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UNCERTAINLY GROWS AS ECP TELLS SC PUNJAB POLLS ON MAY 14 ‘CAN LEAD’ TO ANARCHY Wednesday, 19 April, 2023 I 28 Ramzan, 1444
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SAYS FAIR, PEACEFUL POLLS NOT POSSIBLE UNDER PREVAILING ‘CHARGED POLITICAL ENVIRONMENT’, IBO IN KACHA AREAS
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ISLAMABAD
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ISI BOSS BRIEFS CHIEF JUSTICE ON SECURITY SITUATION PREVAILED IN COUNTRY, REPORTS SAY
SALEEM JADOON
HE Election Commission of Pakistan (ECP) on Tuesday confirmed to the Supreme Court it has not yet received Rs21 billion from the State Bank of Pakistan (SBP) for holding elections to Punjab Assembly and expressed serious reservations over holding of Punjab Assembly elections on May 14. On Tuesday in its report submitted to the Supreme Court, the ECP said it will not be possible for the ECP to ensure “free, fair and peaceful elections to the Punjab Assembly” in view of the ‘charged political environment’ and reports by relevant stakeholders including security agencies and the provincial government. A three-judge bench – led by Chief Justice of Pakistan Umar Ata Bandial and comprising Justice Munib Akhtar and Justice Ijazul Ahsan – on April 4 had declared as “unconstitutional” the Election Commission of Pakistan’s (ECP) decision to postpone the election for the Punjab Assembly to October 8 and ordered it to hold polls in the province on May 14. On March 22, the ECP delayed the provincial assembly election in the politically-crucial Punjab province by more than five months, citing a deteriorating security situation in the cash-starved country. The ECP report submitted in the same case on Tuesday, said: “In view of the detailed deliberation and considering the circumstances, reports, briefings and material brought before it, by the Provincial Governments, Ministries of Defense and Interior and the Intelligence Agencies, is of sanguine view that in the present charged political environment, and resultant volatile law and order situation, cross border terrorism, insurgencies, potential threats to the leaders and consequent lack of foolproof security, non-provision of troops in a static mode coupled with lack of requisite funds , it will not be possible for the Commission to ensure honest, just ,fair and peaceful
election to the provincial Assembly of Punjab,” read the ECP report. Moreover, if the police are not supplemented by the army and other law en-
PHC takes up plea seeking KP election date today PESHAWAR
STAFF REPORT
The Peshawar High Court (PHC) has fixed the hearing of a petition seeking the date for elections to the Khyber Pakhtunkhwa (KP) Assembly. The PHC will hear the petition filed by PA speaker Mushtaq Ghani to seek date for election of KP Assembly. A two-member bench comprising Justice Muhammad Ibrahim Khan and Justice Abdul Shakoor will hear the petition on Wednesday (today). Yesterday, the demand for the disbursement of Rs21 billion additional funds for Punjab and Khyber Pakhtunkhwa (KP) elections was rejected by the federal government.
Rs 15.00 | Vol XIII No 291 I 8 Pages I Islamabad Edition
forcing agencies in a static mode, security of life and property of voters, electoral staff and public at large will be at risk, it added.
“… the Commission is obligated to ensure that a conducive environment exists and whereby it is able to provide level playing field to the contesting candidates and the political parties besides ensuring foolproof security for the voters, being the primary stake holders and the polling staff and public at large.” The electoral watchdog said the timeline of 90 days provided in Article 224(2) of the Constitution is a constitutional imperative as held by the Supreme Court in the order dated 3103-2023. “However, there is another constitutional imperative in Article 218(3) of the constitution, obligating the Commission to organise and conduct the Elections to ensure that the standards of honesty, justness and fairness is fully met and not compromised on any account.
