08-31-2007, 03:28 PM
<center><b>Senior PML-Q leaders selling mills, shifting capital to Europe </b> </center>
ARIF RANA
ISLAMABAD (August 29 2007) Two leading lights of ruling PML-Q have sold out a number of units of their family-owned industrial empire and are desperately looking for buyers for the remaining ones. According to investigations conducted by Business Recorder, these politicians are selling their family-owned mills and taking away money from Pakistan to invest it abroad.
They are investing in Spain and some other countries in a big way. In Spain, they have already invested in housing sector and constructed a county where houses are built, rented and sold.
Sources said the younger generation of these politicians has successfully struck deals for selling different industrial units of the family and they are negotiating for the others. The two senior PML-Q leaders have given the sell-off assignment to their sons.
Some of the buyers of their industrial units are lucky in a sense that they have been provided the facility of bank loans. In one such deal, the sons of these politicians facilitated the buyers through Bank of Punjab financing.
The late father of one politician raised his family to new heights in his life. Not only he built up his own political career and got respect and dignity in politics, he also raised a big industrial empire having a variety of big mills and he kept on adding to his industrial units till his death.
What is forcing these two politicians, who are closely related, to sell the industrial units? It cannot simply be a good return on investment in Spain or other countries as the sold out units were generating a lot of profit. Sources said the two politicians could be fearing a treatment similar to what Nawaz Sharif received, following army take-over in 1999.
Copyright Business Recorder, 2007
ARIF RANA
ISLAMABAD (August 29 2007) Two leading lights of ruling PML-Q have sold out a number of units of their family-owned industrial empire and are desperately looking for buyers for the remaining ones. According to investigations conducted by Business Recorder, these politicians are selling their family-owned mills and taking away money from Pakistan to invest it abroad.
They are investing in Spain and some other countries in a big way. In Spain, they have already invested in housing sector and constructed a county where houses are built, rented and sold.
Sources said the younger generation of these politicians has successfully struck deals for selling different industrial units of the family and they are negotiating for the others. The two senior PML-Q leaders have given the sell-off assignment to their sons.
Some of the buyers of their industrial units are lucky in a sense that they have been provided the facility of bank loans. In one such deal, the sons of these politicians facilitated the buyers through Bank of Punjab financing.
The late father of one politician raised his family to new heights in his life. Not only he built up his own political career and got respect and dignity in politics, he also raised a big industrial empire having a variety of big mills and he kept on adding to his industrial units till his death.
What is forcing these two politicians, who are closely related, to sell the industrial units? It cannot simply be a good return on investment in Spain or other countries as the sold out units were generating a lot of profit. Sources said the two politicians could be fearing a treatment similar to what Nawaz Sharif received, following army take-over in 1999.
Copyright Business Recorder, 2007
