2013 pakistanis rich list.pdf
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1. 2013 Pakistanis Rich List
Short-listing Pakistan's most influential business magnates & groups has never been an easy task because there are the people who have been very powerful in nearly every regime that has held this country's reins since the last 65 years and then we have had those seasonal species that manoeuvred their voice to be heard better than most within the power corridors, but later vanished into the oblivion for one reason or the other. We have selected only those tycoons who have made their presence felt for a better part of country's history & around the world, have earned consistently, have been setting up units at regular intervals or have been legends in stocks, currency or real estate business. The list excludes many names that have previously qualified and all of Pakistan's most prominent feudal land lords, who would definitely make it to the top 10, expect the few land owners which have declared their assets and work force and registered with the CBR Islamabad. Unfortunately, our extensive research does not currently include the names of a few stars that shone brightly amidst the galaxy of the influential creed of yesteryear like C.M.Latif of BECO- the Steel Man of Pakistan- who did make a lot of name once, but then got gifted with contentment somehow, although the late business wizard got very badly hit by Bhutto's nationalization of 1970 which had inflicted an astounding thud to everybody in business then. Had it not been the case, many of our tycoons may well have managed to gain the kind of status greeting the likes of Birlas and Tatas in India today, if not the one saluting Bill Gates or Warren Buffet. Among these gifted individuals, you will find politicians-turned-businessmen, businessmen-turned-politicians or even the businessmen-cum-politicians. With malice towards none and with no intention to decorate somebody, we thus take the pride of announcing these names. We hope this document will go a long way in serving as the most authentic endeavor of its kind for a very long time to come. It has been prepared very carefully in consultation with leading real estate barons, stock moguls, and business leaders of virtue and senior bureaucrats at the Central Board of Revenue. Following is the list of the top richest families in Pakistan and overseas Pakistanis at the moment. It is an interesting read and does seem like that if not 100%, then it must 80% correct. Many families such as ARY and Giga gave the government of Pakistan huge interest free loans when it was on the brink of default after the sanctions imposed due to the nuclear tests almost crippled Pakistan. The Nishat Group Mian Muhammad Mansha Yaha Pakistan / UAE / UK Worth: 2.5billion, Industry: Banking, Textile, Hospitality, & Investments Mian Muhammad Mansha (above) is a prominent industrialist and entrepreneur who is officially the richest man in Pakistan. Born in Rawalpindi to a wealthy Chiniot family, his privileged upbringing allowed him to enjoy an early business education at an elite university. He formally joined the family business after completing his studies in London. Mr Mansha has catapulted to the top of Pakistan's richest families from the 15th position in 1970 and 6th in 1990 because of combination of factors such as his marriage to Naz, who is part of Saigol dynasty. Like several other Chinioti businessmen, Mansha had worked in a leather business in Calcutta (India) before moving to Pakistan in 1947. It was in Calcutta that Mansha developed a rapport with Naz Saigol which led to their marriage in 1970. Mian Muhammad Mansha has a preference for only the finest tailors made clothing from London. He is often seen donning handmade suits from Savile Row. When visiting London his other favourite boutiques include Gucci, Chanel and Harrods. Mian Mansha's conglomerate greatly benefited from the privatization drive of the 1990s. Through this period, he made a number of acquisitions and buy-outs, including engineering at least one hostile takeover. When the dust settled, Mansha had acquired a controlling position in Adamjee Group, the country's largest non-life insurer, and D.G. Khan Cement, previously owned by the Saigol family. While going through these large acquisitions, he was simultaneously expanding his Nishat Textiles segment, Nishat Textiles is Pakistan's largest fabric mill.
