Asad Ali Shah Profile picture
Dec 15 6 tweets 3 min read
Clear example of collapse of country's banking, regulatory, investigative & legal systems. Not just default, but massive frauds perpetrated by sponsors/ mgment: banks, regulators, investigators remain silent spectators. Why? 1/6
profit.pakistantoday.com.pk/2022/12/12/has… via @Profitpk
2. Nearly 60 bln unsecured loans provided by banking sector to #Hascol based on hype created by mgmnt, fraudulent fin reporting. Is there any assessment why & how banks provided such large loans without proper understanding & due diligence of the compny & its business? 2/6
3. Clear & established case of fraud & fraudulent reporting. Why banks remain indecisive in prosecuting perpetrators of fraud? How can they trust the same mgment for restructuring to jeopardize new investment & loans? 3/6
4. Why are regulators indecisive & helpless in taking concrete & timely decisions. Fraud came to fore in 2019, but no investigation or decisive action by @SECPakistan for years. 4/6
5. After delay of yrs, SECP appointed virtually an unknown firm to undertake investigation few months back, but stalled by a status quo order of SindhHighCourt. This has been the predicament of virtually all actions of SECP. Why our courts do not allow regulatory actions? 5/6
6. #Hascol fraud, after its reporting in media, was taken up by Senate Committee & #FIA initiated its investigation. However, result, like so many such occurrences, remains zero. Why? 6/6

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More from @Asad_Ashah

Aug 23
4) progress considerably slowed, as Mr. Naqvi, otherwise highly competent & eminent professional, was unwell-for same reason, he resigned last yr May. For 6 months thre was no Chairman of the board. With appointment of curnt chairman, there hv been meetings, but wth limited n/4
5) to deal wth urgent issues, not full agenda. I understand Chairman also concerned on state of SECP. Threfore, consider PB’s oversight function, owing to very few meetings/interactions fr last 2 yrs hv been inadequate, poses serious risk due to condition described below n/5
6) It is now over 6 months the Commission has been functioning wth just 2 Commissioners, means it is effectively being managed by Chairman, as he has the casting vote. In these circumstances, all Commission decisions would require n/ 6
Read 16 tweets
Aug 21
Comments on current disastrous situation in Sindh caused by devastating rains & complete collapse of administrative machinery:

No doubt quantum of rains in Sindh- Karachi to Kashmore- this yr are unprecendented 🧵 1/n
2) Administration- starting wth Prov Govt- public health & local govt, Provnl Disaster Mgment Authority (PDMA), divisional & district admins wre ill prepared for such disaster- so no surprise they hv done very little to alleviate damage & suffering caused to affected people. n/2
3) Frankly, there are either no or highly flawed drainage systems in most urban & rural areas in Sindh, caused rain water to accumulate in streets, houses & fields. There were very few dewatering/pumping machines & related equipment to drain out water that has accumulated. n/3
Read 14 tweets
Jun 22
1) Finally, seems IMF progm being shortly revived, wth more taxes.
GDP growth to slow down-may be 3%- more increase in petrol prices & utilities- significantly higher inflation may be 15%. In this 🧵 I cover 2 strategic options country has to choose n/1
dawn.com/news/1696100/l…
2) With #IMF revival, default averted in near term, but economy to remain in #ICU . How will the govt address fiscal & currnt acnt deficits, ensure servicing of huge stock of external debt, improve forex reserves, enhance exports & restore investor confidence? n/2
3) How will the energy crisis, its mounting debt, SOE crisis be addressed? How will we improve our human development indicators?
Above 3 questions require major change in mindset wth regard to governance & public financial management . n/3.
Read 5 tweets
Feb 12
1) Massive criticism & heartburn over performance evaluation of Ministers introduced by @ImranKhanPTI - reflects following realities a) Despite serious limitations & weaknesses- it is an excellent 1st step to improve performance & service delivery; 1/4
gulfnews.com/world/asia/pak…
2) b) politically, was highly counterproductive for a coalition govt wth small majority- already facing risk of impending no confidence; c) no brainer- when you reward 10 out of 55, remaining 45 will deeply resent & fight back; 2/5
3) d) no matter how good or bad was the performance management system, it had huge risk of annoying large number of non performing ministers- thus creating huge risk for further dissensions in an already divided party; 3/5
Read 5 tweets
Jun 6, 2020
1) Pak Steel became profitable frm 2002/3 to 2007/8, not because of any special mgt skills, but because steel prices continously went up in that period, & everone in steel, from Tatas to Mitals made huge profits.
2) Global financial crisis caused the steel prices to crash in 2008/09 which mgt and board cud not understand. They kept importing pig iron, as they were used to increase in prices, with result, they incurred loss of 28 biln, wiping out all profits made in previous 5 yrs.
3) It was simply stupid to have steel trading busines- steel commodity in public sector. If this was privatised in 2006 it wud have saved over Rs. 500 biln worth of tax payers money. If this investmnt was facilitated in pvt sector, it cud have benefited the economy by 10 times
Read 4 tweets

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