------------------------------------------------------------------- DAWN WIRE SERVICE ------------------------------------------------------------------- Week Ending : 27 November 1999 Issue : 05/48 -------------------------------------------------------------------
Contents | National News | Business & Economy | Editorials & Features | Sports
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CONTENTS =================================================================== NATIONAL NEWS + Nawaz says Musharraf being vindictive + Shahbaz, Saif & Saeed remanded in police custody + US debt relief for Pakistan: accord signed + Farooq, PQA official taken into custody + Plea filed in Supreme Court for Senate's restoration + Islamabad protests harassment of diplomat + US closely monitoring Nawaz's trial + Chief Executive grants pardon to Ameenullah + Chashma power plant goes nuclear + All contract jobs to be abolished in Sindh + NAB being expanded to process more cases + PML urges SC to undo military action + FO regrets EU resolution on Pakistan --------------------------------- BUSINESS & ECONOMY + Shaukat briefs CE on economic revival plan + Pakistan to raise textile quota issue at WTO + Banks asked to disclose names of exporters + Concern over ban on exporters going abroad + CBR to assess revenue inflow by month-end + Ishrat new SBP governor + Emergency economic measures needed for PIA + Withdrawals from FCAs: NAB asks banks to submit details by 27th + Belgian firm buying readymade garments + Foreign investors net sellers at KSE + Redco plea rejected: LHC holds Saif family defaulter + Low-cost credit: Govt wants cut in interest rates + Stock prices ease fractionally --------------------------------------- EDITORIALS & FEATURES + Storming of the Supreme Court Ardeshir Cowasjee + Pursuing a fallen man: not worth it Ayaz Amir + How now, cash cow? Irfan Husain ----------- SPORTS + Marshall first foreigner to win Pakistan Open + Sohail's golden goal puts Pakistan in Asia Cup final + Langer, Gilchrist secure series for Australia in historic win
=================================================================== DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS =================================================================== NATIONAL NEWS 991127 ------------------------------------------------------------------- Nawaz says Musharraf being vindictive ------------------------------------------------------------------- Shamim-ur-Rehman KARACHI, Nov 26: Deposed prime minister Nawaz Sharif on Friday accused the chief executive, Gen Pervez Musharraf, of making him (Nawaz) the target of personal 'vendetta' and directing "all the guns" at his family. In his first direct attack on the army chief who ousted Nawaz from power on Oct 12, the deposed premier claimed that "Pervez Musharraf is making it a personal vendetta and a matter of personal ego." Talking to reporters before the commencement of proceedings in the anti-terrorism court on Friday, Mr Sharif claimed: "We are all innocent and have done nothing wrong." Asked why he thought that Gen Musharraf had made him the target of a personal vendetta, Mr Sharif said: "Because he has done something totally extra-constitutional, but I'll not talk about it at this stage, this will come up in the proceedings." Mr Sharif, who claimed that the army chief had no right to remove his government, said the plane incident was being used as a diversionary tactics. "There is no doubt that I said that the plane must land at Karachi," claimed Mr Sharif and said the fact "who delayed the landing and ordered its diversion will come out in the court." Describing the army takeover as "extraconstitutional," Mr Sharif said "the facts will prove that the army went to the TV station at 5:40pm when the plane was over the Indian ocean." Asked if he felt that the coup was in the progress while the plane was still in the air, he said: "This is my impression...what I believe." Complaining about the conditions of captivity, he said the whole world should see the conditions in which "we are being kept." Asked if he feared more arrests, he said he was not aware. "I don't know why they are delaying to proceed with the case, perhaps because it would expose the loopholes when the case will proceed." The ousted premier complained that by keeping them in a "small cage-like cell" in solitary confinement, the regime was exerting both mental and physical pressure. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991126 ------------------------------------------------------------------- Shahbaz, Saif & Saeed remanded in police custody ------------------------------------------------------------------- Shamim-ur-Rehman KARACHI, Nov 25: Three more accused in the Oct 12 conspiracy case were remanded in the police custody for a day by the administrative judge, Anti-Terrorism Court, on Thursday with a direction to produce them on Friday, with four other accused in the case. The former chief minister of Punjab, Shahbaz Sharif; ex-chief of the disbanded Ehtesab bureau, Saifur Rahman; and principal secretary to the deposed prime minister, Saeed Mehdi; who were formally arrested in the plane case on Wednesday at Islamabad, were brought to the ATC in separate armoured personnel carriers amid tight security. They were brought to Karachi early Thursday in a special plane after being granted transit remand. Administrative judge of the ATC, Rehmat Hussain Jafri, did not accede to the prosecution's request for their seven day remand by police. Deposed prime minister Nawaz Sharif, his adviser on the Sindh affairs Syed Ghous Ali Shah, former PIA chairman Shahid Khaqan Abbasi, former inspector-general of Sindh police Rana Maqbool and former director-general of Civil Aviation Authority Ameenullah Chaudhry were originally charged under 402-B, 365, 120-B, 34 of PPC, read with section 324 Qisas and Diyat, besides section 7 of Anti-Terrorism Act for hijacking flight PK-805 PIA plane returning to Karachi from Colombo on Oct 12, '99, with 198 passengers, including Chief of the Army Staff Gen Pervez Musharraf, and crew on board. Ameenullah Chaudhry has turned approver and was granted pardon by the competent authority. The superintendent the Central Prison had sought clarification from the administrative judge regarding the production of Ameenullah Chaudhry before him, after Mr Ameenullah had become an approver. The Judge ordered that it was not required. The ATC had earlier directed the prosecution to submit challan in the case on Friday, Nov 26. At 2.45pm when the administrative judge, Rehmat Hussain Jafri, began proceedings, Mian Shahbaz Sharif stood up and submitted: "I have a right to be heard because for the last one-and-a-half months we have been kept under detention.." The judge directed Shahbaz Sharif to wait for some time and let him go through the papers after which he will be given full opportunity to express himself. The judge asked the accused whether they were maltreated in the police custody. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991127 ------------------------------------------------------------------- US debt relief for Pakistan: accord signed ------------------------------------------------------------------- Bureau Report ISLAMABAD, Nov 26: The Clinton administration has consolidated and rescheduled Pakistan's loans amounting to $926 million. A bilateral agreement was signed here on Friday between Pakistan and the United States to reschedule $926m dollar debt. By doing so the US has followed the decision of the Paris Club which restructured Pakistan's $3.3bn debt on Jan 30 last. Under this agreement debt service of $926m, being the largest amount in debt relief amount, due during the period from July 1, 1998, to Dec 31, 2000, on loans contracted up to Sept 30, 1997, have been consolidated and rescheduled on the following terms: a) US AID project, commodity and PL-480 loans will be repaid in 20 equal semi-annual instalments commencing from July 1, 2010. b) An interest rate of 2.47 per cent per annum will be charged on US Aid loans (Project and commodity), while 2.88 per cent per annum on PL- 480 credits. c) The debt of CCC wheat credits and US Eximbank is to be repaid in 30 semi-annual instalments commencing on July 1, 2003. d) The rate of interest of CCC credits shall be based on the US treasury average market yields in effect on the date of signature of agreement for 18 years loan maturity plus one half of one per cent. This is estimated approximately 6.25 per cent. e) For the debt of US Eximbank the rate of interest shall be the per annum rate equal to be one half of one per cent over the interest rate applicable to US treasury short-term borrowing which is in effect on the first date of such interest period. This rate for the period from Jan 1, 1999, to Jan 30, 1999, shall be 5 per cent. f) For defence and housing guarantee programme debt the repayment is to be made in 30 semi-annual instalments commencing on July 1, 2003. The interest rate for defence loans and housing guarantee will be based on US government cost of borrowing for a comparable maturity in effect at the entry into force of this agreement plus one eighth of one per cent which is approximately 5.875 per cent. The agreement has been signed by Javed Akram, secretary, EAD, on behalf of the government of Pakistan and by US William B. Milam, ambassador. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991127 ------------------------------------------------------------------- Farooq, PQA official taken into custody ------------------------------------------------------------------- Reporter KARACHI, Nov 26: Muttahida Qaumi Movement leader Dr Farooq Sattar, who has been facing charges of embezzlement in the award of a contract, and a senior official of Port Qasim Authority, Sattar Dero, were taken into custody by law enforcement agencies on Friday. Dr Farooq Sattar, former parliamentary leader of the MQM in the suspended Sindh Assembly, had gone undergone ground when his name was cited by the government among defaulters and among those who had squandered the government funds. Since then, raids were being conducted by the law enforcement agencies to arrest him. His residence was raided a week ago. In a dramatic move on Friday morning he surrendered himself to the law enforcement agencies soon after he addressed, with some other party leaders, a news conference at Karachi Press Club. At that hurriedly-called press conference, Dr Farooq Sattar announced that he was going to surrender himself before the higher authorities. He said he had taken this decision on the directives of the party leadership. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991125 ------------------------------------------------------------------- Plea filed in Supreme Court for Senate's restoration ------------------------------------------------------------------- Rafaqat Ali ISLAMABAD, Nov 24: The Supreme Court was urged on Wednesday to restore the Senate, offices of the speakers of the National Assembly, and provincial assemblies and determine as to which provisions of the Constitution were to be held in abeyance and for what period. In a constitutional petition filed under Article 184(3), Shahid Orakzai, a journalist-turned-pro-bono-publico, has asked the Supreme Court to determine the legal methodology for putting the Constitution back on its rails as it was on Oct 11, '99, in letter and in spirit. The petition seeks remedy for a constitutional derailment that occurred on October 12, apparently because of a verbal and whimsical order of the prime minister to replace a military officer. The petitioner stated that he could not be reconciled to be subjected to every order of the military officer without given the judicial review of the Supreme Court or any other court with the jurisdiction to rule on executive actions. The petitioner contended that the Senate could not be dissolved or suspended under any circumstance. With the suspension of the offices of the chairman of the Senate and the speakers of the National Assembly and provincial assemblies, the constitutional contingency to fill the offices has been jeopardized. