In Pakistan being a big business person is not good news. Too much pressure, scrutiny and calls for political donations. Writing cheques for the anchor persons/media personalities. It was not always so in the days of yore, pre-1971, the big businessmen of Pakistan were considered woes.
Rightly so. The 22 families had propelled Pakistan into a prosperous emerging state, destined to be the first Asian Tiger.
I had the fortune of being a vendor to most of the 22 families. The ICI (Pak) Group, where I worked, sold a range of industrial raw materials from around the world – to about 50 companies apart from the ICI Group. I can vouch that there was very little corruption. Most companies were well managed. Then disaster struck. The first salvo was fired by Dr Mahbub-ul-Haq. He coined the slogan of “22 families”. The big blow came after the 1970 election with the secession of East Pakistan and the Nationalisation Act of 1972. The major industrialists of Pakistan lost everything – money, industrial assets.
Above all, the reputational damage was never restored. Granting of indulgences was not a Pakistani practice; essentially, it originates from the favours granted by various Popes. Unfortunately, indulgences have become part of the business ritual. If you become a very big businessman in Pakistan you are considered fair game.
It is assumed that your rise to a billion dollar status is due to corruption, cronyism, tax evasion other nastier misdemeanors. Consider the recent history of our big-wig of real estate industry; just to maintain his status as the largest fish in the pond and secure his possessions/assets; he has been rolling out indulgences to all and sundry. He has recently announced his readiness to cure all the ills of the country – he knows how to!
Copyright Business Recorder, 2024
This post was originally published on here
