CEO of Islamabad's Centaurus Mall cries 'political victimization' after building sealed

The image posted on December 23, 2018 shows Centaurus Mall in Islamabad, Pakistan. (Centaurus Mall/Facebook)
Short Url
Updated 06 December 2022
Follow

CEO of Islamabad's Centaurus Mall cries 'political victimization' after building sealed

  • Sealing happened morning after AJK PM, whose family owns mall, sparred with PM Sharif
  • CDA spokesperson says mall sealed due to violation of building rules, illegal construction

ISLAMABAD: The Capital Development Authority (CDA) on Tuesday sealed Islamabad’s Centaurus Mall, a move that has been widely viewed as “retaliation” by the Pakistan government a day after the prime minister of Azad Jammu and Kashmir, whose family owns the mall, sparred with Prime Minister Shehbaz Sharif at an official event. 

In videos shared on social media, Sardar Tanveer Ilyas is heard asking Sharif questions about what his government had done for Kashmir. The exchange took place at the inaugural ceremony of the refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant on Monday.

Sharif, who was about to conclude his speech at the event, is seen gesturing and asking the AJK premier to retire to his seat.

The following day, traders and employees of the mall arrived for work to find a notice pasted on the door saying the premises had been sealed on account of building and other violations.

“Basically, there was some hard talk between prime ministers of AJK and Pakistan at an event which took place in Mangla and subsequent to that hard talk as retaliation the government gave instructions to CDA to seal the building at 3am at night,” chief executive officer of Centaurus Mall, Sardar Yasir Ilyas, told Arab News. “I am surprised that a business is being politically victimized.” 

Yasir is the younger brother of the AJK PM and the mall is owned by their father Sardar Ilyas Khan.

“You are draining an international project which will compromise the confidence of local and overseas investors,” he added. 

Ilyas said the closure would cause billions of rupees in losses of general sales and income tax because all the shops at the mall were linked with the Federal Board of Revenue system.

How was the mall functioning for nearly a decade if it did not conform to building rules, the CEO asked. 

“This project is running since 2013 so how you can close it overnight without giving any notice, without giving any warning,” Ilyas said. “And you are sealing it at 3am in the morning, so this means you have mala fide intentions.”

A CDA spokesperson, however, said the mall was being sealed due to non-compliance and violation of building rules.

“The mall is not sealed due to any political motive as we have already served so many notices to them since 2021,” CDA spokesperson Asif Ali Raza Shah told Arab News. 

“It is not only this mall but last month we issued notices to almost 600 buildings in the capital city.”

“As it [Centaurus] is a sensitive and very crowded place, we have to ensure implementation of the laws, otherwise the media and court will ask from us,” Shah added.

The CDA notice issued to the mall says the building management had “illegally” constructed offices and a training center and a storage facility in the basement of the building which was reserved for parking space. It also said it was illegally charging parking fee from the public.

Atta Tarar, ruling party leader and special assistant to PM Sharif, said the Centaurus Mall had been issued four notices, two of them during the last government’s tenure, over violations and failure to conduct building inspections.


Pakistan, Saudi Arabia and Uzbekistan ink ‘landmark’ agreement to promote trade, investment

Updated 16 min 26 sec ago
Follow

Pakistan, Saudi Arabia and Uzbekistan ink ‘landmark’ agreement to promote trade, investment

  • As per agreement, Uzbekistan’s largest bank and a Pakistani firm will support investors in all three countries
  • Partnership to attract foreign investment particularly in key sectors of energy, infrastructure and agriculture

ISLAMABAD: Pakistan, Saudi Arabia and Uzbekistan have signed a “landmark” partnership agreement to boost economic cooperation and create new opportunities for investors in the region, Pakistan’s state-run television reported on Tuesday.

As per the terms of the agreement, Uzbekistan’s largest bank Ansher Capital will work closely with KASB Securities Limited (KASB), a leading Pakistani stock and commodity brokerage firm, to provide financial advisory and corporate finance services to investors in all three countries, the state media said. 

Both firms will support investors and traders in Pakistan, Uzbekistan and Saudi Arabia by providing expert guidance on navigating financial markets, the Pakistan Television (PTV) said. 

“In a significant development, Uzbekistan, Pakistan, and Saudi Arabia have signed a landmark partnership agreement aimed at promoting investment and trade between the three countries,” PTV said. 

