Wednesday, 8 January 2014

Modaraba scandal: NAB flooded with Rs6.5b recovery claims

NAB has received further claims from 7,969 victims, who have lost about Rs6.5 billion of their savings. PHOTO: FILE
LAHORE: 
The National Accountability Bureau (NAB) has received further claims to the tune of Rs6.5 billion from about 8,000 victims of a modaraba scandal involving fake companies and a parallel banking system, reveals a NAB report.
A group of scholars established seven bogus companies as well as a parallel banking system and deprived 8,807 people of their savings running into billions of rupees, says the two-page report.
Now, NAB has received further claims from 7,969 victims, who have lost about Rs6.5 billion of their savings.
Initially, a probe team of NAB estimated that the amount would not be more than Rs552.439 million, but after some time the bureau was flooded with claims seeking recovery of Rs6.5 billion.
Mostly, students of seminaries and members of their families, widows, retired government employees, retired personnel of armed forces and even 13 officials of an intelligence agency saw their savings disappear. They got cheated by some scholars and about three dozen prayer leaders.
Scam unearthed
The NAB report said Muhammad Khan, resident of Adhowal, Chakwal district, complained that a group of people including Ehsanul Haq, Chief Executive of Fayyazi Gujranwala Industries (Spadix Group of Companies) and others were involved in a business of receiving funds from the general public on a profit and loss basis. They got money in the name of modaraba business – an Islamic mode of financing – but without any authority or approval and registration as a modaraba company with the Securities and Exchange Commission of Pakistan (SECP).
 photo Theaccused_zps689cacc7.jpg
According to the complaint, they deceived the public, concealed the fact that no modaraba company had been registered, collected huge amounts and issued receipts. The receipts were given in the name of Fayyazi Gujranwala Industries, which is registered as a private limited company having no authority to act as a modaraba firm.
On April 16 last year, NAB Rawalpindi director general initiated a probe into the allegations of corruption and corrupt practices. On the same day, warrants were issued and accused Ehsanul Haq was arrested.
The accused admitted to his guilt and applied for voluntary return of money under Section 25(a) of the National Accountability Ordinance (NAO) 1999.
Following publication of advertisements in daily newspapers, 838 victims came forward and submitted claims amounting to Rs552.439 million until June 13, 2013. NAB is matching the claims with the available record provided by the accused and is also calling the claimants.
Talking to The Express Tribune, NAB officials, who are familiar with the developments, said seven companies were found to be involved in the scam.
The SECP had informed the bureau that seven companies were involved in the illegal business. None of them was registered with the SECP and their accounts were not verified by any certified auditor.
The accused including Ehsanul Haq and Qazi Obaid of Fayyazi Industries, Shabir Ahmed Usmani of Alwasay Group, Ghulam Rasool Ayubi of Meezban Group and Ibrahim and Osama of a joint venture of Elixir and Mega Group had been arrested, they said.
During the course of investigation, it was found that Haq had deposited the looted money in different firms in Thailand and Hong Kong. As many as 40 prayer leaders were also involved in the scandal as they facilitated investment of people in fake investment schemes.

Looking forward : Punjab governor expresses optimism over GSP Plus

The governor suggested that the textile policy should be revised for gaining optimal benefits from GSP Plus besides monitoring cell and a joint team of experts from ministries of foreign affairs and commerce. PHOTO: EXPRESS/MEHMOOD QURESHI
ISLAMABAD: Punjab Governor Chaudhary Mohammad Sarwar on Tuesday said that the GSP Plus status would be instrumental for the new government in achieving long-term goals of stabilising the economy, accelerating growth and poverty alleviation.
Describing the distinctive features of the GSP Plus to Pakistan, the Punjab governor said that it would benefit Pakistan’s largest manufacturing and export sectors like textile, clothing and enable the industry to compete with regional players like Bangladesh and Sri Lanka, which already have duty-free access to the EU.
Sarwar said that Pakistan’s textile and clothing exports to the EU constitute more than half of the country’s total exports to the European Union. “There is a potential to double this in a few years,” he said. Sarwar added that approximately 40% jobs are connected with the manufacturing sector and textile-related industries, which would also witness a healthy growth in the days to come.
The Governor believes the status would boost the country’s exports, help revive the economy by creating new jobs besides spending on education, health and social services.
According to Sarwar, the government of Pakistan is fully committed to further developing the Pak-EU relations into meaningful and mutually beneficial trade propositions. “Pakistan’s inclusion in the GSP Plus status would also help re-balance South Asian market share in the EU besides having a positive impact on the local industry in EU, which rely on Pakistani products.”
The governor suggested that the textile policy should be revised for gaining optimal benefits from GSP Plus besides monitoring cell and a joint team of experts from ministries of foreign affairs and commerce.

