22 companies

8/7/2019 22 companies

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Following is the list of the top 40 richest families in Pakistan at the moment. It is an interesting

read and does seem like that if not 100%, then it must 80% correct. However, it has missed

some families which are sure to make the top 10, of the top of my head I can think of two:

Giga (Pardesi family) and the family that owns ARY. Both of them gave the government of

Pakistan huge interest free loans when it was on the brink of default after the sanctions

imposed due to the nuclear tests almost crippled Pakistan. Anyway, check it out if you havetime, as it is quite a long post.

1.The Nishat Group Mian Muhammad Mansha Yaha is the captain of this splendid shiphaving around 30 companies on board. Mansha, who owns the Muslim Commercial Bank as

well, is now setting up a billion rupee ($ 17 m) paper sack project too. He is one of the richest

Pakistanis around. Nishat Group was countrys 15th richest family in 1970, 6th in 1990 and

Number 1 in 1997. Mansha is on the board of nearly 50 companies. Chiniotiby clan, Mansha is

married to Yousaf Saigols daughter. He is deemed to have made investments in many bourses,

currency and metal exchanges both within and outside Pakistan. He has had his share of luck

on many occasions in life and has recently been awarded Pakistans highest civil award by

President Musharraf. He could have bought the United Bank too, but then who doesnt have

adversaries. Nishat Group comprises of textiles, cement,

leasing, insurance and management companies. If Mansha was bitten by Bhuttos

nationalization stint of 1970, his friends think he was compensated by Nawaz Sharifs

denationalization programme to a very good effect. There is no stopping Mansha and he is still

on the move!

2.The Jang Group This huge media empire was founded by late Mir Khalil-ur-Rehman some

six decades ago. Today, around 10 top newspapers and the multi-billion rupee GEO TV projectare being run by Mir Shakeel-ur-Rehman, Mir Khalils brainy son, who has a lot of projects

pertaining to real estate under his belt too. Though he can be very modest, Shakeel is known to

have taken countrys Prime Ministers head-on. His tussle with Nawaz Sharif in 1999 spoke

volumes of his unmatched influence in all domestic and international quarters which matter

Shakeel is one of Asias most well known media barons, whose newspapers have served to be

the breeding nurseries for countrys top journalists. He invests massively in stocks business

regularly. His elder brother Mir Javed ur Rehman and tender son Mir Ibrahim also assist him in

business. Such magnificent has

been his influence that at times, a few governments have opted to take a few of his employees

as ministers. The Group, as most politicians agree, has been instrumental in both toppling andbuilding governments in Pakistan for decades now. Limelight is the product that he sells but

doesnt like tasting the fruits of his own garden.

3.The Hashoo Group Led by the vintage Saddaruddin Haswani, the Hashoo Group ismore known for its dominance in Pakistans hotel industry, though the people who know a bit

more about the Hashwanis are of their strength in real estate business too. Hashwanis are


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involved in trading of cotton grain and steel and till the nationalization of cotton export in 1974,

they were widely being dubbed as the Cotton Kings of Pakistan. Today, this group has excelled

in export of rice, wheat, cotton and barley. It owns textile units, besides having invested billions

in mines, minerals. hotels, insurance, batteries, tobacco, residential properties, construction,

engineering and information technology. In 1984, Hashwani defeated the Lakhanis in the bid

for Premier Tobacco but was arrested along with his brother Akbar in 1986 for allegedly evadingcustoms duty on cigarettes.

Sadarduddinsbrother Akbar and the children of another late brother Hassan Ali Hashwani

together manage around 45 companies. Akbar runs the second Hashwani Group. He is one of

the most well-known magnates in Pakistan who is a regular invitee at the Diplomatic Enclave.

The list of local and international bigwigs known personally to Hashwani is unending.

4. The Packages Group The seed of this huge empire was sown by Syed Maratib All, arenowned supplier for British Army and the Indian Railways before partition. The group

launched a joint venture with Lever Brothers soon after 1947, but massive production of

Pakistan Tobacco Company later reportedly made Syed Maratib All and sons install a packaging

Unit by the names of Packages. Two of Maratibs sons-Syed Amjad All and Syed Babar Au have

remained Pakistans finance Ministers and two of his well-known grand-children-Syeda Abida

Hussain and Syed Fakhar Imam- are political stalwarts who need no recognition. Late Syed

Amjad Ali was Pakistans first Ambassador to the United Nations, while Syed Babar Ali is the

force behind the establishment of the LUMS. The group owns Nestle Pakistan too which is being

run by Syed Yawar Ali. Syed Babar Ali has also served as Chairman

National Fertilizer Corporation during the Bhutto regime too and has been the Chairman of

Hoeist Pakistan, Lever Brothers and Siemen. The group also acquired a good number of Coca

Cola plants in Pakistan. Its famous brands include Nestle Milk Pak, Treet, Mitchells and Tri Pack

Films. It has stakes in the textile, dairy, agriculture and rice Sectors too. The groups

Contributions towards the cause of an independent Pakistan are unprecedented.

5.The House of Habib Legend has it that the Goddess of Wealth has been in love with theseasoned Habibs more than anybody else in Pakistan. Most pundits believe that Habibs own at

least 100 companies throughout the world, but these content mega-tycoons never boast off,

something which has made it uphill for most to predict about their financial standing. This

industrial group was founded by Seth Habib Mitha, born in 1878 to Esmail Ali-a factory owner in

Bombay. The financial strength of the Habibs can be gauged from the fact that Muhammad Ali

Habib was gave a cheque of Rs 80 million to Quaid-e-Azam in 1948 at a time when Pakistan

government was penniless owing to delay in transfer of Pakistans share of Rs. 750 million by

the Reserve Bank of India. They had offices in Europe in 1912. They incorporated the Habib

Bank in 1941. They own the Habib Bank A.G Zurich,

Bank Al-Habib, Indus Motors assembling Corolla cars and many dozens of units in sectors such

as jute, paper sack, minerals, steel, tiles, synthetics sugar, glass, construction, concrete, farm

autos, banking, oil, computers, music, paper, packages, leasing and capital management.

Habibs today are headed by Rafiq Habib and Rashid Habib in two distinct groups. What makes


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them extremely influential players of all times is the fact that for dozens of top businessmen

today, Habib were a myth once.

6.The Saigols Saigols originally hail from Jehlum. The pioneer of the Saigol dynasty in 1890was Amin Saigol who established a shoe shop that eventually transformed into Kohinoor Rubber

Works. And then times saw them shining literally like the Kohinoor until their progress was by

Nationalization in which they lost two-thirds of their wealth. Saigols got trifurcated in 1976 and

15 descendents of Amin Saigols tour sons got a share. The name of the Saigols has been used

in this part of the world as similes describing quantum of wealth. Yousaf Saigol, along with his

brothers Sayeed Saigol, Bashir Saigol and Gul Saigol then nourished an excellent crop. In 1948,

Saigols established the Kohinoor Textile Mills with a cost of Rs 8 million and this group happens

to be the first to open an LC with the State Bank of Pakistan. They bought the United Bank in

1959 and then

witnessed five of their units getting nationalized. They lived in Saudi Arabia during the Bhutto

regime. Today, cousins Tariq and Nasim are holding the familys fort together and have risen to

unprecedented heights in individual capacities. NAB did haunt Nasim but Tariq spent more lime

either accepting or refusing prized slots everywhere. Tariq is the one of the finest business

brains around.

7.Nawa-E-Waqt Group The Nizamis may not be Rockefellers or the Sheikh Muhammad, butarc the custodians of a highly influential media empire. Since media is now beginning to be

classified as very serious business, Clout or this groups head Majid Nizami and that of his

nephew Arif Nizami in nearly every sphere or the Pakistani society is being Widely

acknowledged. The impact this group has managed create on Pakistans political scenario since

1947 is unprecedented too. The group runs two esteemed dailies-the Nawai-e-Waqt (Urdu) andThe Nation (English). Besides publishing a few other monthlies and weeklies. They too are

serious custoniers for an electronic media channel. Hailing from Sangla Hill, a youth Hameed

Nizami (late) went out taking a paper that was badly needed by the Muslims of India during the

Pakistan Movement. Hameed was a renowned student leader in

the sub-continent who only gained proximity with the Quaid-c-Azam because of his distinct and

selfless for an independent Pakistan. Though Hameed died very young in 1962, he gave Majid

Nizami a rich legacy to take care of. The youngest Nizami, Khalil, died some years ago and was

also part of this illustrious group. Out of Hameed Nizamis three sons-Shoaib, Arif and

flr.Tahironly Arif has followed in his fathers footsteps and is the sitting President 0f All Pakistan

Newspaper Society (APNS). Nizamis are a 60-year old entity too.

