line with the price ascertained by the government, will be announced as the successful bidder.



When the Privatization Minister Dr. Hafeez Shaikh and Secretary Privatization Ahmad Waqar were asked about the reserve price set for the sale of HBL, they said: “We need not announce the reserve price as the bidder has met the conditions we placed for bidding.” Not making the reserve price public, was enough proof that some events and transactions behind the scenes were taking place which were shaping the final outcome of HBL’s privatization.



Importantly, the federal government had allocated PKR 17 in two installments of PKR 9.7 billion and then PKR 8 billion from the national budget to HBL. Moreover, PKR 4.8 billion were spent against voluntary separation scheme. A week before selling HBL, bad debts worth PKR 9 billion were moved from HBL to Corporate and Industrial Restructuring Corporation (CIRC), which brings the total to PKR 31.5 billion which were spent on the bank before it’s sale to AKDN. The bank’s remainder assets after incurring these costs were sold for a mere 382 million dollars (PKR 22.409 billion) to AKFED.



According to the terms of bidding, complete control of the bank would be given to AKFED after payment for 26% shares, whereas the payment of 25% of shares would be done in the next two years in two equal installments. However, this term was also increased to three years without any justification to give room to AKFED to pay the remainder of the purchase price from HBL’s own profits rather than from it’s own funds as AKFED itself was a very small organization.  The bank earned a profit of PKR 19 billion in 2006-07 on top of the profit of PKR 16 billion it earned in the previous two years. Therefore, after privatization, the bank earned PKR 35 billion. therefore, the remaining price of 25% shares with AKFED had to pay from its own funds, were now paid from HBL’s own profits by gaining an extension in the payment period.



On 26 February 2004, complete control for HBL was handed over to AKFED and the bank started off on a journey of handsome profits after the restructuring efforts, voluntary separation scheme and due to getting rid of the bad debts.



This is how AKFED acquired one of the largest banks of Pakistan having 1450 internal and 55 external branches, for a mere PKR 22.4 billion whereas according to the book value as of February 26, 2004 only the internal assets of HBL were worth PKR 46 billion and the profits for the bank between 2000 and 2004 was PKR 20 billion.  As if this was not enough, the Government of Pakistan paid back a further amount to HBL under Income Tax Rebate of PKR 9 billion. The Government also provided PKR 8 billion for downsizing of the bank. Therefore, the bank actually cost AKFED only PKR 6 billion.



Another aspect is that many assets of the bank included in it’s book value of PKR 46 billion were carried at a book value of PKR 1 in the balance sheet of HBL due arriving at the theoretical end of their economic useful life, but these assets are often revalued. For example, the regional headquarters of the bank in Quetta on Gulistan Road on a land of 15 acres. building owned by the bank on Upper Mall Road in Lahore opposite Atchison College, and the Habib Bank Tower in Islamabad on Jinnah Avenue are not carried at their market value in HBL accounts, but the real market value of just the Habib Bank Tower in Islamabad was PKR 26 billion. The bank was sold to AKFED for just PKR 65 per share whereas the stock market value at that time was PKR 235 per share.



All in all, the total value of the assets owned by HBL inside Pakistan were in excess of PKR 200 billion whereas the investments of HBL in other institutions was PKR 126 billion. When privatization of HBL completed on April 26, 2004, the total value of HBL assets outside Pakistan was PKR 18 billion, whereas investments outside Pakistan were in excess of USD 8 million. After privatization, the new management terminated 20,000 employees and on the other hand top 8 executives of the bank were handed memberships of different local and international clubs worth PKR 1 million per membership. The President of the bank and 5 other executives were now given their salaries in US Dollars and the Chairman was now being given a performance bonus of PKR 10 million. Other second tier executives were given performance bonuses between PKR 1 million to PKR 6 million.



While on one hand 20,000 employees of the bank were terminated, some notable people were hired on handsome salaries. This included Zafar Usmani (brother of General Usmani), Saira Khan (wife of an ex-Colonel), Jameel Ahmad Khan (a friend of Umar Ayub).