Energy demand: Pakistan for expediting LNG import from Yemen

Expeditious finalisation of import of LNG from Yemen would help Pakistan cope with energy issues. PHOTO: FILE
ISLAMABAD: President Mamnoon Hussain on Tuesday invited investment from Yemen in the energy, oil and gas sectors, urging the two sides to move for early finalisation of arrangements for import of liquid natural gas (LNG) from Yemen.
In a meeting with the visiting Yemeni Minister for Industry and Trade Dr Saadaldeen Ali Salim Talib, Hussain said the expeditious finalisation of import of LNG from Yemen would help Pakistan cope with energy issues and bolster trade and commercial ties between the two countries. Both sides discussed bilateral relations and matters of mutual interest.
Welcoming the Yemeni minister and the accompanying delegation on their visit to Pakistan in connection with the meeting of the Joint Ministerial Commission, the president hoped that the visit would prove instrumental in further enhancing existing bilateral relations between the two countries, particularly trade and commercial ties.
The president said that Pakistan valued its cordial relations with Yemen and desired to further strengthen bilateral cooperation in diverse fields for the mutual benefit of the people of both countries.
He emphasised the need for concerted steps from both sides to boost bilateral trade volume through increased cooperation in various sectors. Highlighting the growing energy requirements of Pakistan, Hussain said that the government was offering incentive packages for investment in power and energy sectors to meet growing challenges of energy in the country.
Dr Talib said that Yemen attached importance to its relations with Pakistan and was keen to explore ways and means to further enhance bilateral trade and commercial ties.

2013: The good, the bad and the ugly of internet in Pakistan

Screenshot from the Hug YouTube viral video.
Many had high hopes that 2013 would see Pakistan finally begin to implement positive changes with regards to its ongoing internet explosion and rapidly advancing information technology field. It was hoped that the state would shed the controversial, sometimes shadowy cloak, under which it had operated in 2012.
Cause for optimism stemmed from a change of guard in the power corridors after the general elections. It was expected that a new regime in Islamabad would strategize differently, based on the programs completed under the Punjab provincial government over the previous year.
Unfortunately, with the PML-N led government’s six months in office nearly complete, hindsight offers only cautious optimism rather than the much-needed change that was hoped for. Very little has changed in terms of how the state tackled the many challenges cyberspace and technology threw up.
All cause for optimism then remains firmly with the unexpected consequences of internet penetration, technological advancement, and how citizens and private enterprise continue to innovate and grow, despite many roadblocks.
                                                            First, the bad
The year continued to witness tech trends which had previously been met with furrowed brows and general public disdain.

YouTube ban continues
The YouTube ban instituted in September 2012 continued throughout 2013, save a few hours of disruption. Students couldn’t access invaluable videos relevant to their courses. Musicians had trouble promoting their work in a cost effective manner. Independent artists and filmmakers could not showcase their talent on one of the world’s biggest video platforms. Even mainstream media organisations suffered, unable to find a better, more cost effective way to archive news and shows. Millions were affected, but the government had little to offer in the way of a solution to the crisis.

The interim setup termed the matter too sensitive to handle, especially with the more important tasks of elections at hand. The incoming Pakistan Muslim League-Nawaz administration and the new Minister of State for Information Technology Anusha Rehmankept promising the public that they would re-open the site soon. But before a Lahore High Court judge, the government admitted defeat, conceding their solution of blocking links to the specific videos was hopelessly failing.

Net freedom
The government also launched elaborate plans to set up a massive firewall, just like our friends in China. For this purpose help was sought from the west in the form of Canada-based Netsweeper. Even more worryingly, FinFisher, a piece of computer spyware used for monitoring the online space was detected installed in Pakistan.
It was no surprise then that a Freedom on the Internet report found Pakistan to be at the bottom of its list.


Connectivity issues
To make matters worse, half of Pakistan’s internet temporarily suffered from a tear in the under-sea cable that links Pakistan to the wider internet – though that was a minor issue compared to Pakistan being ranked a low 172 globally for download speeds.

NSA spying
Ironically, it turned out that being connected was among the biggest problems for Pakistanis. Revelations from former US-National Security Agency contractor Edward Snowden, showcased how our allies in the War on Terror had been spying on Pakistanis with 13.5 billion pieces of email, phone and fax communications intercepted.
                                                            Next, the ugly
As bad as some things were for Internet users in Pakistan, some acts even surprised those already weary of the government’s shenanigans.

More bans 
The year saw multiple online bans for reasons unknown. The most disturbing in that series of blocks was that of the Internet Movie Database (IMDB). The site was blocked for two daysbefore being restored, though not before specific pages belonging to a particular movie was rendered inaccessible through the Pakistan internet gateway.
The government explained that there was an inter-minesterial committee that reviewed and approved blocks for websites, but this was just another smokescreen for the general public who were never consulted, nor told why websites were being blocked. Consequently, an untold number of blocks were implemented on news sites, Facebook pages, Baloch sites and others, under presumably abstract, ill-defined laws.