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991124 ------------------------------------------------------------------- Islamabad protests harassment of diplomat ------------------------------------------------------------------- Bureau Report ISLAMABAD, Nov 23: Pakistan on Tuesday lodged a strong protest with India over the harassment and intimidation of its diplomat in New Delhi, and issued a warning that such events could only further vitiate the atmosphere. The Indian deputy high commissioner was summoned to the foreign office and a strong protest was lodged with him over the incident in which a diplomat at the Pakistani High Commission, New Delhi, had been mistreated by the Indian intelligence operatives on Nov 22. A foreign office statement termed it an "ugly" incident of harassment and intimidation, which, it said, was second of this nature within a week. "The Indian deputy high commissioner was reminded of the obligations of the Indian government under the Vienna Convention and the Bilateral Code of Conduct," the FO said, adding "he was also informed that such incidents of harassment had become a pattern which could only further vitiate the atmosphere." On Nov 16, Pakistan defence and military adviser in New Delhi was blocked by two vehicles of Indian intelligence and five persons tried to force open the door of his car. When they failed to do so they hurled abuses at the diplomat and banged on the car's windscreen. An opening in the traffic made it possible for him to escape and safely reach the Pakistan High Commission. In the latest incident, a Pakistan counsellor was stopped by an intelligence vehicle when he was on his way to office. Some people got off the vehicle and started abusing the diplomat, though unlike the earlier occasion they did not make any physical effort to open the door of the diplomat's car or damage it. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991124 ------------------------------------------------------------------- US closely monitoring Nawaz's trial ------------------------------------------------------------------- WASHINGTON, Nov 23: Washington is keeping a close eye on the trial of deposed prime minister Nawaz Sharif, a State Department spokesman said on Monday. "We are monitoring the situation closely, including sending an observer to the hearings in Karachi," James Rubin told journalists. The conduct of the trial is seen as a litmus test of the ruling army's adherence to rule of law following Army Chief General Pervez Musharraf's October 12 coup. "We have repeatedly urged that Sharif and all others detained be treated fairly and impartially and in accordance with internationally accepted standards of due process," Rubin said. Rubin pointed out the United States had sent an observer to the proceedings. "We were concerned about his treatment, and that's why we raised the issue. If we had no concerns, we would never raise it," he said.-AFP DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991125 ------------------------------------------------------------------- Chief Executive grants pardon to Ameenullah ------------------------------------------------------------------- Reporter KARACHI, Nov 24: Ameenullah Chaudhry, former director-general of the Civil Aviation Authority, has been granted "pardon" after he turned approver and made a confessional statement saying Nawaz Sharif had ordered him on Oct 12 not to allow the PK-805 to land anywhere in Pakistan, officials said on Wednesday. After the confessional statement his name has been removed from the list of the accused and he would now be a prime witness in the conspiracy case. Ameenullah Chaudhry, with Nawaz Sharif and three others, was charged under 402-B, 365, 120-B, 34 of PPC, read with section 324 Qisas and Diyat, besides section 7 of Anti-Terrorism Act, with hijacking flight PK-805 PIA plane returning to Karachi from Colombo on Oct 12, 1999, with 198 passengers, including Chief of the Army Staff Gen Pervez Musharraf, and crew on board. Ameenullah Chaudhry has been kept separately from other accused and was not brought to the court of judicial magistrate, Malir, where four other accused in the case, including Nawaz Sharif, were present during the recording of statements of other witnesses under section 164 CrPC. "After going into judicial custody, Ameenullah Chaudhry applied to the district magistrate that he wanted to become an approver and pleaded for a pardon," said the advocate-general of Sindh, Raja Qureshi, adding that the "competent authority has granted him pardon." The pardon, he said, had been granted under section 337 CrPC which, among other things, said: "District magistrate or a subdivisional magistrate may, at any stage of investigation or inquiry into or the trial of the offence, with a view to obtaining the evidence of any person supposed to have been directly or indirectly involved in or privy to offence, tender a pardon to such person on condition of his making a full and true disclosure of the whole of the circumstances within his knowledge relative to the offence and to every other person concerned , whether a principal or abettor, in the commission thereof.." After the confessional statement, Special Public Prosecutor M. Ilyas Khan made an application before the judicial magistrate, saying that "Ameenullah Chaudhry is no longer an accused and he is a PW, who himself applied for making him an approver. District Magistrate has granted permission." He said that now that he had become an approver, Ameenullah Chaudhry was not brought to the judicial magistrate, Malir, during the recording of 164 of other PWs. Commenting on the confessional statement of Ameenullah Chaudhry, former law minister and head of the PML's legal committee Khalid Anwar claimed that the confessional statement had been given under pressure. He referred to Mr Ameenullah's earlier reported statement according to which he had reportedly made an application before the trial court saying that he was under tremendous pressure owing to which he would either make a confessional statement or commit suicide. He claimed that when Mr Ameenullah would be crossexamined, the truth would come out and his contention would be vindicated. According to Mr Anwar, Nawaz Sharif was not demoralized by the report of confessional statement because "he has committed nothing wrong." He also alleged that the proceedings were not open as the media was not allowed inside and the team of lawyers and senior Muslim Leaguers, who had come to consult the deposed prime minister, were not allowed to enter the courtroom. "This is not an open trial," he said. He also alleged that Mr Sharif was not being provided adequate facilities in the prison. He said that in the court the authorities did not allow the Muslim Leaguers to provide him mineral water. He claimed that Mr Sharif had complained that all the accused were being kept separately and in very shabby and unhygienic conditions. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991124 ------------------------------------------------------------------- Chashma power plant goes nuclear ------------------------------------------------------------------- CHASHMA, Nov 23: Pakistan's second 300 megawatt electric (MWe) power plant went nuclear on Tuesday. Dr Ishfaq Ahmad, chairman of the Pakistan Atomic Energy Commission, pressed the button to load the first fuel assembly of "121 assembly core" required to run the plant to produce 300 Mwe. The rest are in the process of loading. The Chashma Nuclear Power Plant (CHASHNUPP) has been completed with the help of China and will become operational in the next few months. This is the first ever undertaking between China and Pakistan in the arena of high technology. Karachi Nuclear Power Plant, the first nuclear plant, started supplying electricity in 1971. The contract for the Chashma plant was signed on Dec 31, 1991, and work on it started in 1992. It will start providing electricity early next year at very reasonable rates. Chashnupp is located near the Chashma Barrage on the left bank of Indus river, 32km south of Mianwali. Reactor pressure vessel is the heart of the plant where energy is set free by nuclear fission Uranium-235. Since its location is in the middle of main-load cities like Karachi, Lahore, Faisalabad and Rawalpindi, the Chashnupp would help save line losses. To meet the international safety culture, he said the safety aspects of the plant in every respect had been given top priority to the utmost satisfaction of the International Atomic Energy Agency. Pervez Butt, member power of the PAEC, said the plan would require one ton Uranium annually to produce 300 Mwe whereas coal- fired plant required 1.5 million tons to produce that much electricity. He said it would also avoid pollution. The general manager of Chashnupp, Mirza Azfar Beg, said the safety and quality had been the most important factors in the designing, construction and operation of the plant. Defence in depth is the fundamental principle of safety of the nuclear plant. Reactor protection system is of fail-safe and proven design. The plant has been designed by China's Shanghai Nuclear Engineering Research and Design Institute and built by China National Nuclear Corporation for a life span of 40 years. The cooling water is drawn from Chashma-Jhelum Link Canal and discharged into Indus. Pakistan is the only country in the Muslim world, which has been utilizing nuclear energy for electricity generation.-NNI DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991125 ------------------------------------------------------------------- All contract jobs to be abolished in Sindh ------------------------------------------------------------------- Reporter KARACHI, Nov 24: The Sindh government has decided to dispense with some 1,900 "non-essential" posts of various grades in different departments. A decision about this was taken at the first provincial cabinet meeting held at the New Sindh Secretariat on Wednesday, with Governor Air Marshal Azim Daudpota in the chair. The meeting also decided, in principle, to terminate all the existing contract appointments, except the essential ones . It also approved the provision for re-employment of doctors, teachers and police personnel. Informed sources said those decisions were taken on the basis of a report submitted by the finance department to curtail administrative expenditure. They said although there was budgetary provision for the posts, it was found that the working of the departments would not suffer even if these posts were declared redundant and abolished. The Sindh finance secretary, according to the sources, briefed the meeting about the main factors resulting in financial crisis, which included shortfall in federal transfers, increase in debt- servicing, at-source deductions by the federal government and increase in administrative expenditure. The cabinet was told that the Sindh government had already taken up the matter of financial crisis with the federal government. The governor had already made a request for bailing out the Sindh government from the financial crisis. The cabinet was also apprised of the salient features of the arbitration award regarding Wapda dues. The governor had asked the concerned officials to evaluate its implications on a priority basis for an early discussion. The meeting also decided to take effective measures to achieve the targets in respect of various provincial taxes and to ensure that no shortfall occurred. The governor took notice of the reports appearing in the press regarding the problems being faced by people due to indecision on files by the competent authority and said that officials ought to exercise their authority. Taking notice of the report that illegal recruitments had been made in Dokri after taking bribe from the needy persons, he ordered inquiry into the matter and warned that corruption of any kind and at any level would not be allowed. