LAHORE: Zulfiqar Mirza has admitted on television that he secured a loan in violation of rules from a bank, on the basis of political influence, to set up a sugar mill which he owns. Credit must be given to him for at least accepting that he has committed a wrong. The same unfortunately cannot be said about others, who claim to be clean and virtuous and act holier than the Pope.
A loan taken from any bank without equity is in violation of rules and hence an irregularity. Such loans have been given in the past and continue to be given and, in most cases, they end up in default. This started in the 1960s when Ayub Khan abused his authority so that one particular businessman could secure a loan without sufficient equity to purchase a company. Families who did not own a house before Partition, strangely enough, ended up getting allotted in their name expensive real estate and agricultural lands. With their newly-acquired wealth they then proceeded to procure political power and nurtured a culture in this country where corruption thrived without any fear of accountability.
Financial crimes and bribery are now considered the perks of political power, or the right of those holding public offices, including paid servants of the state. In Pakistan, such irregularities have become the norm and are now considered legitimate since those who are paid, or elected, to serve as custodians of the law indulge in them. This is compounded by our business community, most of which refuses to pay its fair share of taxes.
We either enforce the rule of law, or we become another Somalia or Afghanistan.
Malik Tariq Ali
Published in The Express Tribune, November 21st, 2011.