8.The Saif Group Is owned and operated by the sons of famous NWFP lady politician BegumKalsum Saifullah. Her eldest son Javid Saifullah heads Ibis very powerful business group. Javid

obtained his Master degree in Business Administration from the University of Pittsburgh, USA in

1973, followed by diversified experience of over 30 years in textiles, elecommunication, cement

and Information Technology. He also remained the Chairman of All Pakistan Textile Mills


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Association (APTMA) for two years and NWFP for seven years. He has also been the member

Task Force IT & Telecommunication Advisory Board, Ministry of Science and Technology,

Member of Task Force (Liberalization & Privatization of Pakistan Telecommunication Company

Limited), Ministry of Science & Technology)Javed Saifullah Khan is looking after the group

businesses for the past 20 years.

Saifullahs are in power always, in one form or the other. Javaids brothers Anwar Saifullah,Khan (Former Federal Minister), Salim Saifullah Khan king-maker in NWFP polities) and Osman

Saifullah (another APTMA& wizard) have very close family ties with a lot of key politicians in the

country, besides being related directly or indirectly through marriages to the families of a few

leading and famous Army Generals who ruled Pakistan.

9.The Crescent Group The history of this group dates back to 1910 when Shams Din ofChiniot and his four sons came into business with a tannery at Amritsar. This family was allotted

125 acres in Faisalabad in lieu of their left-over property in India. These brothers Muhammad

Antis, Muhammad Bashir, Fazal Karim and Muhammad Shafi-then ruse up to become countrys

largest textile exporters. They had initially set up the Mohammad Amin-Muhammad Bashir

Limited for export of cotton and import of various products. Having more than two dozen

concerns in its fold, Crescent is majestic force to reckon with. This empire serves as the best

example of cohesion among cousins, uncles and nephews. Altaf Saleem of this group has

enjoyed the slot of Chairman Privatisation Commission during the Musharraf regime, but has

not been accused of any bungling during despite having served

on a Prized slot. The group today owns numerous textile, steel, sugar, modaraba, food, leasing,

knitwear, software, power, chemical, banking and investment units. They are one of the richest

people in the country for the last 40 odd years. This Chinioti Sheikh family has lived up with

quite a wonderful reputation, bearing an excellent record with its creditors throughout its

bu.siness history. Men running Crescent do not have to make contacts, for the privilege comes

to them naturally.

10.The Monnoo Group The Monnoo dynasty was founded by two brothers-Dust Muhammadand Nazir Hussain in 1905 at Calcutta. The first unit owned by the Monnoos was the Olympia

Rubber Works. And then time saw the Monnoos setting up sonic 20 textile mills in succession.

Former President Shahzada Alam Monnoo is the man behind the strength of this group- known

more for its achievements in the textile sector. Munnoos have been a symbol of wealth during

the last 65 years or so. Shahzadas brothers, .Jahengir and Kaiser are assisting him in business,

while silting APTMA Central Chairman Waqar Monnoo also hails from this magnificent group. In

East Pakistan, Monnoos had also left a few power, feed, textile and agriculture-related units

some nine in all. Their elder Munir Monnoo, after leaving East Pakistan, had set up looms at

Faisalabad. Shahzada Alum Monnoo, perhaps the

well-dressed man in the country along with Saddar-ud-Din Hashwani, is no alien for any ruler.

The Monnoos are Chiniotis too. Shahzada Alum Monnoo, after some break, is again active in the

politics of Lahore Chamber while Jahengir Monnoo is siding with Waqar Monnoo in latters

vicious battle of ego with Messrs Tariq Saigol and Mian Mansha. They star in business politics of


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and on, but seem to have Inst the taste of ii somehow. Perhaps had enough of salutes!

11.The Dewan Group Dewan Yousaf Farooqui. The mentor of this group has been theSindh Minister for Local Bodies. Industries, Labour, Transport, Mines & Minerals. Holding of so

many portfolios y a single man bears ample testimony to the fact that the Dewans keep a leg

sticking in polities too. The Dewan Mushtaq Group is one of the Pakistans largest industrial

conglomerates in sectors like polyester acrylic fiber, manufacturing and automotives. Six of their

companies are listed at the Karachi & stock Exchange and one at the Luxembourg bourse.

Dewan Farooqui Motors assembles around 10,000 cars annually under technical license

agreement with Hyundai and Kia Motors of Korea The Dewan Salman Fiber is the pride of this

empire as it ranks 11th in the world in total production capacity. The group owns three textile

units, a motorcycle manufacturing concern and

the largest sugar unit in the country. Dewans also have business interests in India. They

possess dozens of millions of shares of Saudi Cement and Pak land Cement. They finance some

40 medical dispensaries and over a dozen schools, apart from funding roads/drinking water and

Bio-energy infrastructures. Dewans arc on their way building a $ 1O million SME Resources with

IFC investment of $ 3 million. The Dewans enjoy massive influence in the engineering sector.

12.The Lakson Group The Lakhanis are currently having a hard lime at the hands of NAB.Sultan Lakhani and his three brothers run this prestigious group and the chain of McDonalds

restaurants in Pakistan. NAB has alleged the Lakhanis of having created phoney companies

through worthless directors and raised massive loans from various banks and financial

institutions. Sultan is currently abroad after having served a jail term with younger sibling Amin,

though the latter was released much earlier. NAB had reportedly demanded Rs 7 billion from

Lakhanis, but later agreed they pay only Rs 1.5 billion over a 10-year period. Lakhanis, like theirarch-rivals Hashwanis, are the most well-known of all Ismaeli tycoons. Their stakes range from

media, tobacco, paper, chemicals and surgical equipment to cotton, packaging, insurance,

detergents and other house-hold items, many

of which are joint ventures with leading international conglomerates. Though Lakhanis are in

turbulent waters currently, the success that greeted them during the last 25 years especially

has been tremendous. They have rifts with large business empires despite being known fur

their genteel nature. Whether it is any government in Sindh or at the Federal level, Lakhanis

have had trusted friends everywhere, though the present era has proved a painful exception.

13.The Sapphire Group Headed by a veteran industrialist Mian Abdullah, thissplendid empire owns 11 yarn spinning plants (producing 60,000 tonnes of yarn annually), 3

woven plants of greige fabric ( producing 50 million metres annually), one yarn dyeing plant

(capacity 5 tonnes per day), one knitting unit (10 tonnes per day), one knitted fabric dyeing

plant (10 tonnes per day), one woven fabric dyeing and finishing plant (1.2 million metres per

month) and three power plants having the capability to produce 40 MW of energy. Sapphire

formssynergies with off-shore garments companies. The group markets its products in biggest


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brand names in Asia, Europe, Australia and North America. Sapphire started with one spinning

mill in 1969 and employs over 10,000 people and has an annual turnover of $ 219 million. Mian

Abdullahs repute can be gauged from the fact during

the October 2003 minis at APTMA, more than 1000 textile millers bad tendered their

resignations against incumbent Chief Waqar Monnoo to him. Dozens of leading tycoons had

proposed his name to head APTMA in case of an interim setup. Having an influence amongtextile millers is no easy job but Mian Abdullah stands privileged in this context He is often seen

part of the entourages of key business leaders to foreign countries and provides input to fellow

colleagues whenever requested.