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991125 ------------------------------------------------------------------- NAB being expanded to process more cases ------------------------------------------------------------------- Bureau Report ISLAMABAD, Nov 24: National Accountability Bureau is being revamped to process the largest number of corruption cases by December. Informed sources told Dawn on Wednesday that around 30 civil and military personnel were being inducted into the NAB to accelerate the pace of accountability by preparing corruption cases and referring them to the FIA. Twelve officials, mostly from the army, have just been inducted in the bureau while 18 others are likely to join it within the next few days. NAB chairman Lt-Gen Syed Mohammad Amjad wants his team to thoroughly study the cases before sending them to the FIA. In this regard, sources said, a full-fledged "legal wing" was being set up in the NAB to be assisted by the new prosecutor general, Farooq Azam. Lt-Gen Amjad, the sources said, was of the view that the job of the bureau was to take action specially against the wilful defaulters on the recommendations of the State Bank. "There may be some leniency in the cases of loan defaulters but there will be no concession for those who have been involved in corruption," a source close to the NAB said. He added that about 35 corruption cases were likely to be handed over to the FIA early next month. The purpose of establishing the legal cell, sources said, was to make doubly sure that all the loopholes were plugged while preparing the cases. That was why the NAB was seemingly taking so much time in sending cases to the FIA. The NAB, sources said, was giving special importance to the money laundering cases for which the services of senior joint secretary Hasan Wasim Afzal had been retained, despite his being a controversial man. The NAB chief had got an inquiry conducted against Mr Afzal and found him professionally a sound person. "Wasim knows his job and that is why he has been given the task of dealing with money laundering cases in order to bring to book corrupt politicians and ruling elite of both the PML and PPP," said a source. Meanwhile, the NAB has decided to facilitate the participation of people and intelligentsia for making its activities and actions more meaningful and effective. The complaints and information, according to the NAB, should be related to corruption and supplemented by concrete and legally sustainable evidence or indication to evidence. The email address of the NAB is: nab@apollo.net.pk. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991123 ------------------------------------------------------------------- PML urges SC to undo military action ------------------------------------------------------------------- Bureau Report ISLAMABAD, Nov 22: The Pakistan Muslim League on Monday challenged the October 12 military takeover in the Supreme Court, and prayed to the court to declare the proclamation of emergency and the subsequent provisional constitutional order unconstitutional. In a representative petition, drawn by former law minister Khalid Anwar, the PML has impleaded the federation of Pakistan through cabinet secretary, Chief of Army Staff General Pervez Musharraf and the National Security Council as respondents. A defence team will be headed by Khalid Anwar, suspended Senator Rafiq Rajwana and advocate-on-record Abu al Asam Jaffery from Lahore. The petitioners have not filed a separate application for interim relief, neither have they asked for early hearing. The petitioners are Illahi Bakhsh Soomro, Speaker of the suspended National Assembly; Wasim Sajjad, chairman of the suspended Senate; Raja Zafarul Haq, leader of the house in the suspended Senate; Chaudhry Pervaiz Ellahi, Speaker of the suspended Punjab Assembly; Sardar Mehtab Ahmed Khan, former chief minister, NWFP; Prof Sajjad Mir, Hasil Bizenjo, members of the suspended National Assembly from Balochistan; Peter John Sahotra, minority member of the suspended National Assembly; Humayun Khan, member of the suspended Sindh Assembly; Pir Sabir Shah, member of the suspended NWFP Assembly; and Sahibzada Fazal Karim, former Punjab minister. The joint petition stated that the proclamation of emergency and the PCO lacked constitutional validity and legitimacy. The proclamation of emergency and subsequent PCO had been issued by an authority unknown to the laws of Pakistan. Both the proclamation and the PCO were violative of the fundamental rights of the people, the petition said. It prayed to the court to declare the proclamation of emergency, the subsequent PCO, appointments, formation of NSC were ab initio void. The petition stated that the FIR registered against the " prime minister" and others was in sharp contrast to the version of the chief executive."The first information report is a rambling, disjointed and self-contradictory document." The petition said the FIR totally disregarded the clear statement of the chief executive in which he had unambiguously clarified that the captain of the aircraft was permitted by the Control Tower to fly to Nawabshah and that he had directed the captain accordingly. The central point which emerged from the facts, narrated by the chief executive, the petition stated, was that there was no legal justification whatsoever for overthrowing the Constitution. "Nothing has been brought out to justify such an extraordinary action. The PML government which was elected with the largest majority in the history of the country had only completed half its term of office. The country was calm and peaceful. The Kargil crisis had been overcome. Events were proceeding in the normal course." The petition stated that the proclamation of emergency gave no reason whatsoever as to why the emergency had been imposed. Previous constitutional deviations had always sought to justify themselves by referring to, for example, massive breakdown of law and order, or large-scale rigging of elections, but this proclamation was singularly reticent as to its causes or justification. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991123 ------------------------------------------------------------------- FO regrets EU resolution on Pakistan ------------------------------------------------------------------- ISLAMABAD, Nov 22: Pakistan on Monday regretted tone of the recent resolution of the European Parliament and noted that its contents were at variance with the observations of the European Union delegation which visited Pakistan. "While the resolution acknowledges the lack of good governance and corruption on the part of the previous governments, it is silent about the priorities of the new government, which have been overwhelmingly supported by the people of Pakistan," FO spokesman said. In a statement, the spokesmen pointed out that the EU Parliament resolution was also contrary to the statement of the EU Council members which showed understanding of the circumstances of the change of government in Pakistan. "As regards the foreign policy agenda of the present government, the European Parliament should have taken into account the positive overture made by the chief executive to India in regard to our readiness for talks as well as for reduction of tension between the two countries". The spokesman said India had not responded to Pakistan CE's offer. "The resolution should have also taken note of the efforts that Pakistan has been making for restoration of peace, normalcy and reconciliation in Afghanistan." The government, he said, wishes to assure the EU of its determination to strive for peace and security both in the region and internationally.-NNI
=================================================================== BUSINESS & ECONOMY 991123 ------------------------------------------------------------------- Shaukat briefs CE on economic revival plan ------------------------------------------------------------------- Ihtashamul Haque ISLAMABAD, Nov 22: Minister for finance Shaukat Aziz called on the chief executive Gen Pervez Musharraf here on Monday and apprised him about the proposed economic revival programme. Informed sources said that the chief executive expressed his concern over the current economic situation with special reference to cotton crisis which has yet not been resolved. "The cotton crisis is a biggest worry of the government", said a concerned official, adding that Gen Musharraf has been briefed about the fresh efforts to sort out the problem. Generally the government was facing criticism for its failure to announce new cotton price for growers as has been promised. The federal monitoring cell, sources said, was receiving hundreds of letters and E-mails daily asking the chief executive to remove the cotton crisis. And it was in that backdrop the finance minister went to the General Headquarters (GHQ) and informed the chief executive about the latest situation concerning the cotton crisis. Sources said that the finance minister's revival programme to be unveiled shortly includes new measures to increase revenues, exports and foreign investment. He had set up a number of groups togive their recommendations for the implementation of the economic revival programme. The finance minister also apprised the chief executive about the loan defaulters and said about Rs 8.5 billion have so far been recovered and that the arrests of 24 defaulters would also help recover more money from them soon. There was, however, no official word about the details of the meeting. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991126 ------------------------------------------------------------------- Pakistan to raise textile quota issue at WTO ------------------------------------------------------------------- ISLAMABAD, Nov 25: Pakistan has worked out a comprehensive strategy to protect country's long-term economic interests at the forum of World Trade Organization (WTO) that included issue of quota restrictions mainly on its textile exports. While departing for Seattle, USA, enroute to Karachi, Commerce Minister Abdul Razak Dawood said, "Our main concern is that WTO does not imperil our long-term economic interests." "The major areas of concern are agriculture, industry, intellectual property rights, anti-dumping etc.," he said, adding, Pakistan will definitely take up the quota restrictions imposed by some developed countries, including the United States, mainly on its textile exports. The developing nations are working in close liaison to develop a consensus-backed strategy to defend their interests, he added. In this respect, he said, they (developing countries) will be meeting two days ahead of the formal session of the WTO, to discuss plan that protects their economy in the face of "Openness" advocated by the developed countries. "The meeting assumed more significance as the developing countries are demanding extension or re-negotiation on the WTO agreement, which is to be expired on Dec 31, 1999," he said and added, "the developed countries are, however, resisting to this call. The minister's entourage will include specialists from sectors like agriculture, industry and law experts on intellectual property rights etc. It will also include representatives from the chambers and various associations. Dawood touched upon various critical and key areas of the economy with particular emphasis on trade sector, saying, radical approach is being adopted to remedy the ailing sectors of economy. "The government is attaching top most priority to boost country's stagnant exports and arrest the burgeoning trade gap for reviving the economy on sound footing. "A comprehensive strategy is being worked out to propel the sluggish exports regime that put emphasis on removing the administrative and other bottlenecks," the minister said. He was concerned about the country's stagnant exports for the past couple of years and said, certain drastic measures were indispensable to rectify the climate, impeding growth in the export. "Exports are decreasing and prices of products being imported are going up and that is leading to a yawning trade gap," the minister said. For the minister, curtailing the non-essential imports was one way of arresting the widening gap but added, the only viable solution is to increase exports. To a question about the reduction in cost of inputs for increasing exports, certain measures will form part of the overall economic package, which is likely to be announced by the middle of the next month. Dawood expressed the hope that a bumper cotton crop, surplus rice, onions, potatoes etc., will help supplement government's efforts in lifting the export quantum. On the part of the government, an important step is the restructuring of the Export Promotion Bureau (EPB), which is being converted into an effective marketing organization for propping up exports. "The EPB will have a new Chairman within a week and soon after the visible changes will speak of our seriousness and efforts to give a new fillip to the exports."