Because We've learnt to be silent & sit back & watch the whole drama & when it finishes & we lose everything Then WE say OHH my GOD!!!!
THAT's PAKISTAN's people NATURE MAN
In simple urdu,
HUM PAKISTANI HYN HEE 1 BEGERAT QOUM
Sub kuch hone k baad b kehte hyn G.a nawan sahif G.a ppp G.a altaf G.a pml-q G.a imran khan kehte hyn.
Koi G.a PAKISTAN NHi kehta
We are disgraced people & self destroyers
abb bhi mazeed barbad hone k liye imran khan ko bula rahe ho..
Hon Sir,
Regret to say that majority of my countrymen are passionate and only think with the seat of their pants but not with their brains. This disease is endemic in all sections of the society and such thinking has done immense harm to the country over the years. One must understand that what we think anything is worth is totally different from what the market thinks. Real value is what the market will carry.
If Pakistan has sufficient resources and did not need foreign investment, your argument would have some justification. Since this is not the case, as long as tender process is transparent, regardless of what you think any project is worth, real value is what the market is prepared to pay.
Estimates in Hon Flying Eagle’s post are based upon ‘Potential’ which is currently under the ground. One can only guess as to how much of it will be recovered. The language you have used based upon a guess worth of Reko Diq project indicates complete lack of rational thinking.
Pakistan steel mill is a glaring example of the harm that this way of thinking can do to the national economy.
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In response to wide spread public outcry and call for action the Chief Justice of Pakistan took a suo moto action against the privatisation citing irregularities in the process. The verdict was delivered on 8 August 2006.
The Supreme Court on 8 August 2006 held that the entire disinvestment process of the Pakistan Steel Mills reflected haste, ignoring profitability aspect and assets of the mills by the financial adviser before its evaluation. The transaction was the outcome of a process reflecting procedural irregularities, said the 80-page judgement in the PSM case.
On 23 June, a nine-member bench of the Supreme Court had annulled the sale of the country’s largest industrial unit to a three-party consortium and had directed the government to refer the matter to the Council of Common Interests within six weeks. It had declared the $362 million transaction with the Russian-Saudi-Pakistan investors as null and void.
Authored by Chief Justice of Pakistan Justice Iftikhar Mohammad Chaudhry, the judgement said the entire exercise reflected haste by the Privatisation Commission (PC) and the Cabinet Committee on Privatisation (CCOP). The PC had processed the 30 March final report of the financial adviser the same day and a meeting of the PC board and a summary had also been prepared the same day when a six week time was mandatory to examine and fix a fair reference price for approval by the CCOP.
“This unexplained haste casts reasonable doubt on the transparency of the whole exercise and reflects CCOP’s disregard towards mandatory rules and materials, essential for arriving at a fair reference price,” it maintained.
The board had proposed to value the share of the mill at Rs17.43 but it was reduced to Rs16.18 without assigning any reason, the verdict said. The verdict said that keeping in view the annual net profit of the mill, its shares’ value should have been ascertained by offering 10 per cent equity of the mills on the stock exchange.
“A constitutional court would be failing in its duty if it does not interfere to rectify the wrong, more so when valuable assets of the nation are at stake,” the judgment said.
Unquote.
The same Supreme Court is now calling Steel as biggest robbery in history. Who is going ask the Hon Judges that this happenned because of their intervention in the affairs of the executive. However, there is good reason for SC
Quote.
According to the official figures obtained by The News, the PSM production attainment was 82% of capacity utilization in the year 2007-08.
It experienced a decline to 64% in 2008-09, and further to 40% in 2009-10. In the following year, 2010-11, the production remained 35% mostly due to shortage of raw material like iron ore and coal etc that was further declined to 25% in July, 26% in August and 15% in September, 2011.
As for the sale of the PSM products is concerned, it was recorded PKR 42.938 billion in 2007-08 and has been on decline afterward with PKR 34.340 billion in 2008-09 (the start of PPP government), PKR 23.832 billion in 2009-10 and PKR 27.379 billion in 2010-11.
In terms of profit, the PSM had it last time in 2007-08 when it fetched PKR 2.38 billion whereas the following years saw the mill continuously running into loss with no let up as it recorded a loss of PKR 26.53 billion in 2008-09, PKR 11.52 billion in 2009-10 and PKR 11.49 billion in 2010-11. The loss incurred in the first three months of the running financial year has been recorded to the tune of PKR 4.30 billion.
The PSM’s immediate/deferred payments liability of PKR 60 billion (as of September 2011) are in addition to the losses suffered in the present regime. Besides, the PSM faces damages claims of PKR 10 billion filed in different courts by the contractors, dealers and suppliers.
Unquote
Main reason for SC action was that instead of Rs 17.43 per share Al Tuwairqi group only agreed to pay Rs 16.48 or about 5% less. In other words the value should have been $380 million. In Rupee terms (at that time it Rs 65 for each dollar) value should have been Rs 24-7 billion instead of Rs 23.53 billion. A difference of Rs 1.2-billion. Even at today’s conversion rate it only comes about Rs 1.5 billion.
In other words because we felt cheated by Rs 1.5-billion, country has lost FE worth $382-million and also suffered a drain of Rs 49.54 billion with lot more to come. Conditions of sale included that Al Tuwairqi would also modernize the steel mill which would have been completed by now. Understand that USSR has offered to revamp the mill which would take at least another 5 years.
In the meantime Pakistan had to import larger amount of steel due to decline in steel production by about 0.7-million tons in production. Real losses due to that decision are enormous.
Therefore before you start calling Pakistani nation (Baighairat) please look into your own twisted logic. Pakistan needs people like you like we need a hole in the head.
Finally, Imran Khan is no doubt an honest man but he has no magic wand and it is by no means taken for granted that TI would be able to get majority in National Asssembly.