14.The Dawood Group Was ranked Pakistans biggest group in 1970, 3rd in 1990 and 15thin 1997 like all. Nationalization and the East Pakistan tragedy trampled all over the Dawoods

too. Today, the original Dawood Group stands split in three factions. The owners of this empire

refrained from opening any unit for a good part of some 20 odd years. This group was founded

by Ahmed Dawood, but later the dynasty found itself divided among the three Dawood

brothers-Ahmad Sadiq and Suleman, The key players in this group led lives in exile during the

Bhutto regime. Former Federal Minister fur Commerce and Trade Razzak Dawood, the son of

the late Suleman Dawned runs the Descon Engineering and a few other units dealing in

manufacturing refrigerators and other consumer products. Hussain Dawuod, sun of Ahmed

Dawood, has already rendered meritorious philanthropic services in the

field of education by supporting brilliant and needy students. Hussain runs Dawood Hercules,

some modaraba companies and a few textile units. The Sadiq Dawned Group owns a few

leasing, modaraba and insurance concerns too, apart from the Dawood Yamaha. Sadiq

Dawoods decision to become an MNA in 1951 and Treasurer Pakistan Muslim League during

Ayubs rule certainly benefited the Dawoods.

15.The Best Way Group Sir Anwar Pervaiz is the Chairman of Bestway Group whichstarted off as a specialist Asian food store in West London in 1962. More retail units followed

and by the early l970s the group had opened ten general food stores. He may easily be dubbed

the richest Pakistani. The Bestway Group moved into the wholesale business in 1976 when its

first Bestway cash and carry warehouse was established in London. Rapid expansion in

wholesaling followed during the 1980s and 1990s, and to date, the Bestway Group comprises

of about 30. The Bestway Group moved into the cement business in 1995 when it decided to

set up cement manufacturing plant in Pakistan at a cost of $120 million. In 2002, the Bestway

Group acquired a 25.5% stake in United Bank Limited. Today, the Bestway Group has a

diversified portfolio, with interests in cash & carry wholesale,

property investments, retail outlets, milling of rice, lentils and pulses, cement production and

more recently into banking. The groups total sales amounted to in excess of 1 billion for the

year ended 30th June 2002. The group provides direct employment to over 2300 people.

16. The Haroon Family Headed by Yusuf Haroon, 9l, the former Sindh Chief Minister and


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Governor West Pakistan, this family owns The Herald Group of publications which includes the

Daily Dawn, Monthly Herald, Aurora and Spider magazines. When he rose to Karachis

Mayorship, Yousaf was the youngest Mayor in sub-continents history. This prominent scion of

the Memon clan had remained a strong believer that General Zia-ul-Haq bad launched

systematic discrimination against the Karachi businessmen that made the Memons fly outside

Pakistan with their money. Yosafs younger brother Mabmood A.Haroon has also remainedSindhs Governor, besides having served as ADC to Quaid-Azam at the age of 17. The Haroons;

wealthiest in the country once, are prominent media barons of today who enjoy unmatched

influence in countrys political and business arena. Sir Abdullah Haroon, father

of Yousaf and Mahmood, bad died in 1942, but sot before he had devoted his residence for the

cause of Pakistan. Handling both business and politics at the same time never seemed tough

job for the disciplined sons of Sir Abdullah Haroon. Yousaf Haroon also served a countrys High

Commissioner to Australia. The great grandfathers of the Haroons had migrated to Karachi

some 150 years ago where they made fortunes in clothing and sugar trades.

17. The Yunus Brothers The Chairman of this group is Abdul Razzak Tabba. This groupowns one of the largest warehouses (textile products) in Pakistan. The concerns falling under

the ambit of the Younus Brothers are Fazal Textiles, Gadoon Textiles, Lucky Cement, Lucky

Energy, Lucky Power-Tech, Lucky Textiles, Younus Textiles, Security Electric Power Company

and Younus Brothers etc. Razzak Tabba is an active player in the politics of the prestigious All

Pakistan Textile Mills Association (APTMA) too, apart from assuming a king-makers role in the

political arena of the FPCCI. Tabba came to more limelight last year when he hosted very

heavily attended dinners in honour of the textile magnates from all across the country, while

siding with Messrs Tariq Saigol and Mian Mansha in their battle against the APTMA Chief Waqar

Monnno. He is quite a philanthropist too and has

initiated various welfare projects for his Memon community in Karachi and Sindh. He frequently

stars in the community welfare programmes held under the auspices of the Asia Tabba

Foundation, World Memon Foundation and the Kathiawar Cooperative Housing society etc

Tabba is a man who likes to keep away from camera and despite all his influence and riches-

something which has made him earn tots of respect.

18.Gul Ahmad/Al-Karam Group Gul Ahmad is one of the most vibrant Memon businesshouses in the country that was founded by Haji Mohammad Pakolawala, but is now split

between Gul Ahmad and Al-Karam Group of Industries. While Gul Ahmad is headed by Bashir Al

Muhammad, the Al-Karam faction is controlled by Umar Haji Karim. In 1953, Gul Ahmad was

incorporated as a private limited company with a capital of Rs eight million. Gul Ahmad is

presently a composite unit with an installed capacity of 88,000 spindles, 108 air-jet looms and

297 conventional looms. The group has been a pioneer in the field of power generation as well.

Gul Ahmads directors have held top positions in various textile bodies, export committees,

besides having assisted government of Pakistan in few major talks with EU and US. The group

is set to launch the Excel Insurance Company shortly as required

licenses/documentation stands done. Al-Karam, on (be other hand, is one of the largest textile


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concerns in Pakistan producing superior quality yarn, apart from having Amna Industries, Orient

Textiles, Imran Crown Cork, Gul Agencies, Dabheji Salt Works and Pakistan Synthetics in its

wallet. It owns a dairy-related establishment too by the name of Pakistan Dairy Products

Limited. During Moeen Qureshis tenure, Alt Muhammad was appointed Vice Chairman of Export

Promotion Bureau.

19.The Bawany Group Bawany dynasty was founded by two Bawany brothers, AhmadKarim Ebrahim Bawany and Abdul Latif Ibrahim Bawany born in 1882 and 1890 respectively at

Jetpur, Kathiawar, who had migrated to Burma towards end the end of 19th century and set up

Ahmad Violin Hosiery Works in Rangoon. In 1947, they migrated to Pakistan. It was perhaps in

memory of the Hosiery Mills at Rangoon that a company with the same name was incorporated

in Karachi and is doing a flourishing business. The name Bawany has its origin in the name of

an elder of the family, who was known for his honesty and hard work in home-town Jetpur.

They were the first among the Memons to open a purchase office in Japan and are currently

active in textiles, jute, sugar, particle board, Oxygen, leather, garments, tanneries and cables

Bawanis are known to have maite night investment decisions at

the right time and their contemperaine still acknowledge them for his quality. Bawanis are

known to have made right investments us the right time-something their contemporaries

acknowledge.

20.The Servis Group Shahid Hussain is the Chairman of this massive foot-wear giant whichnow is neck-deep in textile business too. Shahid has replaced Ch Ahmad Saeed (sitting PIA

Chairman (as the Servis boss. Both Chaudhary Ahmed Saeed and President General Musharraf

happen to be old friends from their Forman Christian College days. Ch. Ahmad Saeeds younger

brother Chaudhary Ahmed Multhtar is a well-known Pakistan Peoples Party leader who has beenthe Federal Commerce Minister of Pakistan during one of the two tenures of two-time ex-

Premier Benazir Bhutto. Ch. Ahmad Saeeds son Arif Saeed is Chairman APTMA Punjab and is

siding with his Central Chief Waqar Munnoo against a huge number of textile gurus. The Servis

Group operates in sectors like shoes, tyres, cotton yarn, leather, syringes and retailing. The

political constituency of these

politicians-cum-businessmen also happens in be the feud-ridden Gujrat district of Punjab where

Ahmed Mukhtar sometimes emerges triumphant against President Pakistan Muslim League Ch

Shujaat Hussain, and at times loses the support of voters for a National Assembly seat. It is this

proximity with various regimes that the Servis Group bus been rated so highly. And then, even

if alleged for a white-collard crime, these Servis guys remain relatively comfortable-courtesy

their clout as a political-cum-business family.