-APP DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991124 ------------------------------------------------------------------- Banks asked to disclose names of exporters ------------------------------------------------------------------- Mohiuddin Aazim KARACHI, Nov 23: The State Bank has asked the banks to disclose the names of the exporters who are not bringing in their export earnings on time so that it can initiate action against them. The SBP on Tuesday issued a letter to all banks instructing them to provide details of the cases of delay in receipt of export earnings. The SBP also sought details about the exporters who fail to sell on time their foreign exchange earnings in the inter-bank market. Exporters are supposed to bring in export earnings on due time - the time stipulated in their export documents - or within four months at best. Once their export earnings come in, they are supposed to convert the same into rupees in the inter-bank market at a floating exchange rate. "Of late it has been observed that some exporters are delaying the receipt of export proceeds. This position has been viewed very seriously," says the letter. It directs the banks to pursue the exporters properly for bringing in the overdue export proceeds. The letter instructs the banks to bring to the State Bank notice, the names of those exporters who continuously delay bringing in the export proceeds. This, the letter says, is needed to enable the SBP to initiate action against such exporters. The letter reminds the banks of their responsibility to furnish statements on prescribed formats under the laws "to enable the State Bank to take action in respect of all overdue export bills". The letter further reminds the banks that under the rules of foreign exchange business, banks are supposed to receive "full export value of the goods" on due date "or within four months of the date of shipment, whichever is earlier." Senior bankers reached by Dawn said the letter requires them by implication to furnish a set of monthly statements. They said banks needed to furnish to SBP monthly reports disclosing the names and addresses of those exporters whose export bills become overdue in the month under reporting. They said banks also needed to disclose such particulars of the overdue export bills as items and destinations of exports, the amount overdue and reasons for delay in realization of export proceeds. The bankers said banks were also supposed to furnish a statement to SBP showing total figure of all overdue export bills, relating to all their branches, including the bills that remain partly unrealized at the month-end. Senior bankers said banks were required to furnish to SBP these and other such statements on export bills within 15 days after the end of a month. Senior bankers said the due date for receipt of export proceeds varied from exporter to exporter depending upon his agreement with the foreign buyers but a large number of them were used to bring in the proceeds towards the end of 120 days - the maximum limit set for the purpose. "The result is that a few hundred millions of dollars are always in the pipeline creating shortage of foreign exchange in the inter-bank market," said head of treasury of a foreign bank. "The SBP decision requiring the banks to expose such exporters may pump in a substantial amount of foreign exchange in the market," the bankers said. Senior bankers said the government was keen on expediting receipt of export earnings on time not only to keep the exchange rate stable but also to ensure a certain level of foreign exchange reserves - currently hovering around $1.6 billion. Pakistan exports stood at $2.6 billion during July-Oct, short of $600 million its imports at $3.2 billion." DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991125 ------------------------------------------------------------------- Concern over ban on exporters going abroad ------------------------------------------------------------------- Correspondent FAISALABAD, Nov 24: All Pakistan Cloth Exporters Association (APCEA) and Faisalabad Chamber of Commerce and Industry (FCCI) have expressed grave concern over some exporters not being permitted by the immigration authorities to go abroad though they are not defaulters of any financial institutions of the country. Chairman APCEA, Mian Naeem Omer, and president FCCI, Sheikh Khalid Habib in their separate statements issued here on Wednesday pointed out that some of the prominent local exporters were not permitted to leave the country by the immigration authorities at the international airports without caring to assign any reason. They said that the exporters who were not allowed to board the international flights had not been declared defaulters by any bank. They said that in case exporters were not allowed to visit the foreign markets, who would then explore the international markets for boosting the national exports. They urged the chief executive to take notice of this situation and direct the authorities concerned to provide necessary travelling facilities to the exporters WHEAT SUPPORT PRICE: Farmers Association Faisalabad has welcomed the announcement of the 25 per cent enhancement in the support price of wheat and hoped that timely decision of the government would pave the way for achieving wheat target. Talking to newsmen here on Wednesday, president FAF, Mian Tahir Saeed, said that deferring the payment of agricultural loans upto Rs 50,000/- would help the farming community because they were being pestered by the functionaries of the Agricultural Development Bank of Pakistan. He also urged the federal government to reduce the prices of fertilizers and other inputs to ensure boost in the farm output. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991124 ------------------------------------------------------------------- CBR to assess revenue inflow by month-end ------------------------------------------------------------------- Ikram Hoti ISLAMABAD, Nov 23: The impact of the budgetary measures on revenue inflows will be assessed at the end of Nov 99, to rehash the strategy contained in these measures for achieving the desired results in case the revised revenue target of Rs380bn for the current year seemed to be slipping out of CBR's reach. Sources revealed to Dawn on Tuesday the new team in the finance ministry has communicated to the CBR that a special review of the achievements and prospects be undertaken at the end of the fifth month so that by the time the point is reached for the half year review the defects are corrected. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991125 ------------------------------------------------------------------- Ishrat new SBP governor ------------------------------------------------------------------- Bureau Report ISLAMABAD, Nov 24: The government on Wednesday appointed Dr Ishrat Hussain as the Governor of State Bank of Pakistan. According to an official handout, Dr Ishrat, currently serving as director for the (CAR) Central Asian Republics at the World Bank, Washington D.C, has been appointed for three years against the most prestigious banking sector slot in the country. Though the curriculum vitae (CV) of Dr Ishrat, issued by the government, showed that he "was" a member of the civil service of Pakistan (CSP) before joining the WB some 20 years back, his name still exist in the seniority list of the secretariat group officer. Dr Ishrat, in government record, is a grade 19 officer (deputy secretary) of the secretariat group. His present posting, as shown in the record, is as economist in WB. His date of appointment in the WB was 19-2-79. He belongs to the 1964 batch of the CSP. Dr Ishrat and two other civil servants who had gone on long leave but did not turn up within a period of five years, were put on the static list of the seniority list. According to government handout, Ishrat has held several senior positions, including those of the chief economist for Africa regions, chief economist for the East Asia and Pacific Debt Division. He earned his Ph.D in economics at the Boston University and has Master's in development economics from the Williams College in the USA. He is also a graduate of the joint executive development programme of Harvard-Stanford-INSEAD. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991125 ------------------------------------------------------------------- Emergency economic measures needed for PIA ------------------------------------------------------------------- KARACHI, Nov 24: Some harsh decisions have become unavoidable to avert financial and institutional collapse of the national carrier PIA. 'Implementation of emergency economic measures are required for revitalization of PIA which has no longer remained a viable Company', PIA sources confided adding that the situation can be rightly characterized as a 'state of insolvency'. 'Inevitable financial collapse is a matter of time' the sources observed and said the required benchmark is to achieve additional revenue of $10million per month - 15% of the existing level and reduce the cost by 10% of the existing level to make PIA solvent and viable. Emphasising the need for adopting 'harsh and bold decisions', the sources called for review of open sky policy/aviation policy to protect the interests of Government of Pakistan and national carrier, suspension of working agreements of Unions and Associations for 2 years, arrange financing to pay PIA's debt which need to get immediate relief of $80 million. 'The situation is now getting out of control and cash losses going up by Rs 10 million per day', the sources having genuine concern about PIA's financial health observed. In term of foreign mismatch the cash inflow during 1997 stood at $333.33 million and outflow at $381.90 million. It was registered at $303.45 million and $299.20million in 1998 whereas the Nov/Dec '99 figures are projected at $273.35 and $320.31 million. In term of Pak Rupee mismatch the inflow (Jan-Dec) and outflow in '97 were recorded at Rs 14,501 and 15,435 million, in '98 it were Rs 14,362 and 16,529 million whereas in '99 these are projected at Rs 14,328 and Rs 18,136 million. The PIA previous management pursued defective strategies with no budgetary controls during the last 18 months financial year and current financial year. The Internal Control/Check wiped off and internal audit eliminated. PIA hired expensive consultants/auditors to obtain reports to project/appreciate the management policies. They included Taseer Hadi and Co, Sidat Hyder Qamar Maqbool and Co, Ford, Rhodes, Robson, Morrow; ESHAI, KPMG besides Adviser on Media Affairs and a Consultant for flight kitchen. The sources were critical of the change of financial year from June 30 to Dec 31 as part of defective strategies. In persuasion of defective strategies, there had been no feasibility for operation via Shannon besides grounding of PIA fleet without proper planning and disposal of aircraft. There had been no proper/planned marketing strategy and controversial SABRE group became Administrator. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991126 ------------------------------------------------------------------- Withdrawals from FCAs: NAB asks banks to submit details by 27th ------------------------------------------------------------------- Ihtashamul Haque ISLAMABAD, Nov 25: The National Accountability Bureau (NAB) has directed the banks to submit information about all the withdrawals from foreign currency accounts (FCAs) and foreign currency certificates during May 11 to 28, 1998. The NAB, in a letter to the NCBs, said that the information should be submitted by Nov 27. However, this information is not required in respect of withdrawals made in Pakistani rupees and from the accounts of foreign diplomatic missions, diplomats, home-based employees of foreign missions, international organizations, foreign non-governmental organizations (NGOs) and the expatriate employees. The same information in respect of all withdrawals from 1st January 1996 todate has also been asked to be submitted by Dec 10, 1999. A senior banker, when contacted, said the NAB had given them a very difficult task to be completed in a very short period. "We have been submitting our statements to the SBP every month and all kinds of records of withdrawals from FCAs is very much there", he said adding the NAB officials should ask the central bank to provide them the required information. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991123 ------------------------------------------------------------------- Belgian firm buying readymade garments ------------------------------------------------------------------- KARACHI, Nov 22: A Belgian firm Cotton Group has been buying Pakistani readymade garments for re-export to countries in European Union and East Europe. Branch Director Assistant Pierre Scmitz told newsmen here Monday that his group set up a liaison office in Karachi early this year to increase the purchase of garments from Pakistan for European market. "We are buying readymade garments from 40 units located in various parts of Karachi including Korangi, SITE, Nazimabad, etc," he said. He said previously, the Group was purchasing garments from a firm Ahmed Textile for the last 2 years, but the Group had decided to set up its office in Pakistan to increase the volume. "Now we are purchasing 350,000 to 400,000 pieces every month, making a total exports of garments worth dollars 18 million annually," Schmitz said. He said 80 of these garments will be re-exported to other European countries including members of EU, Poland, Czech Republic, Hungary. He said his group had hired the services of a Belgian engineering consultant in textile sector to impart technical expertise to garment manufacturing units engaged with Cotton Group. "He has not only provided technical expertise to these units but is also disseminating information about the design, quality and pattern to them", Schmitz said. He said these units are producing good quality and standardised readymade garments for the group which has plans to increase the volume of purchase as the demands grow in European countries. He said the Group was presently buying a large quantity of readymade shirts from Bangladesh worth dollars 30 million annually.-APP DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991123 ------------------------------------------------------------------- Foreign investors net sellers at KSE ------------------------------------------------------------------- Reporter KARACHI, Nov 22: Foreign investors remained net sellers at the Karachi Stock Exchange during the month of October, when they sold twice as many shares as they purchased, figures received by the Exchange from its members up to November 10, revealed. A total of 10.348 million shares valued at Rs 226.985 million were noted to have been purchased by the foreign investors during October. Compared to that, the number of shares sold stood 107% higher at 21.332 million in terms of quantity and 81% in terms of value at Rs 410.623 million. The radical change in the political scene, said analysts, was a major factor. The unsettled issue of the IPPs, made foreign investors wary, who are known to have large exposures in private power equities, particularly Hubco, analysts said. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991124 ------------------------------------------------------------------- Redco plea rejected: LHC holds Saif family defaulter ------------------------------------------------------------------- Shujaat Ali Khan LAHORE, Nov 23: The Lahore High Court on Tuesday declared the ousted regime's Ehtesab (accountability) chief a defaulter and held him and his family liable to repay Rs916 million to the United Bank together with mark-up calculated at the mutually agreed rate from the date of the filing of the decreed recovery suit till the date of full and final payment. Suspended PML senator Saifur Rehman Khan, his parents, two younger brothers and other co-directors of the Redco Textile Mills are jointly and individually responsible to satisfy the decree. The decretal amount is recoverable as land revenue arrears at the instance of the creditor bank. However, an appeal against the decree and judgment, passed by LHC banking judge Malik Muhammad Qayyum, lies on three material and substantive grounds to a division bench of the high court. The counter-suit filed by the debtor concern for damages against the bank for first 'engineering' a default and then instituting legal proceedings, as well as a writ petition moved by it to seek relief under a State Bank scheme for rehabilitation of sick units, stands dismissed. Justice Qayyum rejected the Redco mill's plea for leave to appear and defend and decreed the amount as claimed. Advocate Salman Akram Raja and Salman Aslam Butt appeared for the plaintiff and the defendants, respectively. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991125 ------------------------------------------------------------------- Low-cost credit: Govt wants cut in interest rates ------------------------------------------------------------------- Nasir Jamal LAHORE, Nov 24: Finance Minister Shaukat Aziz on Wednesday said the government wants to slash bank interest rates for making low-cost credit available (to the industry to accelerate economic recovery.) Speaking to reporters here at the Press Club, he said interest rates could not be brought down by making laws or issuing orders. "The rates are determined by the market forces. The government is nevertheless making effort to create an enabling environment (for banks) to cut down the rates. The central bank will also play its due role. The availability of credit at low cost is high priority for the government." Aziz, a Citibanker, said the government will itself be biggest beneficiary of low interest rates "because it is largest borrower of credit from banks". "The government will be able to reduce its deficit and also avoid resorting to new taxation by saving money it is forced to pay in interest on its (domestic) borrowings," he said. He agreed that the previous government had tried to bring down interest rates and succeeded in doing so to some extent. However, he believed, there is still some room to slash the rates further. The minister, who was on his first visit to the Punjab capital since taking over charge of the economy, addressed businessmen as well as big farmers in separate meetings earlier in the day. He told businessmen at the LSE and the LCCI that he also wants to do away with wealth tax because it is a "regressive" levy. But the government will have to find some alternate resources to make up for the loss of revenue in case of abolition of wealth tax. In addition to this, the government would not like to create an impression (in the masses) that "prosperous sections of society are being given further relief". Aziz said the government is considering to effect wide-ranging tax reforms in the country as well as broaden tax base and remove anomalies in the existing tax laws. He said a proposal to introduce industry-wise tax units at the national level and reduce the number of taxes is also under study to end harassment of tax-payers. But, he said, all sectors of the economy will have to pay tax without exemption. He said the tax reforms will aim at simplifying tax collection system, putting in place a transparent tax regime, reducing human interaction and broadening the tax base. He said the issue of GST is being studied and no decision has so far been taken. Aziz is said to have told the businessmen at the LCCI that the government is studying sort of an amnesty scheme to "allow people to register hitherto unregistered property without any penalty". He said the government policy on the recovery of the defaulted loans is to settle issues (with genuine defaulters) on commercial basis. The wilful defaulters, he said, who have obtained loans by using their clout and influence, will be dealt with sternly. "The banks responsible for giving loans without an economic basis will also be taken to task." He said 8-10 performance indicators are also being prepared to check performance of banks. The minister said "the government is focussing on the recovery of big loans of Rs100 million or above at the moment". He claimed that the recent recovery campaign had proved successful for banks have recovered over Rs8 billion in cash during one month which is unprecedented in the world. More cash is coming, he asserted. The defaulters are also offering their property and land (in addition to cash) to adjust their unpaid loans. He said the names of non- beneficial owners of defaulted companies will be removed from the exit control list (ECL). Aziz said the government is preparing an economic road map for future talks with the IMF. Like the now detained finance minister Ishaq Dar, he said the government wants to implement a "homegrown economic plan" but will not avoid seeking comments on it from the IMF which is holding back release of $280 million loan tranche to Pakistan for several months. "It isn't bad to ask for advice." He said the country "could not avoid going to the IMF for short-term relief from the present crisis". He is reported to have told the LSE directors that the "policy (of the previous government on Wapda's disputes with) Hubco won't be changed". He said the previous government had studied issue of increase in POL prices. But, he said, no decision has so far been taken in this respect. He also sought to deny that a proposal for cutting down the defence budget is under consideration. The Security and Exchange Commission of Pakistan (SECP), he is quoted to have told the businessmen, to "strengthen its reporting requirements from listed companies to provide more information to public". The minister told the businessmen that "the present government is "business friendly". He said the "government is faced with the formidable task of narrowing its budget deficit". He said some 57 per cent of the country's budget is spent on debt servicing while the rest on defence and civil expenditure which leaves little for the government to begin with. He said it is a misnomer that foreign investment is needed for boosting the economy. The objective of economic development could not be achieved unless local investors start making investments. He said the chief executive will unveil a comprehensive economic reforms package around the middle of next month. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991127 ------------------------------------------------------------------- Stock prices ease fractionally ------------------------------------------------------------------- Reporter KARACHI, Nov 26: Stock prices on Friday eased fractionally on weekend profit-selling as warranted by technical factors but there were buyers at each dip. However, the broader market did not show signs that the current run-up is overdone as the reaction was caused by profit-taking by day traders and jobbers, which is considered a part of the weekend session. 'The market is heading to gain its next chart point of 1,250.00 and until that is hit bears could not hold sway', a leading stock analyst Faisal Abbas claims. The market will think whether or not to go beyond after the KSE 100-share index touch the coveted mark of 1,250.00, he adds. But the general perception is that the market has left far behind the lean period and now it could tread on safe footing and maintain its upward thrust after consolidating initial gains. 'This strategy reflects that investors are inclined to built-up a safe and sustainable level for the index without indulging in speculative trading as it suits to prevailing compulsions of the situation', stock analysts at the KASB & Co said. The KSE 100-share index finished at 1,220.71 as compared to 1,226.28 a day earlier, off 6.17 points owing to selling in leading base shares. Floor brokers said strong buying in most of the blue chips shares notably Shell Pakistan, Hub-Power and PTCL continued to inspire active sympathetic support on some other selected counters amid predictions that the market is poised to stage a grand turnaround. 'Above market expectations dividend even from some of the weaker group of industries did not allow investors to stay out and they are trying to have a stake on all the low-priced counters', they added. While Shell Pakistan continues to be under bull squeeze, with its share value aiming at the next target of Rs300.00 well before the announcement of the final dividend plus rumoured bonus shares of 40%, most of the leading textile shares have assumed the role of active scrips. However, it ran into weekend selling and ended lower Rs256.00 amid brisk two-way activity. 'The current lower prices of lint cotton and rising yarn export rates could give the needed boost to their sales and in turn good dividend', brokers believe. Analysts said a big section of leading operators are selling in part their stake on the overvalued counters to buy textile shares as they are considered a 'good buy' at their below a half of their face values of Rs10.00. Minus signs dominated the list under the lead of some leading MNCs, notably Shell Pakistan, General Tyre, Engro Chemical, Singer Pakistan and Lever Brothers, falling by one rupee to Rs12.00. Among the locals, which suffered pruning, IGI, Fazal Textiles, Ibrahim Textiles and Sapphire Fibre were leading,which suffered decline ranging from Rs1.50 to Rs1.90. Most of the gains on the other hand were fractional barring Gulf Commercial Bank, Sitara Energy, Abbott Lab, Dawood Hercules, Murree Brewery and United Distributors, which posted gains ranging from one rupee to Rs4.50. Trading volume fell to 62m shares from the previous 94m shares as losers managed to force an edge over the gainers at 98 to 71, with 43 shares holding on to the last levels. Hub-Power again topped the list of most actives, off 30 paisa at Rs19.80 on 17m shares followed by PTCL, easy five paisa at Rs20.40 on 11m shares, PSO, lower 40 paisa at Rs138.10 on 4m shares and Engro Chemical, off Rs1.50 at Rs110.25 also on 4m shares. Sui Northern was traded lower by 25 paisa at Rs10.00 on 5m shares. Other actively traded shares were led by ICI Pakistan, up five paisa on 3m shares, followed by Dewan Salman,.firm 10 paisa on 3m shares, Nishat Mills, unchanged on 2m shares, Sitara Energy, up Rs1.30 on 2m shares, Tri-Pack films, lower 15 paisa on 1.596m shares, Dhan Fibre, up 25 paisa on m 1.491m shares, and FFC-Jordan Fertiliser, unchanged on 0.990m shares.Back to the top