The new Minister of State for Information Technology Anusha Rehman took up her role bustling with ideas, including a block on torrents, and suggestions of having Google banned unless they complied with the government. No surprise that after the outcry over YouTube’s continued ban, these ideas were ill received, especially on Twitter. The minister terminated her account on the social media network.
The Sindh government, having failed to forensically trace, and apprehend criminals, sought to upstage them by requesting the federal government (and testing unannounced) to have  cross-platform messaging applications such as Skype, Whatsapp, Viber and Tango blocked.

Legal complications also came to the fore, and the online world became a headache for the overworked judiciary with Twitter feuds landing in court, and even an FIR being drawn up against a lawyer for ‘threatening’ a judge in a tweet.

Reality of online hate speech
Arguably the ugliest part of 2013 for internet in Pakistan came in the immediate aftermath of riots in Rawalpindi during Ashura. Social media was used to disseminate fake or distorted images and misleading narratives of what occurred in a bid to rile up emotions and inflame sectarian tension.
With rising concerns over the spread of hate speech, cases of harassment, stalking and even kidnappings via social media, the prime minister ordered the drafting of a law to crackdown on hate speech. This after the controversial Fair Trial Bill was signed into law in 2013.
                                                        Finally, the good 
Despite the many setbacks in local cyberspace, there were victories to be had in 2013.

Website unblocked
Amid all the blocks, the website of news magazine Rolling Stones was unblocked and made accessible (just don’t search for Gen Stanley McChrystal).

Hug YouTube
People in Karachi who were missing YouTube gave the video site a big hug. A Tribune surveyalso encouragingly showed that as many as 89% of people were still getting their YouTube fix by using proxies to get around blocks set up by the PTA.
………………………………………………………………………………………………………………………………………
Hugs for YouTube!
………………………………………………………………………………………………………………………………………
Meanwhile, Google showed (on YouTube), how its services brought together two childhood friends separated by the Partition, through its various products in an homage to how mobile was over taking desktops for access to the Internet.
………………………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………………………
Google also promised to unveil its own freedom to access application, uProxy, in 2014. It promises to provide a safer connection to the internet that by-passes surveillance and blocks instituted by governments so that people can access the internet without inhibition.

Mobile catches up with desktops
In 2013, an encouraging 30 million people were quoted to be accessing the internet in Pakistan, with 15 million doing so on their mobile phones. Using mobiles for accessing the internet is opening up new possibilities, and possibly an oncoming internet revolution with the expected arrival of 3G.


Starting up Pakistan
Already considered a cultural center of Pakistan, Lahore also tried to take on the role of tech center as it saw the first batch of the start-up incubation programme, Plan9, graduating.
There was more to cheer from the tech-prenuer world, with start-up ‘Convo’ raising $5m from a Silicon Valley Venture Capitalist. Another tech company, FireEye managing to raise $304 million in an IPO on Nasdaq. In all, the local tech industry’s revenues hit an estimated$2.8 billion of the global industry share. According to P@SHA, “most tech companies are growing in excess of 30% a year annually.”

Farhan Masood was recognised by Massachusetts Institute of Technology Enterprise Forum earlier this year for his product, the world’s fastest retina and face scanner algorithm calledSmartXS.
Another less successful but far more amusing launch was that of a halal search engine,Halalgoogling – that would safely steer Pakistanis away from immodest or haram content, and return only halal results for searches.
Last but definitely not least, Pakistan’s mobile apps industry has continued to grow from strength to strength, expanding in range and gaining in clout and recognition.

3G gets back on track
Things can only get better on the 3G auction front. Despite the government’s stillborn plans, the 3G spectrum auction seems to have finally got on track with a new PTA chairman in office and a timeline for license auction announced.

Social media boom
This was the year for going social on the internet, with social networks and chatting being the number one activity for Pakistanis according to a Tribune survey. Pakistanis gave Facebook a big ‘like’, or 11 million likes for that matter.

The year saw the Pakistan Army join Facebook and Twitter to further their social contact with local users. Many other institutions, organizations, companies, celebrities, and politicians followed suit, with even former President Asif Ali Zardari joining Twitter as social media continued to build real-world clout.
While politicians used social media to connect directly with their supporters, and to rally them against their opponents, there was the rise in the use of social media for small businesses selling products like clotheselectronics, even food and a host of services. Tourism too got a boost through programs arranged on social media. Some even used social media to mobilise people to do 14 acts of kindness on Independence day, August 14 – just one of many charity and relief campaigns carried out via social media throughout the year.