21.The Tata Family Do not confuse the Tatas in Pakistan with their name-sake marketleaders in India. Having migrated from Nepal Mehboob Elahi started with a tannery in

Bangladesh much before 1971 but his five Sons Mehboob lqbal `Tata ( Chairman Jinnah

Hospital Lahore). Riaz Tata (President FPCCI) Anwar Tata (Former Chairman APTMA), Khalid


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Tata and ljaz Tate together built 15 odd units, ably supported by the third generation scions like

Shahid, Masud and Hasan Tata. Tatas are in textile spinning, weaving, denim, woven, knitwear,

leather and energy business. Having annual turnover in excess of Rs 1.5 billion, this Chinioti

family too traces its presence in business as early as 200 years from now. Bound in a cohesive

bond, each of the Tatas heads a separate unit. The sitting Federation President Riaz Tata heads

the Naveena Exports Division and despite having facedsome tough times at the top slot in the apex body. Pakistans key business leader is holding his

throne tightly, though there have been occasions when he (Riaz Tata) seriously thought in

terms of vacating office due to business pre-occupation. But the mammoth number of

colleagues and friends around him barred him from doing so. The vintage Tatas overall lead

unassuming life styles. They love to remain in low key but prove their worth when times

demand.

22.The Alam Group This establishment comprising three leather and two textile units is ledby former President Karachi Chamber Shahzada Alam, elder brother of sitting Vice President

FPCCI and Senior Vice chairman Pak-USA Business Council Arshad Alam. Messrs Leather

Connections, a joint venture with a UK conglomerate, is one of those units managed by this

group which happens to be Pakistans largest exporter of value-added leather products. While

Leather Connections is looked after by Arshad Alams son Khurshid Alam, the textile arm of this

group is supervised by Faraz Alam son of Shafiq Alam, the youngest Alam brother. The family

has also made huge investments in real estate and stocks, within and outside Pakistan. While

the younger creed looks after business, the elder Alams give time to their passion of playing

ring leaders in the politics of the FPCCI and

other business chambers. The group also runs an import/export entity by the name of

Continental Traders, besides having recently set sails for investment in media too. Shahzada

Alam gained more recognition when he went out airing strong resentment against the

involvement of business institutions in countrys politics. The Alams are an eminent Chinioti

family in business for the last 150 odd years, known more for dominance in leather sector.

COMPASS is the name of the philanthropic school for retarded and disabled children which the

Alams operate in Gulberg Lahore sans any external assistance.

23.The Guard Group The 87-year old Malik Shafi, decorated with Pakistans highest civilaward, still looks after numerous business entities with complete vigour. Eldest of his four sons

is the former LCCI/FPCCI President lftikhar Malik who is also the sitting Chairman of Pak-US

Business Council. The Guard Group deals in automotive parts, filters, brake fluids and other vital

accessories of motor vehicles. The group has enjoyed monopoly in this business since 1959,

when the government servant turned magnate Malik Shaft decided to enter business. Guard

Rice, one of the largest exporters of this community around the world, is being run by Shafis

youngest son Shahzad Matte who is also holding the slot of Lahore Chambers Vice President.

The other two Maliks-Waqar and Shahbaz control the technical sides of their family business,

apart from keeping an eye on this

groups real estate & agricultural land holdings. Maliks are an Arain Punjabi family that also runs


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a few free hospitals and dispensaries. Malik lftikhar however, is keener with his hobby to be in

limelight all the time and is perhaps Pakistans most photographed tycoon. While people refrain

from coming under camera when they grow in stature, Malik loves operating a Lahore-

Islamabad shuttle service to sit next to anyone who is ruling. But then he delivers when needed

24.The Ejaz Group This establishment owns countrys largest knitwear-cum-dyeing facility atLahore. More than half a dozen textile units of Ejaz Group are being run by yet another chinioti

scion Mian Gohar Ejaz, son of late Senator Sheikh Ejaz. Gohar held the reins of this group very

much during his college days when Sheikh Ejaz left for his heavenly abode after protracted

illness that lasted months. Gohar is now a noted policy maker at both Federal and Provincial

Textile Boards. He is one of the Boards of Governors at the Punjab institute of Cardiology

Lahore. People started paying a heed to his leadership abilities in 1997, when he took on the

APTMA grey-heads convincingly during the 1997 annual polls and narrowly lost to his opponent

in fight for the top slot. Gohar then had led a rebellion comprising promising youth from

renowned textile families. Against

thehegemony of stalwarts including the likes of Messrs Tariq Saigol, Mansha and Jahengir Elahi

etc. His younger brother Mian Faisal Ejaz is the son-in-law of Shahzada Alam Monnoo. He is yet

another investor in mutual funds and real estate, though relies more on his obsession i.e the

textiles and his passion which is value-addition in this sector. The services Gohar has rendered

for creating awareness with reference to value-addition are certainly quite meritrions.

25.The Tabani Family The Tabanis are also deemed as one of the biggest groupsassociated with manufacturing, trade, export and import business. They are one of the few

Pakistani industrialists holding massive stakes in Central Asian Republics. They own Pakistans

first private airline-Aero Asia. Yaqoob Tabani is this groups chairman. The fields of Tabanisbusinesses include counter trade and barter transactions, textiles, fashion garments, leather,

tourism, automobiles, shipping, power generation, oil and gas, metals, chemicals, fertilizers,

cigarettes, cement and medicines. Tabanis have wings stretched everywhere. You name a

business field and Tabanis are there. But despite all the clout it enjoys at the top levels, the

family opts to remain modest. Ashraf Tabani, an elder Tabani, has served Sindhs Governor,

Provincial Minister of Finance, Industries, Excise

and Taxation between 1981 and 1984. He was appointed Honorary Administrator of the FPCCI

during the 1971-1973 periods soon after Bhuttos Nationalization. Ashraf Tabani has also served

as Chairman Employers Federation Pakistan, President Silk and Rayon Mills Association and

former Chairman of Industrial Development Bank of Pakistans Board of Directors. They are a

leading Memon family, also engaged in funding various public welfare schemes. Though

scandals can confront any industrial establishment of this size, Tabanis have been fairly lucky in

evading them.

26. The Tapal Group Is headed by Aftab Tapal. The groups success in tea business has

astounded many. The journey of Tapals remarkable success is the combined harvest of three

generations of this family. In 1947, Tapal started out as a family concern under the supervision


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of Adam Ali Tapal. Faced with tough competition from very well known tea brands in the

market, the Tapals dispelled the common impression that their capital base would soon be

eroded. The company grew under Faizullah Tapal, whose son Aftab today brings a lot of

innovation and marketing vision to make Tapal a household name. After having lived abroad,

Aftab rushed hack home with flourishing ideas and introduced new concepts in the commodity

that was first sold at Thomas Garways Coffee House in London in 1657. Equipped with lateststate-of-the art blending and tea-mixing paraphernalia. Tapal is

today Pakistan largest tea company as its consumption runs into millions of cups every month,

according to an estimate by this companys marketing division. In December 1997, Tapal Tea

became the first Pakistani of its kind to have attained the ISO-9001 certification. Tapals are also

known to have stakes in power generation business. But their tea makes the Tapals known to

all. The group claims nearly 1.4 million cups of tea in Pakistan are made of Tapal every hour.

27.The Atlas Group This group was founded by Yousaf Sherazi, a former Income Tax officialand journalist in 1962 with a capital of Rs 03 million only. The first company set by the Atlas

Group was Sherazi Investments (Pvt) Limited and since then, there is no looking back. The East

Pakistan tragedy, however, nearly crippled Sherazi but he never lost hope and went out forming

numerous joint ventures with leading Japanese concerns like Honda. Atlas-Honda today is a

name to reckon with in countrys engineering sector and associated with this just one name are

hundreds of vendors. He holds stakes in insurance, financial services, information technology,

leasing, warehouses, office equipment, motor cars and motorcycle-assembling units, besides

running a renowned firm that manufactures batteries. Sherazi owns the Atlas Investment Bank

too. The Federal Budget 2004-05 is

perhaps the only budget in countrys history that has hit the very influential car manufacturers

on the head, otherwise people like Yousaf Sherazi have always managed to dictate terms where

it matters. The Atlas Group owns no less than seven companies quoted on the stock exchanges

of Pakistan. The groups assets are believed to have touched the Rs 15 billion mark and so have

the sales.

