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RANGERS CALLED IN AS CHURCHES VANDALISED IN JARANWALA ON BLASPHEMY ALLEGATIONS thursday, 17 august, 2023 i 29 muharram, 1445
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Caretaker PM vows stern action; religious leaders visit area to normalize situation FAISALABAD/LAHORE Staff RepoRt
An enraged mob vandalised multiple churches in Jaranwala tehsil of Faisalabad on Wednesday over blasphemy allegations and paramilitary Rangers have been called in and Section 144 imposed to normalize the situation. A Christian leader, Akmal Bhatti, said the crowd had torched at least five churches and looted valuables from houses that had been abandoned by their owners after clerics made announcements in mosques inciting the mob. Images on social media showed smoke rising from the church buildings and people setting fire to furniture that had been dragged from them. A Christian cemetery was also vandalised, as well as the local government office. Dozens of people blocked a nearby highway as well. Jaranwala pastor Imran Bhatti told Dawn.com that the ransacked churches included the Salvation Army Church, United Presbyterian Church, Allied Foundation
Church and Shehroonwala Church situated in the Isa Nagri area. He added that the mob also demolished the house of a Christian cleaner, accused of blasphemy. Meanwhile, the police registered a first information report against the accused under sections 295B (defiling, etc., of the Holy Quran) and 295C (use of derogatory remarks, etc., in respect of the Holy Prophet) of the Pakistan Penal Code. On the other hand, the Punjab government said in a press release that directives had been issued for a “high-level inquiry” into the incident. The provincial government attributed the incident to a “planned conspiracy under which an attempt was made to destroy peace in Pakistan”. It said that the “Holy Quran was desecrated and the sentiments of Muslims were hurt”. The press release further said announcements were made from mosques that action was being taken against the alleged desecration of the Holy Quran, but the situation had aggravated by then. It added that due to timely action by the
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Police lodge FIR, over 100 suspects held for riots over alleged blasphemy
police and administration, announcements were made in mosques that the authorities were taking action, but tensions had already escalated due to the alleged desecration. “Around five to six thousand people gathered in various areas of Jaranwala in different groups, attempting to attack minority settlements. The police foiled their attempts at several places and damage to several
buildings was also prevented due to timely action,” the press release read. “But continued attempts to attack Christian settlements in different areas and police continued to safeguard these localities.” It said a peace committee was immediately mobilised, and together with members from different political parties, condemned the incident. They also assured that no party
SIFC to continue working for fast-track foreign investment: PM g
Lauds vision of Saudi leadership, saying KSA can always count on Pakistan as trusted partner ISLAMABAD
Staff RepoRt
Caretaker Prime Minister Anwaarul Haq Kakar on Wednesday said that the recently-instituted Special Investment Facilitation Council (SIFC) would continue to work as before to lay the foundations to fast-track foreign investments, particularly from Saudi Arabia. The prime minister, in a meeting with Saudi Ambassador Nawaf bin Saeed Ahmad Al-Malkiy, who called on him, highlighted energy, infrastructure, agriculture, IT and manpower as potential sectors of cooperation. The Saudi ambassador congratulated
the prime minister on assuming office and conveyed the best wishes and greetings on behalf of the Custodian of Two Holy Mosques, as well as Crown Prince Mohammed Bin Salman, and the people of Saudi Arabia. The prime minister said that Pakistan and Saudi Arabia enjoyed historic and deep-rooted ties. He thanked the Saudi government for its consistent support for Pakistan’s economic stability and development. He particularly mentioned the large number of Pakistanis working in Saudi Arabia and requested the Saudi side to continue to extend all possible facilitation to them. Prime Minister Kakar lauded the vi-
sion of the Saudi leadership and said that Saudi Arabia could always count on Pakistan as its trusted and reliable partner. Ambassador Nawaf reiterated that Saudi Arabia and Pakistan were bound together in a fraternal relationship, which was characterized by mutual trust and understanding, and close cooperation on all bilateral and regional issues of common interest. Looking forward to advancing trade, investment ties with UAE Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday said that he looked forward to working with the United Arab Emirates (UAE) on advancing bilateral cooperation in various fields, especially trade, investment
and energy. The prime minister, in a meeting with the UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi, who called on him here, expressed gratitude for the UAE’s support for Pakistan’s economic and financial stability. The ambassador conveyed the greetings of the UAE leadership to the prime minister on his assumption of office. Prime Minister Kakar thanked the UAE government for the warm congratulatory messages and said that Pakistan and UAE enjoyed historic and deeprooted fraternal ties. He also wished the UAE success in hosting the COP28 Summit later this year. The prime minister also emphasized the important role played by the Pakistani diaspora in the UAE and sought the UAE government’s continued support to them.
Will Malik Riaz finally bid farewell to his banking stint?
