Facebook Twitter
  • Home
  • Perspectives
  • Articles
  • Columns
  • Platform
  • Poetry
  • Literature
  • Write for us
Search
Facebook Twitter
65 F
Los Angeles
Friday, June 20, 2025
Sign in
Welcome! Log into your account
Forgot your password? Get help
Privacy Policy
Password recovery
Recover your password
A password will be e-mailed to you.
Media Monitors Network (MMN)
Advertise with MMN
  • Home
  • Perspectives
    • Jerusalem Israel Palestine Dome of The Rock Golden Dome

      The Abraham Accords undermined much-needed peace with Palestinians

      World Map

      Global disturbing disparities

      Globe Algeria Niger Mali Africa

      There is always a price to pay for befriending the Zionists

      Illegal Israeli Settlements

      Antisemitism claims mask a reign of political and cultural terror across…

      The Flower - Pakistan Monument at Night

      Israel in the vanguard of India’s mounting conflict with Pakistan

  • Articles
    • Man studying religious book

      Ishmael and Isaac: An Essay on the Divergent Moral Economies of…

      Mahmoud Abbas

      May Your Home Be Destroyed

      Netanyahu Lighting Hanukah Candles with His Wife and Sons

      Bibi’s Son or: Three Men in a Car

      The Map of Greater Israel

      The Man Who Jumped

      West Bank - Palestine

      Cry, Beloved Country

  • Columns
    • Progressives Must Fight With -- and In -- the Democratic Party

      Steps Left for Electing Progressives and Defeating Republicans in the Midterms

      Tax Revelations and Corporate Media Won’t Defeat Trump

      Nancy Pelosi Could Get Us All Killed

      Tax Revelations and Corporate Media Won’t Defeat Trump

      ‘Fortress Mentality’ Among U.S. Leaders Has Trapped Us in a Cycle…

      Progressives Must Fight With -- and In -- the Democratic Party

      Grassroots Organizing Should Dump Biden and Clear the Path for a…

      Corporate Media Are Focusing on Race -- and Dodging Class

      Biden Refuses to Mention the Worsening Dangers of Nuclear War. Media…

  • Platform
    • Hanukkah Lights

      Hanukkah is not hypocrisy

      The Washington Post

      “Preemptive war could risk millions of casualties. But….”

      When they shout: "We strongly condemn…"

      68

      Why Iran won’t attack Israel

      Is One Iraqi’s Self-Hatred Newsworthy?

  • Poetry
  • Literature
  • Write for us
Home Perspectives Behold A Trojan Horse
  • Perspectives

Behold A Trojan Horse

By
Ikram Sehgal
-
June 6, 2001
Facebook
Twitter
Pinterest
WhatsApp
Linkedin
ReddIt
Email
Print
Tumblr
Telegram
Mix
VK
Digg
LINE
Viber
Naver

     

    As far back as 1989 it was clear Hubco would be an albatross around Pakistan’s neck but we are a glutton for punishment and we persisted with this scam. When eventually confronted, Hubco countered with an extremely effective propaganda campaign, holding the country’s financial liquidity hostage and virtually putting all future investment in Pakistan under jeopardy. In this no-win situation we should be thankful we managed to cut our losses and accept, however unpalatable, Hubco’s terms for surrender. With a Trojan Horse or two as a trump card up their sleeve, Hubco’s investors can be excused for laughing all the way to their private banks. Someone someday will do an exhaustive case study to include those who, viz (1) conceived this monstrosity both in (a) Pakistan and (b) abroad, to include government and non-government functionaries, international financial technocrats, consultants, etc (3) nurtured the project, engineers of all kind, bureaucrats, politicians etc (4) were the investors, Japanese (later replaced by Saudis), British, Singaporean, US, etc (5) built it, mainly construction companies, equipment manufacturers, etc (6) then profited by it, mainly almost all of the aforementioned (7) took part in the cover-up and sustaining of the scam, including WAPDA personnel (8) acted as accessories to a combination of media and diplomatic blackmail designed to force us to swallow the bitter pill and (9) lastly, whose children’s grandchildren will continue paying through their nose for the next millennium, long after Hubco is a pile of rubble and rusted scrap?