28.The Abid Group Is run by Sheikh Abid Hussain alias Seth Abid. He is one of themost resourceful developers/builders in the country owning vast stretches of land in major

cities. On this land worth many billion of rupees, Seth has constructed residential schemes

under the brand name of Green Fort. Seth came into this business after decades of notoriety

as being one of the spearheads in cross-border smuggling. While many remember Seth for his

allegedly illegal trading stints, a lot of informed circles still say with conviction that he, along

with Dr.Qadeer and former Premier Bhutto, was the brain behind the success of Pakistans

nuclear programme. About three dozen of Seths very close relatives, friends and nephews are

members of countrys bourses and for many years now, the Seth Abid group assumes the role

of king-makers during the annual polls of these

stock exchanges. He is a leading investor in stocks, metals and currency but what gives him

immense pleasure is his philanthropic institution Hamza Foundation that he sponsors for the

welfare of deaf and dumb children. Pakistan has not had a single ruler, politician, bureaucrat or


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Army General who doesnt know the Seth who is more of a myth for most. The Seth,

throughout his life, has avoided publicity-a fact known to most journalists.

29.The Sheikhani Family They are one of the most reputed land developers in the country.The Sheikhani, although not a very big industrial establishment by any means, are led by Abu

Bakar Sheikhani. The Sheikhanis are famous for their construction and land development-

related errands. Abu Bakar is deemed to be one of the largest investors in real estate trade at

Gwadar Port. He has all the right connections that are required to be in such business. Despite

being well known to the national political circles, the man in street knew more of him during

March/April 1991 when he surfaced as the single largest contributor to then Premier Nawaz

Sharifs Debt Retirement Fund with a donation of Rs 450 million. Today, his adversaries dub him

a land mafia man, alleging him for selling his Gwadar land at only $ 4000 per acre only to

senior Army officials while the same was

being sold at $ 2,50,000 per acre to ordinary investors. But that is the way Sheikhani runs his

vast land/construction empire. Accusations dont disturb Sheikhani, who according to many

large developers is a man who has managed to create tremendous impression in land business.

The rumours of his landing in any Pakistani City for land acquisition purposes, helps the price of

real estate surge unprecedently overnight.

30.The Dadabhoy Group Abdul Ghani Dadabhoy was the founder of Dadabhoy group,starting in trade and branching off into the construction business. The group has a big share of

cement market in Southern Pakistan. Memons by clan, Dadabhoys are closely related to the

Bawanies. Abdul Ghani Dadabhoy had five sons and two daughters, namely Noor Mohammad

Dadabhoy, Mohammad Farooq Dadabhoy, Mohammad Hussain Dadabhoy, Abdullah Hussain

Dada Bhoy and Ghulam Mohammad Dadabhoy. Daughters are Mrs MehrunisaJaffer and MrsZaibunisa Tanveer. This Group has massive investments in cement, energy, construction,

leasing, polyester, banking and insurance etc. Dadabhoys are seasoned campaigners and

perhaps do not like being brought into any sort of reckoning like the Habibs. Despite being a

formidable business entity, this family is deemed to be extremely reluctant throughout its

history, when it comes to flashing headlines, but mind you these unassuming Dadabhoys are

still news-worthy. Any good day, you might hear them doing something new. Stock pundits

know a lot more about their past stints at the countrys bourses.

31.The Bahria Town (Pvt) Limited Malik Riaz Hussain heads the massive project which

is currently developing state-of-the-art schemes in Lahore and Rawalpindi/Islamabad. ThoughMalik Riaz may not be having a very renowned name in business circles, fact has it that the

value of his land-holdings both within & outside Pakistan amounts dozens of billions of rupees.

Emerging out of the blue, this developer has reportedly developed tremendous connections

where it matters in Pakistan-One of the few reasons why his constructed projects get completed

in time without hindrance. Whether he has gifted bungalows free of cost of countrys bigwigs or

offered them at highly concessional rates, the reality on the ground is that Malik has managed


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to mesmerize most through his generous wallet. Possessing no convincing financial background,

Malik Riaz is known to have been

benefited immensely-courtesy patronage of former Pakistan Navy chief admiral retired Mansoor

ul Haq. Others say both Malik and the admiral had stuck a $ 200,000 deal but the man behind

the Bahria Town is least moved and irrespective of who is in power; he continues to build house

after house-swelling his wealth. And then he is happy being a sponsor for many-welfare partiesheld under patronage of the ruling elite.

32.Adamjee Group The seed of the formidable Adamjee Empire was sown by Haji DAwoodin 1896 by establishing a commodity trading company. His son Sir Adeamjee, Haji Dawood went

out building a match factory, second largest of its kind then, in 1923 at Rangoon (Burma). By

1947 Adamjee Group wan the biggest exporter of jute from Calcutta. During Bhuttos

nationalization, they lost the Muslim Commercial Bank & stakes in the Mohammadi Steamship

Company, leaving then with only Adamjee sugar Mills and Adamjee Cotton Mills, Karachi. Toda,

they own the KSB pumps, besides having poured money in paper flooring, diesel engineering,

construction centre, garments, general trading, insurance and chemicals etc. one of the biggest

names in 1970s, the Adamjee some-how failed to keep hold on Pakistans largest insurance

companies. The Adamjee Insurance Company is one of them,

which still has around 70% of countrys total insurance business & is the most internationally

reputed and accepted Pakistani company of its kind.

33. Jahangir Siddiqui& Co This firm has floated ABAMCO which is perhaps the largestmutual fund in Pakistans capital market arena. The firm offers full financial services in the

securities industry. ABAMCO is a joit venture among major Pakistani and foreign institutions

including International Financial Corporation (IFC) headquartered in Washington. MuslimCommercial Bank, Saudi Pak Commercial Bank & Messrs AMVESCAP, which is a British company

created through the merger of the AIM Management Group with and into a subsidiary of

INVESCO which is one of the largest asset managers on the globe having assets worth

approximately $ 348 billion under its direct management. While the Munawwar Aslam Siddiqui

is the Chairman of this apex capital market operator, Najam Ali sits in the Chairmans office of

the Jahengir Siddiqui and company. The Pakistan Credit Rating

Agency (PCRA) has awarded heartening long and short term ratings to this concern. ABAMCO

was incorporated in 1995. ABAMCO is the first asset management company in the private sector

in the country. MCB, with a deposit base in excess of Rs 182 billion & operating with a network

of 257 on-line branches too has played a major role in ABAMCOs success.

34.THE Din Group The group is headed by S.M.Muneer, former president of FPCCI and thatof the Karachi Gymkhana. He is vice chairman of Muslim Commercial Bank too.Muneers din

Group is engaged in textiles and leather business mainly, though this Chinoti family has also

made massive investments in real estates and stock business too.Muneer has been active in few

political tenures too, as the former two-time prime minister Benazir Bhutto had appointed him


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Minister of state along with Mian Habibullah, another Chinoti who has headed the FPCCI too.

Though people still remember Habibullah as having served as Chairman Export Promotion

Bureau during Benazir Bhuttos regime, they tend to forget that time had come when Muneer

also shared EPBs Fairs and Exhibition Division with him.Muneers son SM.Tanveer is a key

figure at APTMA Punjab Zone. He is a busy bee in business

politics. Despite hectic life schedule, he still manages to take time out and play an active role atprime business bodies in one way or the other, Muneer has a visible instinct to be district-a

passion that has helped him rise to all heights. At Din Textiles, the entrepreneurs have strived

to produce nearly 1000 shades by mixing dyed cotton.