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RMS intends to acquire 87.96% of shares of Escort Investment Bank KARACHI
maRiam umaR faRooq
A week after being flagged for an unusual increase in stock price and volume traded on the Pakistan Stock Exchange (PSX), Malik Riaz’s Escort Investment Bank has attracted yet another buyer. Arif Habib, representing RMS Private Limited (RMS), officially notified the PSX about their intent to secure a substantial 87.96% stake in the investment bank. RMS seems to be on an expansionary path as it announced its intention to acquire Baluchistan Wheels a week ago only. “RMS has always been at the forefront of infrastructure development in Pakistan. However, we recognized the need to adapt and diversify to fully leverage the evolving business environment” expounds Zeeshan Ali, CEO of RMS. Following this announcement, the stock price of Escorts Bank reached Rs 7.19, up by around 16% on Aug 15, 2023 as compared to Aug 11, 2023, the
previous week’s end of the day. UNUSUAL ACTIVITY ON PSX This recent development follows closely on the heels of a notice issued by the PSX just the previous week. The notice raised questions about the abrupt and substantial surge observed in share price and trading volume of Escort Investment Bank’s shares between July 03, 2023, and July 31, 2023. On July 03, 2023, a share of Escorts Bank was valued at Rs 3.20, and the trading volume amounted to 5500 shares. However, by July 31, 2023, the share price escalated to Rs 4.52 per share, marking a substantial 41% increase. Simultaneously, the trading volume skyrocketed by a staggering 19 times, surging to 104,500 shares traded. Escorts Bank rebutted PSX by stating that they “were not aware of any matter or development and/or material information that may have resulted in the unusual movement of share price”. Seems like the increase in share
Kakar’s uphill battle
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price and volume was because of this new acquirer. Profit reached out to the CEO of Escorts Bank Basit Rahman Malik for comments but received no response. ESCORT INVESTMENT BANK AND MALIK RIAZ In July 2017, Bahria Town Private Limited, under the leadership of real estate mogul Malik Riaz, successfully procured a significant 71% shareholding of Escorts Investment Bank at a grand total of Rs 1. This acquisition was accompanied by the assumption of existing liabilities. This amount of acquisition shows the bad state that the bank was in. Before Bahria Town Pakistan Limited acquired Escorts Bank, the bank defaulted on its obligations worth around Rs57 crore. Of this, around Rs49 crore belonged to deposit holders. Moreover, the investment bank had also been non-compliant with the minimum equity requirement for seven years. Bahria Town then injected Rs1.2 billion into the bank, paid off outstanding depositors and the markup accrued worth Rs531 million, and also compiled
In addition to timely elections, caretaker PM will have to ensure economy stays on track under IMF programme PROFIT
abdullah Niazi
A flurry of activity marked Anwarul Haq Kakar’s first day in the prime minister’s office with the state of the economy seemingly the top priority for the country’s eighth caretaker prime minister. The first day of the caretaker setup was marked by multiple shifts in the interbank rate of the rupee as well as a massive petrol price hike which jumped by Rs 17 per liter. As far as posturing and statements are concerned the signs from Mr Kakar seem to be positive. The PM took a briefing on the implementa-
tion of the $3 billion Stand-by Arrangement in his maiden meeting on the economy and vowed to complete the programme and keep Pakistan’s economy on track. The task that faces the new prime minister is gargantuan. On the one hand he has the solemn constitutional duty of ensuring free, fair, and timely elections. This is the most important marker of his tenure and he already faces an uphill battle on this front because of the twilight hour announcement from the previous government that polls would be held according to the recent census. Already Mr Kakar has been given a 90 day mandate because Prime Minister
Shehbaz Sharif dissolved the national assembly early. It is unlikely that delimitations will be completed in this time frame and he will likely have a longer tenure than any caretaker prime minister in Pakistan’s history. And while elections should be the only thing that any caretaker should very well be remembered for, all eyes will be on how he manages the economy. The caretaker setup has come in at a time when Pakistan’s economy is facing a crisis that could be the worst in the country’s history. It must also be remembered that on the 30th of June last year Pakistan failed to complete the last IMF programme it had
with the minimum equity requirement. It then tried to turn the bank around. Riaz’s primary motivation for acquiring the bank was to facilitate his real estate venture. His strategic intent was to establish a readily accessible resource for mortgages that could support his numerous housing projects. Regrettably, this original vision did not materialise as intended. The problem was that the bank was unable to lend at competitive rates due to its low levels of deposits and losses. In addition to that, the bank also has competition from the Government’s initiative for housing finance. Consequently, after grappling with challenges and setbacks, Riaz eventually made the decision to sell the bank altogether. PREVIOUS STINTS OF SELLING OFF STAKE IN ESCORTS BANK Riaz has been on the lookout for a buyer for the bank, however, things have not been smooth sailing. There have been two attempts at acquiring Escorts Bank in the last two years, however, the deal did not proceed to a conclusion.