Post-acquisition, a further 5,600 were terminated under a golden handshake scheme. In 2004 the bank had 19,000 employees, and now there are only 13,400 employees. However, in 1997 the bank employed 32,000 employees.



The project for handing HBL to AKDN under the guise of privatization had kick-started back when Shaukat Aziz was Finance Minister. He influenced the appointment of Zakir Mehmood – also an ex-employee of Citigroup like Shaukat Aziz – as Chairman of HBL who between 2000 and 2003 went on a spree of downsizing the bank under different termination schemes. He was paid a monthly salary of PKR 1.8 million back in 2000.  He terminated 7,000 employees under 2 golden handshake schemes. After privatization, another 15,000 employees were terminated, and in 2005, HBL terminated 2,300 more employees overnight.



For upper management, it was a different story. Three hundred executives of the bank were sent to Dubai for ‘recreation’ from 11-13 August 2006, where they stayed in a 5-star hotel and were served alcoholic beverages while watching cabaret dances. The bank spent PKR 80 million on this recreation trip.



While the government of Pakistan lost PKR 548 billion due to HBL’s privatization, the non-executive staff of HBL did not benefit from the privatization transaction at all. For many years after privatization, the salaries of lower staff were frozen for years to come.



Before privatization, the banks’ net annual profit was PKR 12 billion which increased to PKR 15 billion even though 600 branches had been closed down in the name of privatization. During this time, the bank paid PKR 8 billion for acquiring a core banking software solution whose market value was just PKR 2 billion. This software had already been rejected by numerous banks in Pakistan and India.



Abdul Qayyum Afridi of Habib Bank Progressive Officers’ Association said that kickbacks and commissions worth PKR 10 billion were paid by AKFED to Shaukat Aziz, Dr. Salman Shah and Zakir Mehmood for selling 51% shares of a bank with assets worth 264 billion, domestic investments worth PKR 126 billion and international investments worth USD 8 million for a mere PKR 22.4 billion. Afridi also added that the stock market crash of 2006 and 2007 was orchestrated to conceal the corruption of Shaukat Aziz and his associates.



HBL also froze the pensions of retired personnel with effect from 2005 and never paid off pensions. For many years, The Habib Bank Progressive Officers’ Association has been urging the Chief Justice to look into corruption of the entire privatization process.



As a comparison, United Bank Limited (UBL) which was established in 1991 and had only 65 branches, had 80.86% of its shares acquired by Standard Chartered Bank for a staggering USD 413 million. Due to increase in the price of it’s remaining 19.14% shares, the price of it’s 100% shares increased to USD 511 million. If a small bank like UBL was worth USD 511 million then how much should have HBL been worth?



A lot of hue and cry was raised on this mega corruption scandal in the news and print media, but nobody wanted to listen. It seemed like the ones responsible for investigating this corruption were somehow involved in the corruption.



Even Senator Ishaq Dar declared the privatization of HBL as ‘suspicious’ and as a loss-worthy venture for Pakistan and said that the 51% shares should been sold for at least USD 600 million. His voice too, went unheard and no action was taken.



Tasleem Shaukat Khan – a resident of Lahore – filed a constitutional petition in Supreme Court of Pakistan and challenged the privatization of HBL. He argued that the entire process of privatization of HBL is based on misconduct and fraud. Even during the tenure of the previous government, a Canadian group had offered PKR 60 billion which was refused. The petition also mentioned the funds injected into HBL before privatization and the PKR 22.5 billion spent on golden Handshake, and requested for a stay order. The Supreme Court refused a stay order but accepted the petition for hearing. The petition is still being heard in the Supreme Court.



According to banking experts, the privatization of HBL cost hundreds of billions to the economy of Pakistan. The exact amount of benefits reaped by General (Retd.) Parvez Musharaf, Shaukat Aziz their associates are still unknown to this date.
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