35.The Adil Group Mian Adil Mehmood, who is married to Mian Manshas niece, is intextiles business mainly, but what has actually helped him climb the ladder of fame and respect,

have been his untiring efforts to resolve the problems of bank defaulters under Governor State

Bank of Pakistan, in collaboration with countrys Development Financial Institutions (DFIs) all of

which has resulted in revival of sick industries. Both defaulters & banks appear indebted to Adil

as he has visibly save one party from a possible action & other from spending millions of rupees

on lenghthy litigation. Along with Mian Usman, Adil was appointed member Governor SBP, s

Dispute Resolution Committee on Defaulted Loans in 2001 and since then he has been flying

between Lahore & Karachi to provide respite to some 700 defaulters meaning thereby that he

has been catalyst in

helping banks recover billions of rupees from their stuck up credits. Adil is also senior Vice

Chairman APTMA Punjab zone. By vitue of the honorary slots he holds, this Chinoti magnate

has been one of the most sought after businessman in the country of late, despite him chanting

the merit slogan. Like most of his contemporaries, he too has excelled in philanthropic services.

Free eye-treatment is what his charity specialises in.

36.Chenab Group Mian Muhammad Latif supervises this group along with his brotherMian Ashfaque- a legislator in the National Assembly of Pakistan. Founded in 1975, Chenab

Limited set up its first fashion outlet Chen One. Chen One has seven outlets throughout

Pakistan. After establishing its retail chain stores in various cities of Saudi Arabia, the group is

now planning to establish its new retail chains in Bahrain, UA.E, Qatar, Kuwait and Central Asian

Republics. While Chenab Group is an eight-time Export Trophy winner, its Chief Mian Latif has

won the `Businessman of the Year award on four different occasions from various business

bodies. Chenab is principally engaged in manufacture and distribution of clothing, furniture

goods, including non-iron suit, quilt cover and curtains etc. Chenab processes 50 million square

metres fabric weaving and 75 million

square metres fabric dyeing every year and has established a global sales network spanning

across five continents. Chenab is licensed to the Swedish Texcote Technology in the

manufacturing and sale of textile materials, garments and textile house-hold goods. In August

2003, the Chenab Group signed a Rs 900 million loan facility with the National Bank of Pakistan.

The groups textile products have been awarded the Oekotex 100 accreditation.


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37.Sitara Group Started its activity with textile weaving as early as 1956, under brothersHaji Abdul Ghafoor and Haji Bashir Ahmed. It is now its textile cloth finishing and processing,

textile spinning, chlor-alkali sector and in power generation. The units owned by this

establishment include Sitara Chemicals, Sitara Chemicals (Textile Division 1) and Sitara

Chemicals (Textile Division 11), Sitara Textiles, Sitara Energy and Yasir Spinning. The charities

being managed under the aegis of Sitara group are Aziz Fatima Hospital, Ghafoor Bashir

Children Hospital and Aziz Fatima Girls School. Sitaras name with the industrial City of

Faisalabad is synonymous. They are the decades-old veterans in business, who have excelled in

leaps and bounds. At their units, the owners of Sitara use technology imported from Japan, UK

and Germany and are export leaders in bedding and

fabric collection to South America, USA, Canada, New Zealand and Europe. Their textile

divisions together operate at strength of 33,984 spindles. The Sitara (group, to a common man,

is more famous for its lawn brands like Sitara Sapna and Mughal-e-Azam. The men at helm of

affairs in Sitara hardly believe in setting up dozens of units, of which they are otherwise very

much capable of.

38.The Colony Group Mian Muhammad lsmaeel Sheikh, who laid the foundation stoneof this group, set up his first factory in 1898, first flour mill in 1908, taking Colony Groups total

tally to 14 ginning factories and 4 flour mills by 1947. The group suffered heavily during Zulfiqar

Bhuttos nationalization and it was left only with a few textile mills, flour mills and ginning

factories. Though Sheikh Ismaeels heirs could not manage to take Colonys name to the top,

they have had an excellent time. But despite their share of hard luck, Colony Groups owners

that still run some jute, textile and financial companies. Colony Textile Mills was the first unit of

its kind to go into operation in independent Pakistan. Ismaeel Sheikhs sons Aziz, Naseer,

Farooq and Mughis have also been active in politics. They once owned equities in newspaperand a few of them even went

out contesting elections in 1970. These Colony people, many thought, could have scaled far

more greater heights, because the kind of start they had in business falls in the lap of very

lucky people only.

39. Arif Habib Securities This company is owned by Chairman Karachi Stock Exchange(KSE) Arif Habib. It is one of the largest brokerage operations on the bourse. One of its

subsidiaries-Arif Habib Investment Management Limited- specialises in mutual funds. By 2001,

this concern was listed on all the three stock exchanges. Since its inception, Arif Habib

Securities has been one of the best-performing and most profitable brokerage houses in thecountry, helping its net profit jump to Rs 751.9 million by almost 200%. At the same time, the

overall capital base of this firm had almost doubled to Rs 1415.1 million till 2003. Recently, Arif

went out slating the imposition of 0.1 per cent Capital Value Tax on turnover and managed to

get it slashed through negotiations with the government. Operating with numerous high-worth

clients, Arif Habib has won it all through the

reputation and connections he has managed to build since 1989. Arifs success is also attributed


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to the generous per centage of cash dividend and bonus issues that he believes in announcing

regularly. The companys assets had surged from Rs 73.54 million in 1997-98 to Rs 2178.95

million by 2002-03, while earning per share had soared from 3.72 to 12532 during the same

corresponding period.

40.Kassim Dada Kassim Dada, hails from a 19th Century Memon business family known tohave possessed the vision of international trade when most of their contemporaries were rather

nave on this count. This family had offices in Burma, South Africa and countries of the Far-East

long before 1940. Dadas, have held decisive positions at the Karachi Stock Exchange and own

shares of various Pakistani and foreign monopolies without creating any hype. Kassim Dadas

family is known to have held major local equity in multinationals like Glaxo SmithKline, Brook

Bond and Berger Paints, besides being the sponsoring directors of Messrs Hyderabad

Electronics, Automotive Battery Limited and Interfund Bank etc. Kassim Dada is one of the few

Pakistani Tycoons who used to fly on private planes from Karachi to hit cement plants in

Hyderabad. It was this family which had hired

Mahatama Gandhi as a solicitor in 1890 to contest a business case in South Africa. Dada, was

once a symbol of wealth.

Pakistan's Economic Saga and 22 FamiliesPakistan's economic saga, marked today by huge distortions and concentration of wealth and

powe in few hands can be studied in three phases beginning with post-independence period up

to the seperation of East Pakistan and Z A Bhutto's nationalization (1947-71), the senior Bhutto

era (1971-77), and post Bhutto era comprising of Zia ul Haq's status quo and two Nawaz Sharifgovernments, preceded and followed by two interregnnums of Benazir Bhutto.In the first phase, the emphasis of government policies was on increasing thesize of the cake, rather than trying to distribute it equitably among the differentsegments of the Pakistan. "Accumulate, accumulate, thy is Prophet, thy isMoses" was given currency and Pakistan was portrayed as a country on wayto become an Asian Tiger. Bank credits and industrial licenses weremonopolised by a privileged commercial class and industries set up bygovernment were divested in favour of big industrialists.The over-emphasis on GNP during Field Marshal Ayub Khan's Decade ofDevelopment (1958-68) divided the society into privileged and underprivileged and it was the iniquitous economic and regional development of thisera which led to the explosive situation of the 1970's culminating in theseverance of Pakistan and induction into power os a socialist government of ZA Bhutto.


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The second phase, (1971-77) under Pakistan People's Party was the era ofdismantling monopolies, nationalization, hitting at the power base of industrialbarons and clipping their wings while 11 years rule of Zia ul Haq that followedwas a period of status quo for the economy. It came to an end in Aug 1998with the C-130 crash that killied Zia.During her first term, Benazir Bhutto took a small step towards privatization bysetting up a National Disinvestment Authority which identified 14 units forprivatization. Otherwise 1988-90 under Benazir was an inconsequential periodfor Pakistan's economy because in this period she could not come to gripswith real economic problem and her interest in economy was only marginal.Nawaz Sharif's three years (1990-93) saw a tactical retreat to the 1970's bymassive concentration of wealth and reincarnation on monopolies, by openingup state sectors to the private sector and privatization of state owned

enterprises to big industrial groups. Nationalization was replaced by such agrotesque privatization that world reknown economist Dr. Mahboob ul Haqsaw Pakistan ending up in Latin American quagmire.The first Nawaz government was followed by second Benazir governmentwhich essentially continued same policies, only with the greatermismanagement and corruption.

