How Zardari rules the Roost

After Steel Mill…… Now National Bank of Pakistan

Murgah

One has to wonder why the National Bank of Pakistan, the government owned commercial bank, is the only commercial bank that will fund projects like the RPP’s that are owned by Iqbal Z. Ahmed and Anwar Majeed. Or extends loans to companies that give Mir Raza son of Ali Raza allocations of LPG without him having a LPG marketing company at the time the allocation was originally given, though with the money that was made from the allocation for several years they used to set up the marketing company/bottling plant.
It is not secret that all projects that Mr. Zardari’s front men wanted funded are being done so by Mr. Syed Ali Raza President of National Bank of Pakistan (he enjoys the protocol of a Chief Minister while moving from one place to the other and also extended to his son, daughter n  daughter in law) who’s brother Mr. Syed Salim Raza an ex-Citibank Private bank employee who was implicated in the US Senate money laundering report to have opened Swiss bank accounts for the President in violation of Citibank’s own policies and is currently the Governor of the State Bank of Pakistan!

Is this a quid pro quo pay off by the President for Salim to keep his mouth shut about the accounts details of which he clearly knows about having been in charge of EMEA accounts under which Pakistan feel during his tenure with Citi. His younger brother Ali who right after the elections went to meet President Zardari by asking Mr. Anwer Majeed to arrange the meeting was told by the President in that very meeting to do any and everything that Anwer wanted," as he was his mentor". Low and behold right after that Ali Raza funded all Anwer Majeed’s favorite projects  and is ordered what to do by his older son AG Majeed.

It would be interesting to note Anwer has gained the reputation of being the most powerful man in Pakistan and is known to get whatever he wants done by all Government  Ministries/Institutions. He has had 2 of his son’s father-in-laws appointed to high posts. Mr. Shaukat Tarin got be Finance Minister and Mr. Farooq Rahimatulla Chairman of an oil company!
Majeed and Zardari decided that they wanted to also expand their joint business empire and Ali Raza even went to extent of cancelling the loans for Dewan Groups sugar and cement mills to enable the Anwar Zardari team to buy these assets at throw away prices, something that they are still trying to do. Anwer has also managed to have the ECC (the chairman of which is his son’s father in law i.e. Shaukat Tarin) ban the export of molasses to enable the famous E-10 policy of blending ethanol into petrol be implemented into Pakistan. The blending of ethanol with petrol was tried by the previous Government and failed as it was not feasible but with the Zardari government in power and he himself owning so many sugar mills there was a sudden U-turn. It would be interesting to note that PSO is being used to implement this project as mode of delivery and the only sugar mill/distillery that bid for the supply of the ethanol to be used for blending with petrol for the project is Naudero and belongs to the Majeed/Zardari team! Rumor has is all other mills were told to stay away from the bidding for supply of ethanol if they knew what was good for them.

The RPP funding especially of Iqbal Z. Ahmed’s/Anwer Majeed partnership projects which were ram-roded through and for which even the rental power policy were changed are all miraculously being funded by guess who? Yes it is once again Mr. Syed Ali Raza and National Bank of Pakistan to the rescue. Why must one ask? Is it that another extension to him is on the cards? Is 10 years not enough as NBP President? Meetings that are held for these projects at NBP are attended by AG Majeed and Iqbal Z Ahmed though Anwer Majeed is not a partner on paper for these projects. These projects were so unfeasible that Mr. Masood Karim someone who was known to be Ali Raza’s lap dog when asked to jump would say how high even resigned from the bank as his department corporate banking was being forced by Ali to fund these projects!

One can only wonder how dangerous funding of these projects will be for the NBP an institution. Ali Reza is the only head of a Government Institution/ Bank who has got such high salary and bonuses that no Govt functionary could ever dream of.

How could this be allowed. Supreme court also took suo moto notice but it was thrown on the back burner. He started receiving bonus for last 4 years but when informed the National Assembly it was shown as received over ten years .He has a dozen security guards at home besides police guards and mobiles and owns bullet proof BMW 7 series air lifted and gifted by Yusuf Dewan, Mercedes top of the line, Toyota, BMW Range Rover SUV’s, Toyota Camry, Corollas parked outside his house and most of them rusting. Which Governor Chief Minister or federal Minister can match Ali Reza in perks, privilege and protocol.

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One Response to “How Zardari rules the Roost”

  1. Absar Khan Says:

    Read this blog article. Read up on the internet. Good work….well done! expose the corrupt esp. at this stage when the political tide in Pakistan finally seems to be bringing about a “change” (won’t comment on whether good or bad yet, i.e. PTI).
    I added this section in Wikipedia. http://en.wikipedia.org/wiki/Syed_Ali_Raza#Controversy


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