=================================================================== EDITORIALS & FEATURES 991121 ------------------------------------------------------------------- Storming of the Supreme Court ------------------------------------------------------------------- Ardeshir Cowasjee AN affidavit in the case of the storming of the Supreme Court of Pakistan (Cr. Appeal 162/99 arising out of Cr.Misc.27/98) was sworn on November 17, 1999, and placed on the Supreme Court record : "I, Ardeshir Cowasjee, son of Rustom Fakirjee Cowasjee, Parsi, adult, resident of 10 Mary Road, Karachi, do hereby solemnly state: "1. Instigated, supported and aided by the leaders of the Pakistan Muslim League (N) party then in power, legislators, party members and street activists of the party stormed the Supreme Court of Pakistan on the morning of November 28, 1997. "2. On December 13, 1997, I wrote and sent the following letter to the then Acting Chief Justice of Pakistan, Justice Ajmal Mian : 'Gravest contempt committed in the face of the Supreme Court of Pakistan at Islamabad whilst the court was in session on Friday November 28 1997 'Sent herewith : '1) A copy of the manuscript of my column sent to Dawn to be printed in my regular slot on Sunday, December 14. '2) A video cassette. '3) A copy of the manuscript of my column printed in Dawn on Sunday, December 7, with excised passages highlighted. 'You will undoubtedly appreciate the urgency of the matter. Apparently, encouraged by the successful storming of the Supreme Court on November 28, a fortnight later a mob invaded the court of a civil judge at Faisalabad. 'It is my firm belief, which, needless to say, is shared by many others, that, as is the case with Benazir Bhutto, her family and followers, Nawaz Sharif and his adherents can neither tolerate nor survive a strong united judiciary. 'If Nawaz does survive beyond the next six months, he will find ways to remove you.' "3. On December 15, 1997, the Acting Chief Justice appointed Abdur Rehman Khan, J, of the Supreme Court to hold an inquiry for the following purposes : '(1) examine what steps the Federal Government has taken against the persons responsible for the incident on 28/11/97 at the Supreme Court premises and at what level investigation is being carried out as also the stage of investigation; and also to examine the various communications/information which have been received by this Court from various sources, including members of the public. '(2) to suggest what steps/ actions the Supreme Court should take/initiate in the above matter and for avoiding such incidents in future.' "4, On February 18, 1998, two months later, not satisfied with what he could establish, the government of the day for obvious reasons being non-cooperative, Justice Abdur Rahman reported back to the Chief Justice suggesting, inter alia : '(C)(i) As the action of those individuals who forced their entry into the court premises and raised slogans against the judiciary prima facie amounts to gross contempt of this Court but, except for some of them, most of such individuals have yet to be identified, it is considered appropriate that the Hon'ble Chief Justice may constitute a Bench of the Court to initiate contempt proceedings for the outrageous incident of 28/11/97. The Bench so constituted can adopt such measures and take such actions as it may deem necessary to identify the concerned persons. Once the concerned persons are identified, the Court can then issue notice to them and then take further action under Article 204 of the Constitution and the applicable law. Necessity for initiating such action immediately is felt because of paramount importance of the matter as the sanctity, dignity and respect of the apex Court of the country is involved. Street power should not be allowed to coerce and intimidate the judiciary.' "5. On February 25, 1998, the Chief Justice issued the following order: 'Pursuant to the recommendation contained in para (C)(i) of the report, I constitute a Bench comprising Mr Justice Nasir Aslam Zahid, Mr Justice Munawar Ahmad Mirza and Mr Justice Abdur Rahman Khan to identify the persons involved in the incident of 28th November, 1997, and to initiate contempt proceedings as recommended in the above para ....... ' "6. Pursuant to the order of the Chief Justice, Criminal Miscellaneous 27/98 was registered and proceedings in the case were commenced on March 2, 1998. "7. Between March 25, 1998 (on which date I was for the first time summoned to give evidence), and May 21, 1998, I attended eleven of the hearings held from the commencement of the identification proceedings on March 2, 1998, to their completion on June 15, 1998. It was my distinct impression, and the impression of many others who attended these hearings, that the Attorney-General of Pakistan, Chaudhry Farooq, lawyer of the Ittefaq group of industries, and his assistants did their utmost to protect the leaders of the Muslim League (N) and the men who had stormed the court rather than prosecute them. Chaudhry Farooq himself having been accused of the grossest contempt in the face of the court of Mr Justice Munir A. Shaikh could obviously not have done otherwise. "8. The actual storming of the Supreme Court (within the building) was recorded on two of the Court's closed circuit television cameras and whereas these were seen on a screen by the Bench and the Attorney-General on March 11, 1998, despite my request, these two cassettes were not shown subsequently in the courtroom whilst witnesses were being examined. "9. Names of witnesses who could have given valuable evidence were submitted to the Court but all these witnesses were not called. As is recorded on p.5, serial no.4, of Justice Nasir Aslam Zahid's judgment in the matter : 'Other persons made applications to the Court for being examined. Whenever the Court considered necessary, such persons were called and their statements recorded.' "10. Whilst giving evidence, I accused the former prime minister, Mian Nawaz Sharif, and other members of the party in power of having masterminded and organized the storming of the Court. However, the Court did not find it necessary to summon such members of the ruling party to give evidence. "11. Senator Saifur Rahman, former chief of the Ehtesab Bureau, was clearly shown on the cassette which I submitted to the Court. It was very evident that he was exhorting the crowd to storm Courtroom No.1 where contempt proceedings against the prime minister, Nawaz Sharif, and other parliamentarians were being heard that day. Khwaja Asif, PML MNA, was also identified but not charged, as was the case with PML MPAs Chaudhry Tanveer and Mian Abdul Sattar. Former Information Minister Mushahid Hussain and the former political secretary to the prime minister, Mushtaq Tahirkheli, were clearly shown on the BBC film of the storming crowd outside the Supreme Court as being members of that crowd. None of these members of the ruling party were charged. "12. During the course of the investigation proceedings it was not deemed necessary by the Court to inquire into the background and run-up to the storming of the Court, nor into the reasons why it was engineered. "13. On July 3, 1998, show cause notices were directed to be issued to 26 respondents, and such notices were issued on October 11, 1998. "14. On March 1 1999, further proceedings against eight activists of the Muslim League were postponed until the decision of the criminal case against them (FIR 229/97, PS Secretariat, Islamabad), and apologies tendered by ten officers of the police and administration were accepted. The show cause notice to Mushtaq Tahirkheli was withdrawn. Contempt charges were framed against two MNAs, four MPAs, and one PML (N) activist. "15. On May 5, 1999, I was again summonded to give evidence and made the following statement: 'I accuse the Prime Minister and the ruling party of storming the court on 28 November, 1997. They obstructed the course of justice (p.18 judgment of May 14, 1999). "16. The judgment of May 14, 1999, signed by the three judges acquitted the seven respondents, as charges of contempt were not established against any of them on the basis of the evidence produced before them. The judgment impliedly held that no one had been responsible for the storming of the Supreme Court on November 28, 1997. "17. Crl. Appeal 162/99 against the judgment of May 14, 1999, is to be heard on November 19, 1999, by a Supreme Court Bench of 12, and for the first time notice has been issued to the PML (N) at House No.4, Khayaban-e-Iqbal, F-7/3, Islamabad. "18. Now, with the suspension of the PML (N) government and the new government in power, government functionaries and law enforcers will feel free to give evidence, as may certain members of the PML (N) itself. There will be no apprehension that the administration will coerce and intimidate witnesses. For this reason, it will be in the interest of justice and of the institution of the judiciary that Criminal Miscellaneous Application 27/98 be heard by the Supreme Court de novo . "19. It is accordingly prayed that the honourable court set aside the judgment of the three members Bench and direct that the case be heard de novo . " On November 18 a letter was sent to Attorney-General Aziz Munshi, attaching a copy of the affidavit and stating, inter alia : "You are the first law officer of the people and they are justified in their assumption that you will plead that the case be heard de novo." Munshi delivered. Seven hundred and twenty-two days after the Court was stormed, thirty-eight days after Prime Minister Nawaz Sharif and his ruling party were deposed, the Supreme Court sent a notice to Mian Muhammad Nawaz Sharif, president of his own Muslim League group and former head of government of the Islamic Republic of Pakistan. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991126 ------------------------------------------------------------------- Pursuing a fallen man: not worth it ------------------------------------------------------------------- Ayaz Amir WHY can't we do things a bit gracefully in this country? Nawaz Sharif is down and out. Use any cliche you like: his own worst enemy, took a step too far, hoisted on his own petard. It makes no difference. Through folly, monumental and all of it his own, he has lost his kingdom and come crashing to the ground. Although in more civilized climes this in itself might be considered sufficient punishment, he is yet being put through a judicial wringer. What great national purpose this will achieve is uncertain but one thing is for sure: it will diminish Pakistan. How many military strongmen have been prosecuted for the disasters they directly or indirectly brought upon the country? None. The dead amongst them were buried with full military honours. Those living (Beg and Kakar) play golf, ride horses and, in Beg's case, regularly inflict press statements on the nation. As opposed to this benign record, three elected prime ministers in recent memory alone have been prosecuted for their real or imagined crimes: Zulfikar Ali Bhutto, Benazir Bhutto and now Nawaz Sharif. And Junejo, remember, got the sack for the trouble he took to stand up to Zia. Probably all of them deserved what they got but even to the blind it would be obvious that at work here is justice of a very selective kind. Already Nawaz Sharif's court appearances have become a bit of a tamasha. Stalin's show trial victims were not brought to court in armoured personnel carriers. Nor I think was Al Capone. Even in Malaysia where powerful Mahathir pursues a vicious vendetta against Anwar Ibrahim things are done better. But the hamhanded security arrangements in place for Nawaz Sharif's mornings in court give some idea of the sophistication we bring to these enterprises. And all this, mind you, in front of the world's cameras. Then we moan that Pakistan has an image problem. And, since the script with us never varies, lo and behold, there is another high-profile approver, Aminullah Chaudry, which