I am posting a press note that was issued a couple of weeks ago against the proposed sale of Saudi-Pak Commercial Bank. This note claimed that the proposed sale would be in violation of Pakistani laws and the Constitution. It does a good job of detailing all the possible violations. However, below you will find a response to this press note from a gentleman who has worked on the transaction and feels that the commercial and other benefits to the nation are much bigger than the legal violations.
In my opinion the legal violations are compliance issues and can simply be complied with to avoid any future problems. If the Government doesn’t want another Steel Mills case, they should make sure they comply with these requirements. Obviously, the argument that it would be greatly beneficial to the Government if this enterprise is sold for such a high price is also strong. But nobody is above the law, regardless of how beneficial or useful a transaction might be. Continue reading ‘Proposed Sale of Government Owned Saudi Pak Commercial Bank’
I’ve been living in Houston for some time, but I often return to Pakistan to visit my parents. In December, when I arrived in Karachi with my 3-year-old daughter, Minal, the city was spinning with more than the usual winter weddings, parties and reunions. President Musharraf had issued emergency rule to hold back a possible Supreme Court ruling against him, and Benazir Bhutto had returned to Pakistan at her own risk. There had been suicide bombings, the lawyers were battling for restoration of an independent judiciary and parliamentary elections were a few weeks away. My husband, René, wanted me to postpone our trip, but my father wasn’t well, and it was important to go. I assured René I’d do my best to stay away from the political action.