    The macabre part of it is that the people of Pakistan, physical and financial misery notwithstanding, are expected to applaud the third selling of the Eiffel Tower (and this one not by Henry Wilson). Most of the intelligentsia have a fair knowledge of who did what and for whom and at what price to Pakistan. Most did not have the courage to protest, few being beneficiaries directly or indirectly of the scam, are hardly expected to the most expensive oil-fired power plant ever in the world was erected at more than 150% of the standard international cost, now we have to pay exorbitant installments interests thereof besides an inflated tariff. No matter who is in power, where there is money to be made only the means to siphon the money off change, those who pocket the change and create the means to bank that change, always remain the same. Hubco was conceived during the days of Gen Ziaul Haq, continued with Junejo and survived Ms Benazir and Mian Nawaz Sharif alternately twice. Banks demand infidelity insurance from private security companies against infidelity of their guards. We seriously need to take out infidelity insurance on our negotiators and given their abysmal track record, indemnity insurance on the country’s financial future as well. Whatever the good intentions of the present military regime, any future government is going to conclude what this government concluded in the beginning, someone gave away the farm in the country’s name. As Augustus Ceaser commented about Marc Antony on his giving away half the Roman Empire to Cleopatra, “he gave away to his mistress what was not his to give”.

    Western nations do not condone money-laundering but their laws are contradictory. One can understand their need to protect the rights of their own citizens (confidentiality in this case) but why should they protect those non-citizens who have transferred large amounts of capital into accounts as well as assets without being able to prove the origin of income? Being serious about “corrupt practices”, it is in their interest to enquire into the means of such “corrupt practices”, particularly to ascertain if any of their corporate entities or citizens were involved in any manner. Moreover, if the individual has not paid taxes in his own country of origin or host country, then why are the laws of the land of his host country, not being applied? When Moinuddin Khan was Chairman CBR, the British Income Tax Authorities requested confirmation whether a person had paid money over to individuals in Pakistan equivalent to about Rs 100 million that was so declared in a particular company’s Corporate Tax return in UK. One of the individuals paid, a senior officer serving on contract after retirement, approached Mr Moinuddin Khan and remonstrated about his pursuing the matter. Did the British authorities ever raise the question again or did they also give way to “discretion”? A lot of the looted money goes to Switzerland, Liechtenstein, Cayman Islands, the Channel Islands, etc and other such money havens. Yet because the money has to be spent somewhere, a good amount goes to the USA and UK, whether in acquiring real estate, businesses, making investment or just living the good life of a gentleman squire. In this high-tech world, it requires little effort to electronically trace out the “smoking trail”. Those who matter in the country know who was involved in the money being spirited away from Pakistan.

    Money can hardly be carried away in large suitcases, however large the suitcases. The money has to travel along electronic money transfer route through various financial institutions. Such transactions cannot take place without management and intricate control by senior bankers. During the mid-80s Chase Manhattan in Pakistan employed a very prominent person who was not really into banking but was quite influential in government, political and business circles. For want of a better name he was called “a private banker”. And he had clout and why not, he was the private banker to politicians, bureaucrats, servicemen, businessmen, waderas, saint-landlords, etc? When the head of Citibank, was questioned in front of a Committee investigating money-laundering by US banks, the answers he gave very intelligently circumvented the truth. He called one of Citibank executives an “idiot” for opening a particular account knowing it to be tainted but conveniently forgot to name the “idiot”. And that “idiot” almost became head of a bank in Pakistan recently! Let me quote from the Committee’s report, “to open an account in a private bank, prospective clients usually must deposit a substantial sum, often $1 million or more. In return for this deposit, the private bank assigns a “private banker” or “relationship manager” to act as a liaison between the client and the bank, and to facilitate the client’s use of a wide range of financial services and products. These products and services often span the globe, enabling a client to make use of a variety of corporate, investment and trust vehicles, estate and tax planning, and other financial services. In essence, private banks seek to provide global wealth management for the wealthy. Private banks typically charge fees based upon the amount of client “assets under management,” and the particular products and services used by the client. These fees can exceed $1 million per client each year” Unquote. Rumours are that “the idiot” managed 65 individual accounts from Pakistan alone. It would be nice if someone who is already under oath and knows the names discloses them.