only proves that the tradition of Masood Mahmood lives on. I feel sorry for Chaudry. When I was in Punjab as an MPA I sat in on several meetings with him and my impression of him was that he was a forceful man and a cut above the rest of his peers. Now for what remain of his days he will have to live with the memory of what cruel circumstances have brought him to do. In a country where politicians are regularly reviled for a variety of sins, it is noteworthy that even when some of them play the role of collaborators they do so discreetly and with a sense of lingering shame. Not so sharp-eyed bureaucrats who in fair weather take loyalty and subservience to extraordinary lengths even when, as often happens, they are called upon to execute patently illegal orders. The moment there is a reversal of fortune, they are equally adept and prompt in abandoning ship and scurrying for safety. In Zulfikar Ali Bhutto's time Masood Mahmood, Saeed Ahmed Khan and Viqar Ahmed were terrors across the land. When Bhutto fell and the military took over (sounds familiar, doesn't it?) they proved to be without shame or conscience. Of all of Bhutto's bureaucratic high- flyers, Rao Rashid was probably the sole exception: arrogant (and a bit of a ladies' man) in police uniform, arrogant in jail and adversity. Much on the lines of Bhutto himself who, if autocratic and heavy-handed in power, remained stiff-necked and unbending right till his death. About Rao Rashid I cannot help saying further that in politics to which he turned during the Zia years he proved to be a total failure, a sad eventuality for a colourful and gifted man. Aminullah Chaudry, a heart patient, should have been content to remain as a secretary to the Punjab government. But at Nawaz Sharif's behest, for whom the first conditions for senior appointments was personal loyalty, he had to become boss of civil aviation. Now he has turned approver. The higher one flies, the harder one falls. Next time a pundit utters imprecations against the political class let him remember that compared to the kind of bureaucrat who has flourished in the last 15-20 years, the professional politician, for all his faults, looks like a pillar of strength and loyalty. A reluctant sense of objectivity compels me to add that some members of the journalistic tribe could teach anyone a thing or two about turncoatism. In fact, keeping the history of military takeovers before us it is journalists (obviously some and not all) who change colour first, followed by bureaucrats and then politicians. This has been a pretty long digression. But to return to the main theme, few people will be under any illusion that the wheels of higher prosecution in Pakistan move of their own accord. They are set in motion by pragmatism and political expediency with governments turning prosecutor in pursuit not of justice (an elusive bird in Pakistan) but naked self-interest. Zulfikar Ali Bhutto could have been hanged twice over for his sins but in reality to the gallows for a different reason. His enemies would have known no peace till his body was lowered into the ground. As Zia himself famously put it (at a cabinet meeting no less), "It's his neck or mine." Nawaz Sharif's case is different. While in power his Mughal ideas of rulership were a threat to everything. If he had succeeded in his design of foisting Lt-Gen Khawaja Ziauddin on the army God alone knows where his galloping megalomania would have come to rest. But unlike Bhutto who remained a force to be reckoned with even beyond the grave - till Dutiful Daughter came along and with her husband buried his legacy forever - Nawaz Sharif out of power is a threat to no one, least of all the military. Perhaps in Bhutto's case the Greek tragedy of his life had to be played out fully. But Nawaz Sharif, as even his friends might agree, is no character from Athenian history. All this rise and fall stuff, of greatness arriving at its doom through its own excesses, sits inappropriately on his shoulders. He was a mediocre figure who rose to political stardom because of exceptional circumstances. Starting with Zia-ul-Haq Pakistan, as so often in its history, stumbled once again on mediocre and tawdry times and Nawaz Sharif more than anyone else - more even than his great rival for the mediocrity crown, Benazir Bhutto - embodied the spirit of the age. In his rise therefore many of this country's people were intimately involved either as witnesses or accomplices. With a succession of military men, from Gen Jilani to Hamid Gul, helping nurture Nawaz Sharif's political career the army least of all can disclaim responsibility for his spectacular ride to political glory. Even Benazir Bhutto is guilty on this count, as indeed on so many others. If she had been less greedy and incompetent Nawaz Sharif would not have been the helmsman of the heavy mandate. Justice of course should be done but it should be commensurate with the crime. The Sharifs were perhaps the greatest robber barons this country has seen. For this they should be called to account. If in the process the Raiwind Estate becomes a nature preserve (which I am sure will not happen), it will be all to the good. But there is no call for the kind of small-minded victimization with which our recent history is replete. Why, for instance, deny newspapers and other small amenities to Nawaz Sharif, or deny his family regular access to him? These are petty slights and smack of vindictiveness. More important than removing inter-provincial disharmony, one of the points in the Chief Executive's agenda, is the need to heal the disharmony of our souls. Pakistan needs a fresh start, a period of internal peace, so that there is an end to the never-ending cycle of warfare which has been the bane of our political existence. Whether the military can do any lasting good is problematic. What is certain is that it does not have an infinity of time at its disposal. Much better therefore to concentrate on essentials and keep away from energy-draining peripheral issues. And, please, no more martyrs. After Bhutto's experience it should be clear that this is one luxury Pakistan cannot afford. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991127 ------------------------------------------------------------------- How now, cash cow? ------------------------------------------------------------------- Irfan Husain ALTHOUGH bank defaulters have not exactly rushed to repay their loans, there has been a small trickle of cash that has made its way back to the financial institutions that had handed it out with such generosity. But even if all 240 billion rupees in non-performing loans are returned by the sharks who have pocketed much of this loot, it is doubtful that our economic woes will be reduced. Most Pakistanis feel - and I include here the intelligentsia - that once the defaulted billions are returned, rivers of milk and honey will start flowing across the parched Land of the Pure. Looking for a quick fix, most of us have neither the patience nor the stamina to accept that progress takes sustained effort and consistency. We are convinced that had the crooks who masquerade as businessmen not plundered the banking system, we would not be in our current precarious situation. Very few of us have stopped to consider what will happen if and when the bulk of the defaulted loans is returned. As it is, Pakistani banks are not short of liquidity. The recent schemes launched to attract deposits have been very successful as people looked for opportunities to park their savings in an environment where the stock market continues its erratic behaviour and the real estate market has virtually collapsed. But despite ample liquidity, very few businessmen are applying for loans. Partly this is because of the prevailing recessionary conditions when no new investments are being made. Indeed, the last three years have witnessed only three new listed companies being added to the stock exchange. Then there are the crushingly high interest rates that continue to stifle investment despite the presence of sufficient liquidity. Although the State Bank cut prime rate slightly earlier this year, an entrepreneur still has to pay interest at the rate of around 18% annually. If he goes to a leasing company, the rate can be around 20-22%. Add to this a normal profit margin of at least 12%, and we are talking about an annual return of about 33%. Very few investments earn this kind of profit, especially in an economy as depressed as Pakistan's. Pakistan's fiscal managers have traditionally kept interest rates high to keep prices low, but this anti-inflationary monetary policy has been at the cost of growth and investments. When the economy was doing well, industrialists borrowed to expand capacity and build new plants, often reducing personal risk by over-invoicing massively on imported machinery. But when the textile boom went bust in he early nineties and political uncertainty began stifling growth, many mills shut down and industrial moguls were unable to service the loans they had acquired at very high interest rates. This is not to suggest that their indebtedness affected their lifestyle in any way: their offspring still went abroad to study; they summered in Europe and maintained their flats in London; and they partied as hard as ever. While the present government is trying to crack down on the worst of these defaulters, they haven't yet turned their attention to the bankers who dished out these unsecured loans as though they were from their personal coffers. The most illustrious of the tribe. Younus Habib, was imprisoned for ten years by the Benazir Bhutto government, but was granted several remissions during Nawaz Sharif's last tenure, and is now out of jail. The fact is that loans simply cannot be granted without the active connivance of a number of bankers. The whole process of evaluating a proposal is a lengthy one in which a number of people are involved. Unfortunately, those manning the development financial institutions (DFIs) and the nationalized banks have served as personal bankers to politicians and their sycophants ever since these organizations were brought under government control in the early seventies by Bhutto. The only qualifications needed to head these institutions were a compliant nature and an easy conscience. Pakistan is fortunate in having more than its fair share of such men. As the balance sheets of these banks became awash in red ink, the return they offered on savings became embarrassing even to them. Currently, most nationalized banks give around 8% on savings accounts, out of which the government takes another bite in the shape of zakat. Considering that the same banks lend money at around 18%, this gives them a spread of 10%, a figure unheard of in respectable banking circles. Nevertheless, their profits are virtually non-existent because of their huge overheads and their bulging portfolios of non-performing loans which, instead of being written off, are shown as "receivables." This accounting sleight of hand allows them to show paper profits where none exist. In the process, it is the average account holder who gets shafted. When all this talk of accountability reverberates across the land, nobody says "let's get the bloody bankers." Many of these worthies have enriched themselves by granting loans which a private bank would not touch with a barge pole. They have colluded with businessmen who have happily given them bribes in the shape of cash or share in their companies. While these bankers have usually cited political interference as an excuse, the fact is that the majority of bad loans were sanctioned entirely by misusing their authority for personal gain or professional advancement. The State Bank of Pakistan which is enjoined and empowered to oversee the working of nationalized and private banks,did little to stop this plunder. Not once in public knowledge has it stepped in to protect the interests of the state or individual account holders. As far as I know, it has never held top bankers accountable for their miserable performance, demanding to know why they were giving such low returns to savers when private banks, usually foreign, were doing so much better. Ever since privatization became the official mantra a decade ago, we have been hearing that nationalized banks will be returned to the private sector. Apart from MCB, we are still waiting for the country's two biggest banks, Habib and United, to be sold. The problem is that their executives, the bureaucracy and politicians all want their cash cows to be tethered where they can be milked at will.