But all these achievements, perhaps, play third fiddle to Mansha's master-stroke: the acquisition of one of Pakistan's most profitable banks, MCB Bank Limited. Competing with several other bidders in a privatization process, there were several challenges to overcome, but ultimately he persevered. Under Mian Mansha's watch, MCB has demonstrated flawless execution, admirable growth and has built one of the premier financial services management teams in the country. Mansha has proceeded to venture into new terrain, executing deals with state-owned WAPDA (Water and Power Distribution Authority) to sell excess power capacity installed at Nishat's various facilities. This led to the founding of Nishat Power, which is now going from strength to strength his son Qasim Mansha also laying important part in his decisions. MCB has also recently started a partnership with Maybank of Malaysia. Maybank now has a 25% share in MCB. The general perception is that MCB was privatized to Mansha and his associates because of his friendship with Nawaz Sharif. However, Mian Mansha feels that, investing in the shares of Muslim Commercial Bank (MCB) has been one of his biggest business slip ups. The privatization of MCB remains a mystery, till to date. Nawaz Sharif came into power on November 6, 1990, invited bids for the privatization of Muslim Commercial Bank (MCB) on 15 December 1990 and announced its privatization to successful bidder: Messrs Abdullah and others on 9 January 1991. The stories from the past suggest that five bids were received for Muslim Commercial Bank with Tawakkals and Adamjee, being the highest and second highest bidders. Adamjee who formed a joint venture with Yunus Brothers, perhaps the biggest Export Houses in Pakistan, had incorporated Muslim Commercial Bank in 1949. As previous owner, they had the first right of purchase but, third lowest bid by Messers Abdullah and others, a consortium comprising of 12 leading industrialists, mostly from the Punjab. Mian Muhammad Mansha was asked to match the highest bid and was declared the winner. The consortium which called itself the National Group consisted of many industrial groups and families. With $700 million in cash from MCB and another $300 million raised from international markets, Mansha has aspirations of acquiring an established bank in Indonesia and possibly even in the Middle East. MCB Bank already has international operations, and the Mansha group also owns an automobile leasing company in Kazakhstan. Further plans include major infrastructure projects in Pakistan, such as the construction of power plants and sea ports. Mian Mansha is the captain of this splendid ship having around 40 companies on board. Mansha, who owns the Muslim Commercial Bank as well, is now setting up a billion rupee ($ 17 m) paper sack project too. He is one of the richest Pakistanis around. Nishat Group was countrys 15th richest family in 1970, 6th in 1990 and Number 1 in 1997. Mansha is on the board of nearly 50 companies. Chiniotiby clan, Mansha is married to Yousaf Saigols daughter. He is deemed to have made investments in many bourses, currency and metal exchanges both within and outside Pakistan. He has had his share of luck on many occasions in life and has also been awarded Pakistans highest civil award by President Musharraf. He could have bought the United Bank too, but then who doesnt have adversaries. Nishat Group comprises of textiles, cement, leasing, insurance and management companies. If Mansha was bitten by Bhuttos nationalization stint of 1970, his friends think he was compensated by Nawaz Sharifs denationalization programme to a very good effect. Pakistan's first billionaire. Born during the tumultuous Partition winter of 1947, when his parents were among those Muslim families making the trek from India to Pakistan. His father and uncles jumped into textiles with Nishat Mills in 1951. Mian went to college in the U.K.; joined family business after graduation. Father died one year after his return. Eventually split with uncles and took over his family's business in West Pakistan decades ago. (The East Pakistan division later went bankrupt). His Nishat Group is now Pakistan's largest exporter of cotton clothes (for brands like Gap) and nation's largest private employer; also invests in power projects, cement and insurance. Smart bet in banking: Won a controversial bid for Muslim Commercial Bank during the country's privatization push in 1991. Sold more than half of his MCB shares for $900 million May 2008. Nishat group assets are $4.4Billion. He is sometimes even regarded as the richest Pakistani around by his friends claiming he does not "show it off". There is no stopping Mansha and he is still on the move. In 2004, Mansha's group and his preferred candidate were defeated by a margin of two votes in the
All Pakistan Textile Mills Association (APTMA). Mansha subsequently resigned from APTMA. According to his first interview to a foreign magazine, Mian Mansha stated that, "my net worth is about $4-5 billion." Indeed, there have been claims by many circles in Pakistan that the closely held group has a total capitalisation of nearly US$10 Billion (Rs. 800 billion). However, due to a mix of private and public companies in the group, it is not possible to accurately arrive at a definitive capitalization of sea ports. D.G. Khan Cement, which is part of Mansha's Nishat group, was once the target of violence by local people living near the factory. The issue was eventually resolved by discussions and increased security arou