islaMabad sehr: 4:06 aM iftar: 6:44 PM
karachi sehr: 4:49 aM iftar: 6:56 PM
fiqah-e-jafaria lahore sehr: 3:56 aM iftar: 6:45 PM
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karachi sehr: 4:39 aM iftar: 7:06 PM
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Aitzaz demands SC to seek explanation from PM, ministers over polls delay LAHORE
STAFF REPORT
Senior legal expert and Pakistan People’s Party (PPP) leader Barrister Aitzaz Ahsan on Tuesday urged the Supreme Court (SC) to seek an explanation from Prime Minister Shehbaz Sharif and other federal ministers over the delay in provincial elections. “PM Shehbaz Sharif and the interior and law ministers would be responsible if elections not be held on the apex court-mandated date of May 14”, Aitzaz Ahsan declared while speaking to media at the Lahore High Court (LHC) here on Tuesday. “Who are they to not conduct the elections when the SC has directed for the polls to be held on May 14,” he question. He demanded t the apex court to summon the premier as well as Interior
Minister and Law Minister and the Election Commission of Pakistan (ECP) over their statements regarding the delay in elections to the Punjab and Khyber-Pakhtunkhwa (KP) assemblies. Aitzaz maintained that the country’s top court should “summon them and then must punish them under contempt charges if they admit non-compliance of the court’s orders”. “The PM should be asked how his decision could be accepted when he himself did not obey the court’s order,” he said adding that “those responsible for the disobedience should be disqualified for five years each”. “Imran Khan was nothing but it is the Pakistan Democratic Movement (PDM) that has made him a popular leader amongst the public through its wrong decisions in general and registration of false and fabricated cases in particular,” he pointed out.
Unprecedented unity among coalition parties worrisome for opposition: PM ISLAMABAD
STAFF REPORT
Prime Minister (PM) Shehbaz Sharif on Tuesday reiterated the coalition government’s resolve to overcome the prevailing challenges “it had taken up for sake of the country’s progress”. “The coalition parties, out of sincerity and commitment to the country, have shown unprecedented unity throughout the first year of this government, which in fact has become a matter of worry for the opposition parties”, Prime Minister Shehbaz Sharif made the remarks while addressing a meeting of coalition parties, summoned to discuss matters related to Supreme Court (SC) decision and Punjab election. The meeting was convened to review the ongoing political situation and to mull JI chief Sirajul Haq’s proposal for holding political dialogue with the Pakistan Tehreeke-Insaf. Federal Law Minister Azam Nazir Tarar and JUI Senator Kamran Murtaza briefed the participants. Speaking on the occasion, PM Shehbaz pointed out that in the beginning, the opposition and even the people in the coalition parties were not hopeful of the durability of the alliance. However, all of the allied parties manifested their democratic spirit and played their constructive role to maintain unity as well as in steering the country out of pervading challenges, he added. He said opponents were troubled at the fact that the
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coalition managed to survive. “It is worthy of utmost praise,” he added. Shehbaz Sharif said the PML-N led coalition government steered through challenges and all partners had added their share to keep the boat sailing. “The allied government cooperated to its fullest in this regard,” he added. “There exists a difference of opinion and respecting it is the hallmark of democracy”, he said. Referring to the ongoing controversy regarding the court verdict on general elections in Punjab, he said nowhere in the world had ever happened that a court granted a stay on the implementation of a law even before its promulgation.
The decision of the three-member bench even prompted the bar councils to raise their voice – for sake of the rule of law, not out of love for the government – as they also believed that the decision was contrary to the norms of the justice, he added. PM Shehbaz said the coalition parties were striving wholeheartedly to take the struggle of overcoming the challenges to a logical end, despite all odds. ‘IMF AGREEMENT ABOUT TO BE INKED’ – PM Shehbaz told the participants that the International Monetary Fund’s agreement was in the final phase as their last conditionality was to make deposits. He lauded the efforts of Finance Minister Ishaq Dar, Foreign Minister Bilawal Bhutto Zardari and Army Chief General Asim Munir for the success of the process. He said that Finance Minister Ishaq Dar worked day and night for this deal. UPCOMING TELEPHONIC CONVERSATION WITH NEW CHINESE PREMIER – He also told the participants of his upcoming telephonic conversation with new Chinese Premier Li Qiang during the last week of April when they would discuss the matters of mutual interest. He reiterated the coalition government’s resolve to overcome the challenges it had taken up for sake of the country’s progress. “I again assure you that you have elected me your prime minister and I will try my best to live up to your expectations,” he concluded.