Paksitan's Economy, Muslim business at independenceThe size of Pakistan's economy in 1947 can be visualized by the fact that her first budget

projected a revenue of Rs 150 million and govt had to borrow Rs 80 million from the Habib Bank

to pay salaries to the govt employees and meeting other contingencies.Only 159 companies were incorporated in the area presently comprisingPakistan. The first industrial project launched in independent Pakistan wasDentonic Tooth Powder and inauguration of Pakistan's first bottled drink,Pakola was such a big event that it was performed by the prime minister ofPakistan.But that does not mean that there was dearth of capital or Muslims lacked

entrepreneurial skills since several Muslim families and groups were wellentrenched in business and industry. Several entrepreneurs who came to bedubbed as 22 families in the 1970s apparently had considerable economicpower at the time Pakistan was born. Just like the Marwaris who joined AllIndia Congress, several of these Muslim businessmen either joined MuslimLeague or financed the struggle for Pakistan. This was particularly true ofMemon business community which presented people like Sir Abdullah Haroon


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and Sir Dawood Adamjee, as rallying point for Muslim industrialilsts andbusinessmen.The Indian books about the business communities of India have mentionedSir Adamjee Peerbhoy who made his first millions in late 19th century as a

shipbuilder. Sir Dawood Adamjee, the founder of present day Adamjee grouphad established a commodity trading company in Rangoon, Burma in 1894,followed by a big match factory and rice mills, also in Rangoon and a jute millat Calcutta in 1937. Sir Dawood Adamjee, thus headed a big industrial set upand export trade of rice and jute which allowed him to play a Birla-like role inPakistan Muslim League.Haroons had migrated to Karachi from Gujrat towards the end of last centuryand made their fortune in second-hand clothing and sugar trading in thebeginning of the 20th century, winning the title of Sugar King. The family

launched its first indutrial project, Moti Sugar Mills in Bihar province in 1940.Haroon House in Karachi was the centre of meetings for Pakistan movementin Sindh.Ahmad Dawood, another Memon businessman who was to emerge as theuncrowned king of Pakistani businessmen under President Ayub Khan, isreported to set up 26 offices and shops in various cities all over India and wason the verge of setting up a viscos plant as a joint venture with leading Hinduindustrialist Nagin Das Phool Chand when Pakistan came into existence andhe decided to migrate to Pakistan along " with his Chevy car".Saigols had set up a Rubber Shoes Factory at Calcutta in 1930 and wereplanning their first textile mills, also at Calcutta, when Pakistan was born. Themachinery was shifted to Pakistan to set up Kohinoor Textile Mills atFaisalabad on personal intervention of the country's founder Quaid-e-AzamMohammad Ali Jinnah. Nasim Saigol of the Saigol group claimed in aninterview with the author that the first Letter of Credit opened with State Bankof Pakistan was for the setting up of Kohinoor Textile Mills at Faisalabad.Habib and Sons, the principal company of the House of Habib was

incorporated in 1920 and was leading in metal business including gold brickswith the " Loin of Ali" embossed on it. An advertisement in daily Dawn ofAugust 15, 1947 boasted that Habib Bank has a paid-up capital of Rs 5 millionand deposits of Rs 122 million. Yet it was considered as " the least of severalprojects the Habibians had developed in India".


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Bawanies had set up their first hosiery mill at Rangoon in Burma, in 1931.They were first among the Memons to open a purchase office in the Japanesecity of Kobe and contribute in the construction of Japan's first mosque. AhamdKarim Bawany, founder of the Bawany dynasty, also financed the firstPakistani delegation to United Nation in 1950, under the leadership of Dr

Amanullah Khan.In 1947, Mian Mohammad Ismaeel of the Colony group was operating a chainof 14 ginning factories and four flour mills while work was in progress onColony Textile Mills which was to become the first textile mill to becommissioned in independent Pakistan.Hashwanies slated to join the rank of the 22 families in the 1990 had migratedto Karachi from Gujrat in 1885 and were representing Raleigh Brothers, in ajoint venture with two Hindu partners who left in 1947, leaving the business to

Hussain Hashwani, father of sadruddin Hashwnani who incorporated HassanAli and Company.The 1970 edition of the Biographical Encyclopedia of Pakistan, 1970published by international Publisher ( Pakistan) Ltd, Lahore included sketchesof several Muslim industrialists who were running business in India beforePakistan was born. For example the Encyclopedia describes Abdul SattarAhmad son of Seth Ahmad Abdul Karim of Jetpur, as one of the very fewfamilies who took to industries before independence. When Pakistan wasborn, Abdul Sattar and his family migrated to Pakistan " leaving behind vast

moveable and immovable property". Sattar himself moved to Dhaka where heset up Sattar Match Factory at Shampur, 4 miles from Dacca, Karim JuteMills, Dacca Jute Mills and Karim Commercial Company.Another remarkable person mentioned in the Encyclopedia is Khan RahimBaksh Khan who was " the first Muslim industrialist to venture intomanufacture of paint industry, by setting up a paint plant in Hyderabad,Deccan, India, in 1933 which was to provide nucleus of five industries in anew industrial township called Rahimabad near Hyderabad Deccan. Onmigration to Pakistan, he set up a paint manufacturing factory at Karachi in1949, added two more, one in Karachi and one in East Pakistan. He set up ajoint venture in Lebanon, managed by Buxlay Paints, became the biggestexporter of paints from Pakistan in 1970 and was reported to have set upKhan Rahim Paint Research Institute in Karachi. Nothing is known todayabout Khan Rahim Baksh or his institute.


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Amir Sultan Chinoy who died in Karachi on January 21, 1998 was famous forinterest in horse racing and the famous Manjri Stud Farms Ltd. After migratingto Pakistan he founded Pak Chemicals Ltd, the first major chemical industry tobe established in the country. His father, Sir Sultan Chinoy is reported to haveintroduced Shell Petrol, Chevrolet cars, wireless telegraphy and broadcasting

equipment in India.Other industrialists of considerable means and repute who streamed toPakistan at the time of independence included Ahmad Jaffer, Mohammad AliRangoonwala, C M Latif of Batala Engineering Company, Dost MohammadHaji Monnoo and Habib Ahmad Haji (Aragwala) of Batava, Kathiawar, whowas running grain and oil seed business in Calcutta with 50 branches all overIndia.Syed Maratib Ali was a well known name in the undivided India and his

mansion Ashiana in Lahore was counted among the wealthiest houses in thregion. Tabanis had set up their offices in Singapore, Japan and London asearly as 1916.A microscopic business community from Chiniot in Central Punjab became adominant industrial force in the 1990. At the time of creation of Pakistan theywere exclusively engaged, with the exception of Colony / Maula Baksh group,in trade of hides and skins.A few Muslim industrialists stayed back, prospered and flourished in India. For

example the Monopoly Commission of India in 1965 identified one House ofAmin, as one of the leading industrial groups of India. It was trilateral ventureby B D Amin, an agriculturist from Gujrat, with partners T K Jaggar and A SKotibakshkar. The descendents of the two Hindu partners however, claimedthat no group with this name ever existed.But the names mentioned above were random success stories of Muslims inthe Indian Sub-continent. It was the creation of Pakistan in 1947 which gavethe opportunity of life time to people who were to grow into the 22 families inthe 1960." It was like gold rush of United States", G M Adamjee observed in aninterview with the daily Dawn in 1995 while talking about the opportunitiescreated by the creation of Pakistan, as an independent state on the worldmap.