=================================================================== SPORTS 991127 ------------------------------------------------------------------- Marshall first foreigner to win Pakistan Open ------------------------------------------------------------------- A. Majid Khan KARACHI Nov 26: England's qualifier Peter Marshall, currently ranked 109 in the world, created history with a sensational upset 8-15, 15-13, 15-12, 15-10 victory over third seeded defending champion Amjad Khan to lift the Pakistan Open trophy on Friday afternoon here at the DHA Asif Nawaz Squash Complex. Double-first Peter Marshall took one hour and five minutes to become the first foreigner and also the first qualifier ever to break Pakistan's domination over the Championship, instituted in 1980. Squash legend Jahangir Khan holds the record of 10 wins and former world champion Jansher Khan had won the Pakistan six times and Amjad Khan won it last year defeating Canadian Graham Ryding in five-games at the same venue. Marshall, the Pakistan Open runner-up in 1994, was out of the world circuit suffering from Chronic Fatigue Syndrom ( CFS ) for well over three years before staging a come back four months ago. The packed to capacity championship court gallery enjoyed the quality squash and Marshall was lustily cheered for hismemorable performance. Sindh Governor Air Marshal (Rtd ) Azim Daudpota, who was the chief guest, presented the trophy to Peter Marshall and also the the winner's purse of $6125 of the $35,000 prize money championship. Runner-up Amjad Khan got the runner-up trophy and $4025. The other prize money break-up is semi-finalists -$ 2450 each, q- finalists- $ 1487. 50 each, second round losers- $ 875 each and first round losers - 437.5 In his welcome address, the Senior Vice-President of the Pakistan Squash Federation, Air Chief Marshal Zahid Anis, who is the chairman of the organising committee, gave the details of the Pakistan Open which ended successfully today. He praised the performance of Peter Marshall and congratulated the Englishman for his memorable show. He turned frustratingly erratic after winning the opener and his struggle to regain his touch went in vain as in-form Marshall returned several impossible shots of Amjad that looked winners. Amjad Khan could not match the brilliance of his opponent who won the fascinating final in a commanding and convincing style to get cheers from the sporting spectators. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991127 ------------------------------------------------------------------- Sohail's golden goal puts Pakistan in Asia Cup final ------------------------------------------------------------------- KUALA LUMPUR, Nov 26: A golden goal from penalty corner executioner Sohail Abbas propelled three-time champions Pakistan into the final of the fifth Asia Cup men's field hockey tournament with a 3-2 win over host Malaysia in a rousing semi-final here on Friday. Sohail sent the drag-flick into the roof of the cage in the fourth minute of extra-time for the match winner but had to be carried out on a stretcher, having twisted his ankle while taking the crucial shot. Pakistan's opponents in the final will be defending champions South Korea, who rode on a last-minute penalty corner goal from Ji Seong- Hwan to prevail 5-4 over India in the other cliffhanger semi-final. Commonwealth Games silver medalists Malaysia stunned the fancied Pakistan by taking an early lead through a flash strike by skipper Mirnawan Nawawi in the fourth minute. Pakistan fought back to gain ascendancy through two goals from left-winger Mohammad Anis in the 27th and 49th minute before Kuhan Shanmuganathan scooped the ball into the cage in the 67th minute to force the issue into extra period. Malaysia threatened to repeat their stunning Commonwealth Games performance at the same venue when forced two successive penalty corners in the extra period before Sohail sealed the fate of the match. The South Korea-India match also swung from one side to the other before Ji's match winner, 10 seconds from the hooter, earned South Korea revenge for the loss to India in the final of the Asian Games in Bangkok last year. South Korea drew first blood in the third minute when Shin Seok-Kyo slammed the rebound from Indian goal-keeper into the cage after his initial penalty corner shot had been padded away. Three minutes later Hwang Jong-Hyun swept Song Seong-Tae's defence- splitting cross from right to increase South Korea's lead. A penalty corner strike by Dilip Tirkey in the 10th minute, skipper Baljit Dhillon's crisp field goal in the 15th minute and Deepak Thakur's deflection of Tirkey's penalty corner shot in the 23rd minute then saw India surge to a 3-2 lead before a heavy downpour forced the umpires to stop play for 15 minutes. South Korea drew parity at 3-3 in the 26th minute through Jeon Jong-Ha goal in an indirect penalty corner attempt. India again went ahead in the 46th minute with Dhanraj Pillay pushing in a rebound from goal-keeper Lim Jong-Chun on Dhillon's penalty corner shot but Korea was against at par in the 59th minute on a penalty corner conversion by Kim Jung-Chul. Indian manager K. Jothikumaran said his team paid the penalty for a bad start and a bad finish. DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS*DWS 991123 ------------------------------------------------------------------- Langer, Gilchrist secure series for Australia in historic win ------------------------------------------------------------------- HOBART, Nov 22: Justin Langer and Adam Gilchrist were the toast of Australian cricket on Monday after their record partnership lifted their team to a history-defying four-wicket win over Pakistan in the second Test at the Bllerive Oval here. The two West Australian left-handers and close mates, playing to a game plan and not the scoreboard, shared in a 238-run partnership in 265 minutes to break Pakistani hearts and steer Australia to the third-highest winning target of 369 in Test history. Australia also clinched the series against Wasim Akram's tourists with third Test beginning in Perth on Friday. Gilchrist struck his debut Test century in his unconquered 149 in Australia's second innings 369 for six, while the stoic Langer was out five runs short of victory at 127, crafted in a tick over seven hours. Only twice before have teams scored higher to win a Test match. India scored 406 for four when set 403 by the West Indies at Port- of-Spain in 1975-76 and Don Bradman's Australians hit 404 for three to beat England at Leeds in 1948. "That's the best chase we've seen in Test match cricket," declared Australian captain Steve Waugh. "To win it so convincingly against such a good bowling team in the fourth innings was really a credit to the players for the way they played today." At the outset it looked such a daunting target to chase for the Australians - still requiring 181 runs with five wickets left at the start of Monday's play - but in the latter stages it was so utterly convincing. PAKISTANIS SHATTERED IN DEFEAT: Australia's amazing triumph has left Wasim Akram with a monumental task to regroup his players for the final Test. It was impossible to gauge the Pakistanis' feelings about their shattering defeat - captain Akram was too ill with a low sugar count to attend the post-match conference and there was no other team spokesman available to talk to the media. Despite complaints from the media about not having a team spokesman, it was learnt that the touring party had left Bellerive Oval for the team hotel. The media was eager to learn of Akram's version of a controversial incident when Pakistan believed they had dismissed Langer 75 minutes into the final day.-AFP/Reuters ------------------------------------------------------------------- You can subscribe to DWS by sending an email to <subscribe.dws@dawn.com>, with the following text in the BODY of your message: subscribe dws To unsubscribe, send an email to <unsubscribe.dws@dawn.com>, with the following in the BODY of you message: unsubscribe dws ------------------------------------------------------------------- Back to the top.
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