Evaluation of Sharif assets soon
By Sajid Iqbal
LAHORE, Dec 10: A valuation committee, comprising chartered accountants and a representative of the government, would determine the total worth of industrial units, agricultural land and other assets surrendered by the Sharif family to clear its liabilities, sources told Dawn on Sunday.
Chartered accountant firms have already been identified but the government has yet to nominate its representative. The committee will start deliberations next week and will take a couple of weeks to complete its work. Most of the assets surrendered by the Sharif family are expected to be liquidated after the valuation process gets completed.
Sources familiar with the business interests of Sharif family say that Hudaibia Paper Mill and Hudaibia Engineering are the only two industrials concerns surrendered by Ittefaq Group to the government. The administrative control of both the units was handed over to the government on Sunday.
The Sharif Medical City and Educational Complex will also be surrendered shortly. "These are welfare projects and are unlikely to be liquidated. There will, however be a change in the board of trustees," sources said. Bhopattian farm, agriculture land in Raiwind and Multan and 180/181-H, Model Town, the residence of the Sharif family will also be handed over to the government. However, the Sharif family residences in Jati Umra will be retained by them.
"Ramzan Sugar Mill (Chiniot), Chaudhry Sugar Mill (Gojra) and Mehran Ramzan (Manga Road) will remain with the Sharif family and their affairs will handled by Hamza Shahbaz Sharif," the sources said.
Hamza Shahbaz will be the only member of the Sharif family who will continue to live in Pakistan. Salman Shahbaz, the younger son of former Punjab chief minister Shahbaz Sharif, is expected to leave for the United States within a week or so to pursue his undergraduate studies at Boston University.
Meanwhile, Ittefaq Group has resorted to a large-scale layoff of senior executives and managers.(Dawn, Dec 11 2000)