CONTINUED ON PAGE 03 entered and it seemed the country had no choice but to default on its external debts. However, prime minister Shehbaz Sharif managed to achieve a stop-gap accord with the fund. The current deal Pakistan is surviving under is a $3 billion stand-by agreement that will last for a period of nine months and is higher than expected for Pakistan. Only the first tranche of this facility has been extended to Pakistan as of now. This stand-by-agreement ensured that whatever caretaker setup came in would not have to go beyond its constitutional limits and negotiate a programme with the fund. However, it also means that Mr Kakar must now ensure that the IMF’s conditions are met. The early signs are good. Prices of petrol have been raised and the gap between the interbank and open market rate of the dollar is quickly closing as per the IMF’s requirements.
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was in favour of damaging any properties owned by any of the minority communities. According to the press release, no loss of life was reported during the incident while police had made over 100 arrests so far. Moreover, it said, footage of the incidents was being analysed through scientific methods and the Rangers too had been called to the area. “Large contingents of police remain deployed in several area and continue to perform their duties,” the press release said, adding that security had also been also provided “to all places of worship”. It said the Faisalabad commissioner and other officials were present near the Jaranwala. Section 144 was imposed in Faisalabad district for seven days due to the “prevailing overall security situation”, according to a notification from the deputy commissioner’s office. The section of the Code of Criminal Procedure empowers the district administration to issue orders in the public interest that may place a ban on an activity for a specific period of time. He said the Punjab chief secretary and Inspector General of Police Dr Usman Anwar were visited the scene, claiming that the “situation was under control”.
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Hascol posts Rs14.49b in losses for 2022
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Losses ended company’s momentum built in 2021 PROFIT
daNiyal ahmad
Hascol has ended its latest financial year with a colossal consolidated loss of Rs 14.49 billion, and an unconsolidated loss of Rs 14.43 billion, according to its annual report. The company incurred a staggering increase of 92% and 90% respectively from its previous year’s earnings. These losses have obliterated the hopes of a recovery that Hascol had shown in 2021, when it managed to bring down its losses to one-third of the previous year’s amount from the astronomical figures of Rs 23.54 billion and Rs 23.3 billion in 2020. EXPLAINING THE COMPANY’S PERFORMANCE The company attributed its performance decline to the multitude of adversities that plagued Pakistan in 2022. It underscores the steep devaluation of the Pakistani Rupee against the US Dollar, which soared from Rs. 176.31 in January to Rs. 224.76 in December. Hascol also highlights how the banking sector witnessed a drastic decline in foreign exchange reserves, compelling the government to prioritise import payments — a predicament that posed difficulties for the banking sector in procuring foreign currency for import payments, and severely hampered the country’s capacity to settle oil import bills and adversely affected the oil industry’s ability to timely import their product requirements. Inflation remained sky-high at 19.9%, and the central bank persisted with monetary tightening measures, hiking interbank interest rates from 11.68% in January to 17.29% in December — a scenario that exacerbated Hascol’s liquidity crisis who was already grappling with overdue payments to banks and nonbanking creditors, during the year. The company states that it was able to navigate the situation with credit support from its main supplier (Vitol), and core banking partners.
Consensus reached as Domki ‘picked’ for Balochistan interim CM’s slot
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ISLAMABAD
Staff RepoRt
Balochistan Chief Minister Abdul Quddus Bizenjo and Leader of the Opposition Malik Sikandar Kakar on Tuesday reached a consensus as they nominated Mir Ali Mardan Khan Domki as the caretaker chief minister of Balochistan. The incumbent chief minister and the leader of the opposition agreed upon Domki’s name, sources said, just before the given time for finalising the name of the interim CM. The nomination has come on the heels of a meeting between caretaker Prime Minister Anwaarul Haq Kakar, Balochistan former CM Jam Kamal and Domki. Kamal and Domki called on the newly-appointed interim PM in Islamabad earlier on Tuesday. Subsequently, PM Kakar visited the residence of JUI-F chief Maulana Fazlur Rehman. Though the official statement said Kakar met the Maulana to express his condolences over those martyred in a suicide attack in Khar, Bajuar at the JUI-F Workers’ Convention, sources said the purpose of the meeting was also to convince the JUI-F on the Balochistan caretaker CM’s name. The sources further added that the JUI-F agreed on Domki’s name after it was promised that the party would be accommodated in the caretaker setup. Tuesday was the last day for consultation about the caretaker chief minister as Monday night’s meeting had been inconclusive. If no decision was taken by Tuesday night, the matter would have been handed over to the relevant parliamentary committee. However, Domki’s name was finalised in the meeting between Bizenjo and Kakar. A formal announcement wasn’t made till the time of filing the story. On August 12, Balochistan Governor Malik Abdul Wali Kakar dissolved the provincial assembly on the advice of CM Bizenjo.
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