The year was also a victory for self-expression (despite the YouTube ban), especially through music and videos online. Social media also became the best platform for new and independent artists from the likes of Taher Shah to Dynoman, the Lahooti live sessions and the rise of Indie-Online labels.
Conclusion
In all, 2013 was a mixed bag for Pakistan’s online space. While some doors appeared to be closing, others remained open, thanks in large part to the efforts of private enterprise and common citizens.
Though great things are forecast for 2014, including the highly anticipated 3G spectrum auction that is expected to bring in $1.2 billion in revenue, the shroud of ignorance and fear that dominates the state’s strategising for cyberspace remains a troubling reality.

PSO witnesses significant growth in market share

ISLAMABAD - 
The public sector marketing company-Pakistan State Oil's (PSO) market share in different product groups witnessed significant growth over the past five months.
According to official sources, from August onwards, PSOs share in the HSD market rose from 50 percent to 57 percent while share in MOGAS remained steady at 50 percent despite stiff competition in the market.
The company's share in the lubricants market also rose from 16 percent to 28 percent amongst OMCs across Pakistan within a period of just three months, the source added. The sources said that as a result of these cohesive efforts the Company expects to witness record revenue of Rs 30 billion during the period July 2013 to November 2013.
"During the five months period of July to November 2013, there was not a single bank default on account of non-payments of Letters of Credit (LCs) due to prudent fund management," the source said.
This is especially significant as during the preceding five months (February - June 2013) there were four defaults amounting to Rs 17 billion on different dates.
During the period from July to November 2013, PSO successfully fulfilled the furnace oil demand of the public sector and private sector electricity generating companies, and catered high demand of motor gasoline in the country due to low availability of CNG. Gasoline import has been 30 percent higher than that during same period last year.

Surgery creating milestones arrives in Pakistan

Surgery creating milestones arrives in Pakistan | PakistanTribeKARACHI – Pakistani surgeons engaged in carrying out “Minimal Invasive” surgery known as laparoscopic procedure in medical parlance have declared that the “surgery has brought revolutionary changes in the field of medical sciences” opening new vistas of better and cost effective medical care.
The views were expressed by surgeons at the conclusion of three day conference and workshop on minimal invasive surgery in the field of urology which was organized by SIUT (Sindh Institute of Urology and Transplantation) in Karachiyesterday.
Some 80 surgeons from within the country and abroad attended the conference and workshop.
Prominent surgeons who took part in the workshop included Dr Shamim Khan, Dr Mateen Sharif, Dr Faiz Mumtaz from UK, Dr Tariq Tasaduq from Saudi Arabia and Dr Mumtaz Maher, Dr Zafar Zaidi and Dr Saeed Akhtar from Pakistan. They enjoy a rich experience in the field of minimal invasive surgery.
Other participating surgeons included Dr Saeed Akhtar from Islamabad and Dr Tariq Tasaduq from Saudi Arabia, They shared their experience with the participants of the workshop. The surgeons taking part in deliberations pointed out that this revolutionized procedure is in the best interest of patients as it is a cost effective due to brief stay of any patient in the hospital but also It is scar free, promises reduced pain and avoids blood transfusion.
Professor Adibul Hasan Rizvi Director SIUT speaking on the occasion underlined the importance of minimal invasive surgery in various branches of surgery and termed them as “landmark developments”.
He said minimal invasive surgery as a specialty in the field of urology was introduced in the country some two decades ago. He said SIUT know for keeping pace with the technological development in the field of medical sciences is equipped to adopt the surgery with expertise and resources and perform the procedures in the days to come.

DI MARÍA ENVIES AGÜERO'S TREATMENT AT CITY

A rebel with a cause?

  • The club informed the Argentine that it would be opening disciplinary proceedings yesterday morning.

A rebel with a cause?
Ángel di María feels like there is an agenda against him. The winger believes that his every gesture and performance in recent months has been placed under the microscope by the press and a sizeable section of the club. Hence his claim that had someone else done what he did against Celta, nothing would have been made of it.
The club informed the Argentine that it would be opening disciplinary proceedings yesterday morning. Di María accepted this and again tried to explain himself, while sticking steadfast to his version of events, insisting he meant no offence.
One of the cornerstones of Di María's defence is the fact that not only were his wife and daughter in the stands, but so too were his parents and sister. He claims he would never disrespect the fans to start with, let alone with his entire family watching on.
The winger feels undervalued and that just because his profile doesn't fit the bill, he isn't seen as a star at Real Madrid. His status in Argentina, where he is one of the four main men alongside Messi, Kun and Higuaín, isn't reflected at club level. There, he is an icon, but that's not the case in the Spanish capital.
Di María is jealous of how Sergio Agüero is treated at Manchester City, both on and off the pitch. Apart from when his daughter was born prematurely, when he couldn't fault the way the club acted, he hasn't felt as supported as he would have liked on several occasions.