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Majority of 22 the families of the 1970's Pakistan, started as traders andexporters and only 17 of 100 people at the top in industry interviewed byGustav Papanek in the 1960 reported to have experience in indutry prior to1947. First and Second five years Plans also noted that it were people in thetrading who had surplus capital and, therefore, they should diversify in

manufacturing and industry. The Korean boom of the early 1950's helpedthese traders in reaping fortunes and enter manufacturing.Signals about a massive concentration of wealth started emitting from theeconomy as early as 1959, when a Credit Inquiry Committee of State Bank ofPakistan, revealed that 222 depositors were making use of 2/3rd of the totalcredit facilities offered by the banking system. It was around this time thatPapanek in his first study established that of the nearly 3,000 individualfirms in the country, 24 individuals, firms and companies controllednearly half of the industrial assets.But the question of monopolies exploded wth full force when in his famousspeech, Dr Mahboob ul Haq, Chief Economists, Planning Commission, told ameeting in Karachi that economy of Pakistan had come to be dominated by 22families who owned 66% of the total industrial assets, 70% of insurance and80% of banking.His list of the top seven included Saigols, Habib, Dawood,Colony, Adamjee, Crescent and Valika.Prof Lawrence White who, at that time was working at the USAID office inPakistan, measured the concetration of wealth on the basis of firms listed on

Karachi Stock Exchange and found that 43 families or groups controlled 98%of 197 non-financial companies, accounting for 53% of the total assets.According to White, the top four (Saigols, Dawood, Adamjee and Amin)controlled 20% of total assets, the top ten families controlled one third of thetotal while the top 30 owned over half of the listed assets.The concentration of wealth and iniquitous regional development was tobecome the breeding ground forseparatists of East Pakistan and

Bhutto's nationalization.The saga of 1970s.

The seperation of East Pakistan, followed by Zulfikar Ali Bhutto's nationalization, broke the back

of many among the 22 families, wiping out some of them completely from the corporate map of

Pakistan. Sixteen major houses lost heavily in East Pakistan, with Dawood, Adamjee, Isphani,

Abass Khaleeli, Bawany and Amin being the major victims.


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Dawood lost Karnaphuli Paper Mills, Karnaphuli Rayon, a most modern jutemills, Dawood Shipping and host of trading and warehousing facilities.Adamjee lost six tea gardens in Sylhet and six industrial units including theirbiggest jute mills in Asia while Jalil, ranked fourth by Lawrence White lost fiveunits and was left with only one unit in West Pakistan.Bawany lost Latif Bawany Jute Mills, Habib Ahmad Haji (Aragwala) lost ArgLtd Chittgong and a splinter Monnoo group lost Olympia Textile Mills at Tongi.It must be purely for nostalgic reasons that fifteen years after their return toPakistan, Monnoos incorporated a company with the same name, now listedon Karachi Stock Exchange.Atla group lost Honda Motorcycle Plant in East Pakistan " reducing me topauper overnight and forcing me to shift from a Bunglow to a Flat ", groupchairman Yusuf Sherazi said in an interview.Economic history books and researchers have talked only about the impact ofEast Pakistan debacle on big business while, in fact thousands of small andmedium sized businessmen were affected by the seperation of East Pakistan.After the seperation, the Bangladesh govt nationalized 260 units belonging tonon-Bangalis, and with assets exceeding Rs 105 million each while severalhundred smaller and medium sized units abandoned by the people of WestPakistan origin were sold to the natives. But, a remarkable feature ofnationalization in the newborn state was that the industrial undertakings of

Khojas and Bohras were not touched." Not all foreign non-Bangali bourgeois's were affected and state control wasnot extended to enterprises which belonged to dealers from merchant Muslimclass of Khojas and Bohras", according to Yuri Gangsovak in an article "Social structures in Bangladesh".The seperation of East Pakistan was preceded by years of social and politicalunrest during which several leading industrialists, foreseeing the comingevents, moved lock stock and barrels to West Pakistan. In less than two

decades some of them, like Saphire-Gulistan, Fecto, Monnoos, Chakwal andRupali were to join the fraternity of the top industrial families." My brothers realized many years before 1971 that East Pakistan would oneday be independent. From 1968 onwards they had stopped living there (andinvesting) and had concentrated their investment in West Pakistan", said


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Jehangir Monnoo in retrospect in an interview with the weekly, The FridayTimes.Chakwal group moved to West Pakistan from East Pakistan in 1971 andmachinery ordered for a proposed textile factory in East Pakistan was

delivered to West Pakistan and onward to Chakwal for a spinning factory. Thistextile mill was to become the nucleus of an empire that now embraces in itsfold 14 companies including seven textile mills, a big fibre plant and a cementfactory.Both Pakistan Peoples Party (PPP) of Z A Bhutto and Awami League (AL) ofMujeb-ur-Rehman, which emerged as the biggest parties in the 1970 electionsin West Pakistan and East Pakistan respectively had promised nationalization.The 20,000 worded manifesto of PPP had clearly declared that " all banks andinsurance companies will be nationalized and all major sources of production

will be placed in the public sector.The manifesto specifically referred to the need for the elimination ofmonopolies and said that " the concentration of wealth ( in Pakistan) is soexcessive that the benefits of industrialization are being passed on neither tothe wage-earners nor even to greater part of the middle class". It identifiedIron and steel, non-ferrous metals, heavy engineering, machine tools,chemicals, shipbuilding, motor assembly and manufacturing equipment forelectric power production, distribution and use, electronics, production ofarms, ammunition and armaments, cement and paper industry to be placed in

the public sector.However, the transfer of power was delayed because of the procrastination ofPresident General Yahya Khan and the friction between the two main politicalparties. That gave ample time to the national press and the businesscommunity to debate the merits and demerits of nationalization and itsconsequences.Nawab Haider Naqvi, in an article published in the daily Dawn of February 2,1971, forcefully argued against the nationalization of banks on the ground that

it would create an administrative nightmare. He rebutted the argument thatbanks had facilitated the concentration of wealth in few hands and pointed outthat the size and composition of credit, flowing from the banking system isdetermined by the fiscal, investment and commercial policies of the govt and itwere these policies rather than the banks which promoted concentration ofwealth in few hands.


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" The important point to note is that the govt has stretched every nerve tocause resource flow in industrial sector to trigger growth, while a virtual freezehas been imposed on wages. The industrialists have been drugged with extrastrong incentives like accelerated depreciation allowances......We should notnationalize banks for the wrog reasons. The nationalization should be positive

one. The economic rationale behid such a move should be clearly spelt out.We should settle for the second best i.e the banking system in private handsregulated by the State Bank, because nationalization is administrativelyinfeasible", he concluded prophetically.Private sector, used to pampering by govt did not view the threat ofnationalization seriously and like an ostrich burying its head in the sand, keptdenying the obvious. Advertisements were placed in the newspapers trying todisprove that bulk of the banking and isurance business was controlled by the22 families. A supplement on insurance business in daily Dawn of February19, 1971 said that " the advocate of insurance's nationalization believe thatinsurance is in hands of the 22 families and it was not true". Nothing couldhave been farther from the truth than this statement, because even today, in1998, the general insurance business which was not nationalized is in thehands of the 22 families.It was to pacify growing social unrest and resentment against the big businessthat General Yahya Khan promulgated the Monopolies and Restrictive TradePractices, Control and Prevention Ordinance, February 1971, providing for thesetting up of Monopoly Control Authority to " take measures against undueconcentration of economic power and restrictive trade practices". This was acomprehensive law, clearly spelling out the situation which shall be deemed toconstitute under concentration of economic power, monopoly power andunreasonable trade practices.The explanatory note with the ordinance defined the monopoly situationsstating specifically that " creation or maintenance of unreasonable monopolypower in any market has been prohibited". Market was defined to " mean thegeographical region i which competition in the production or sale of suchgoods or provision of services take place.The law empowered the Monopoly Control Authority to ask the managementof a private limited company to go public if its assets exceeded Rs 50 million.Similarly all such dealings were prohibited with an associated undertakingwhich benefited or were likely to benefit the shareholders of suchundertakings, to the prejudice of another associated undertaking.


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Acquisition by one person or undertaking, of the stocks or assets of any otherperson where the effects are likely creation of a monopoly power wereprohibited. The law also prohibited financial institutions and insurancecompanies from making loans to firms associated with them on terms morefavorable to than those to unrelated firms. The law hit at the various methods

which have been instrumental in the accumulation of capital in few hands.Ironically the key provisions of this ordinance remained unenforced exceptduring 1972-77, with the result that caretaker govt of Moeen Qureshi in 1993had to reincorporate some of its provisions in another ordinance.Thisordinance was also allowed to lapse.

22 companies

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