    Why not list the bankers who have been close to the men and women in power in Pakistan since Gen Ziaul Haq partially restored democracy in 1985? This exercise should not take more than a day. And if we do not find at least half a dozen bankers common to all, present one included, I will apply for a change of name. What is shocking is that those in power know this and still choose to look the other way. Maj Gen (Retd) Naseerullah Khan Babar, former Governor NWFP and PPP’s Federal Interior Minister, is a man whose credibility is unmatched at any level, not many more blunt, honest and forthright men have been born in Pakistan. He openly names two bankers he was about to arrest but was prevented from doing so. Both are thriving today, albeit in different stations in life, with all due respects this is at the expense of the poor, miserable people of Pakistan, condemned to virtual servitude for the next millenium by their “facilitation” to the corrupt provided by these bankers.

    Among those successfully charged with financial misdemeanor and jailed by NAB, how many are bankers? Like the river those who facilitated financial crimes go on forever? If history is a good witness, they will always remain in and around the rulers of the country. The common thread to our debt burden for the coming millennium is the lack of morals and conscience of the private bankers of the world. Do we have the moral courage to confront such Trojan horses?

    Mr. Ikram Sehgal is Publisher and Managing Editor of Defence Journal (Pakistan). He was Chairman APSAA for the year 2000, now acting in adhoc capacity pending elections for the year 2001.

    Back to Top 

    Like this ? Vote for it to win in MMN Contest

    • TAGS
    • about
    • abroad
    • accept
    • account
    • accounts
    • acting
    • after
    • again
    • against
    • almost
    • alone
    • along
    • already
    • always
    • among
    • answers
    • applaud
    • apply
    • around
    • arrest
    • authorities
    • babar
    • banking
    • banks
    • based
    Facebook
    Twitter
    Pinterest
    WhatsApp
    Linkedin
    ReddIt
    Email
    Print
    Tumblr
    Telegram
    Mix
    VK
    Digg
    LINE
    Viber
    Naver
      Previous articleKnow Thy Palestine
      Next articleParallels between Israelis and Afrikaners are uncanny
      Ikram Sehgal
      Ikram Sehgal

      RELATED ARTICLESMORE FROM AUTHOR

      Jerusalem Israel Palestine Dome of The Rock Golden Dome

      The Abraham Accords undermined much-needed peace with Palestinians

      World Map

      Global disturbing disparities

      Globe Algeria Niger Mali Africa

      There is always a price to pay for befriending the Zionists

      Google Search

      MMN @ Google Play Store MMN @ Amazon Appstore

      MMN @ TwitterMMN @ FacebookMMN Feed

      EDITOR PICKS

      Progressives Must Fight With -- and In -- the Democratic Party

      Steps Left for Electing Progressives and Defeating Republicans in the Midterms

      August 31, 2022
      Tax Revelations and Corporate Media Won’t Defeat Trump

      Nancy Pelosi Could Get Us All Killed

      August 1, 2022
      Tax Revelations and Corporate Media Won’t Defeat Trump

      ‘Fortress Mentality’ Among U.S. Leaders Has Trapped Us in a Cycle...

      July 25, 2022

      POPULAR POSTS

      Top 6 thủ môn Real nổi tiếng được nhiều người yêu thích

      Top 6 thủ môn Real nổi tiếng được nhiều người yêu...

      May 27, 2023
      167

      The Origin of Freemasonry: The Crusaders & Templars

      April 23, 2003

      Sharon to Peres: We Control America

      November 20, 2001

      POPULAR CATEGORY

      • Perspectives13563
      • News7531
      • World6105
      • Asia4338
      • Africa1648
      • Columns1370
      • Health1071
      • Australasia1017
      • Articles786
      ABOUT US
      Media Monitors Network (MMN) is a non-profit, non-partial and non-political platform for those serious Media Contributors and Observers who crave to know and like to help to prevail the whole truth about current affairs, any disputed issue or any controversial issue by their voluntary contributions with logic, reason and rationality.
      Contact us: [email protected]
      FOLLOW US
      Facebook Twitter
      • About MMN
      • Disclaimer
      • Privacy Policy
      • Terms and Conditions
      • Contact
      Copyright © 2000 - MMN International Inc. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.
      All other brands, logos, and product names are registered
      trademarks or service marks of their respective owners.
      ResponsiveVoice-NonCommercial licensed under 95x15
      MORE STORIES
      WHO issues first global guideline to improve pregnancy care for women with sickle cell disease

      WHO issues first global guideline to improve pregnancy care for women...

      June 18, 2025
      Power of football inspires team effort towards development goals

      Power of football inspires team effort towards development goals

      June 18, 2025