LHC restricts police from ‘harassing’ Imran during Eid LAHORE
STAFF REPORT
The Lahore High Court (LHC) issued orders to the Punjab police on Tuesday, prohibiting them from “harassing” Imran Khan and instructing them to ensure the chairman of the Pakistan Tehreek-i-Insaf (PTI) is treated in accordance with the law. The orders were given by a five-judge bench while hearing Khan’s petition that sought to prevent the authorities in Punjab from launching a police operation at his Zaman Park residence or arresting him based on an “undisclosed” first information report (FIR) during court closure. The bench — comprising justices Ali Baqar Najafi, Aalia Neelum, Tariq Saleem Sheikh, Anwaar ul-Haq Pannun, and Muhammad Amjad Rafiq — heard the plea filed by Salman Safdar and Azhar Siddique. Prior to the proceedings, Khan appeared at the court, surrounded by several guards who covered his face with bulletproof shields. During the hearing, Safdar informed the court that multiple cases were being lodged against his client, one after another. He said that in Punjab alone, 80 cases have been registered against Khan. Justice Najafi also referred to the three-day-long police action outside his residence last month, which had resulted in violent clashes between officials and PTI supporters. The lawyer further said that his client had received credible information regarding another police operation outside Zaman Park during the Eid holidays. Meanwhile, the Punjab government’s lawyer, Ghulam Sarwar, asked Khan to present evidence supporting his claim in court, saying that the law is equal for everyone. Sarwar also pointed out that there was nothing on record regarding an operation. Justice Sheikh asked if there was a statement that no action would be taken in old cases registered against Khan. To this, Sarwar replied that action in cases in which legal proceedings were underway would continue. At one point during the hearing, Khan himself spoke and claimed that he hadn’t broken a single law in his life, yet hundreds of cases had been registered against him. Justice Najafi remarked the court did not think an operation would take place in the upcoming five to six days, and the proceedings have been adjourned until May 2.
Largest in 16 years: Suzuki suffers historic loss in first quarter of 2023 g
COMPANY ENDED FIRST QUARTER OF 2023 WITH FINAL LOSS OF RS12.9B LAHORE
DANIYAL AHMAD
Suzuki reported its Q1CY23 earnings to the Pakistan Stock Exchange (PSX) on April 18, revealing a shocking turn of events. The company experienced its highest loss in 16 years, totaling a staggering Rs 12.9 billion. This represents a jaw-dropping 2706.39% YoY increase from Q1CY22. The magnitude of this loss is so significant that it can only be compared to Suzuki’s annual earnings.
Looking at the results Suzuki’s sales revenue decreased from Rs 47.7 bil-
lion in Q1CY22 to Rs 21.8 billion in Q1CY23. This decline is largely due to a decrease in sales, with Suzuki selling only 15,724 units across its two and four-wheeler portfolio in Q1CY23 compared to 46,379 units the previous year – a YoY decrease of approximately 66%. The reduced scale of operations also contributed to a 57.19% dip in Suzuki’s cost of goods sold, which declined from Rs 46.386 billion last year to Rs 19.856 billion. Suzuki improved its efficiency by reducing its cost of goods as a percentage of revenue from 97% in Q1CY22 to 91% in Q1CY23. This improvement is evident in the company’s gross profit margin (GPM), which rose from 2.83% in Q1CY22 to 9.08% in Q1CY23. The increased efficiency is also reflected in Suzuki’s gross profit, which grew by 46.98% YoY from Rs 1.349 billion to Rs 1.983 billion. The reduced sales activity did not, however, translate into reduced operating costs for Suzuki. Its distribution and marketing costs rose 19.98% YoY from Rs 732 million in Q1CY22 to Rs 878.4 million in Q1CY23. Similarly, Suzuki’s administrative expenses rose 24.29% YoY from Rs 740 million to Rs 919.8 million.
Suzuki’s cost of finance rose by 1143.38% YoY, from Rs 1.031 billion in Q1CY22 to Rs 12.82 billion in Q1CY23. This significant increase is the main reason for Suzuki’s poor results. Although Suzuki does not provide a detailed breakdown of its cost of finance, it includes costs related to mark-up on late delivery, demurrage and detention charges, exchange loss, and loans and borrowing. In a notification in March, Suzuki cited the increase in its cost of finance as the primary
reason for its loss in its 2022 annual report. It attributed this increase to the current economic climate and the State Bank of Pakistan’s import policy. The exponential increase in the cost of financing in Q1CY23 is likely due to the same reason. Suzuki’s tax expense also rose by 245.68% YoY, from Rs 187.98 million to Rs 273.858 million. The company ended the quarter with a final loss of Rs 12.9 billion, an increase of Rs 12.455 billion from the Rs 460.2 million loss it made in Q1CY22. What’s gone wrong at Suzuki? “What’s interesting is that the losses relate more to circumstances beyond the company’s control, such as unhedged foreign exchange exposures leading to heavy exchange losses and record high interest rates. If you exclude finance costs, the company hasn’t performed that badly given the conditions of the automobile industry,” says Mustafa Mustansir, Director of Research and Business Development at Taurus Securities. “I think we will see more similar cases where companies suffer heavy exchange losses, particularly in this earnings season,” Mustansir added.