“The partnership is expected to expand the market and attract foreign investment, particularly in key sectors such as energy, infrastructure, and agriculture.”

The report said that the agreement is also expected to strengthen trade ties between the three countries, with a focus on increasing trade volumes and promoting economic integration. 

“The partnership will enable businesses to tap into new markets and access new investment opportunities, creating jobs and driving economic growth,” PTV said.

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top destination for remittances to the cash-strapped South Asian country.

Saudi Foreign Minister Prince Faisal bin Farhan arrived in Pakistan last week for a two-day visit aimed at strengthening bilateral economic cooperation and pushing forward previously agreed investment deals. Pakistan has said it pitched investment projects worth $30 billion to Riyadh during Prince Faisal’s visit.

Islamabad has sought trade and economic partnerships with bilateral partners and allies as it seeks to navigate a macroeconomic crisis that has seen its reserves plummet to historic lows and its currency weaken significantly. 


Pakistan’s finance minister says new IMF loan agreement targeted for early July

Updated 31 min 50 sec ago
Follow

Pakistan’s finance minister says new IMF loan agreement targeted for early July

  • The quantum and duration of new loan is still not clear, though the government wants at least a three-year program
  • Muhammad Aurangzeb says the modalities of the new loan will be thrashed out with an IMF delegation next month

ISLAMABAD: Pakistan’s finance minister Muhammad Aurangzeb said on Tuesday the country planned to discuss the contours of a new loan program with an International Monetary Fund (IMF) delegation next month while hoping to reach a staff-level agreement with the global lender by early July.

Pakistan secured a $3 billion IMF bailout last year to avert a sovereign default and hopes to receive the final tranche later this month. However, the government wants a fresh IMF loan since the country continues to face tough economic challenges and plans to implement structural reforms.

“We are still hoping that we can get into a staff-level agreement by the time June is done or early July so that we can move on,” the finance minister said while addressing a news conference.

He informed he had had good discussions with IMF and World Bank officials during the spring meetings held by both international lending organizations in Washington.

Aurangzeb maintained it was not right to say that the IMF was imposing strict conditions on Pakistan since the country needed to carry out reforms on its own to strengthen its economy.

“This is Pakistan’s program which is helped, supported, assisted by the fund,” he said. “This is how we have to see it since this is the way ownership will come.”

He said the quantum and duration of the new IMF program was yet not clear, though the government wanted to secure at least a three-year loan package.

Both sides have said they were already in discussions for the new loan.

A formal request, however, will be made once the current facility expires, with the IMF board likely to meet late this month to approve the second and last tranche of the current support scheme.

The economy is expected to grow by 2.6 percent in the fiscal year 2024, the finance minister said, adding that the inflation was projected at 24 percent, down from 29.2 percent in fiscal 2023.

It touched a record high of 38 percent last May.

Aurangzeb said structural reforms would include increasing the government’s tax revenue-to-GDP ratio to 13 percent to 14 percent in the next two or three years from the current level of around 9 percent, reducing losses of state-owned enterprises through their privatization, and better management of the debt-laden energy sector.

With input from Reuters


Pakistan refiners warn $6 bln upgrades at risk due to fuel price deregulation plan

Updated 23 April 2024
Follow

Pakistan refiners warn $6 bln upgrades at risk due to fuel price deregulation plan

  • Regulatory authority proposes oil marketers, refineries be allowed to set prices instead of government 
  • Refiners demand they be consulted before the implementation of “irrational recommendations”

KARACHI: Pakistan’s plans to deregulate fuel prices could lead refiners to halt planned upgrades worth up to $6 billion and force some refineries to close, some of the country’s top refiners said in a letter to the country’s oil regulator.

Looking to drive down prices for consumers, the South Asian nation’s Oil & Gas Regulatory Authority (OGRA) has proposed that oil marketers and refineries be allowed to set fuel prices, instead of the government setting prices.

As part of the change, OGRA proposed scrapping or reviewing a rule that requires fuel buyers to purchase supply from local refineries, another issue the refiners said could result in “disastrous consequences.”

The refiners — state-run Pakistan Refinery and private domestic refiners Pak Arab Refinery, Attock Refinery, Cinergyco, and National Refinery — said they were already struggling to operate near full capacity and asked that they be consulted before the implementation of “irrational recommendations.”

“The refining sector requires OGRA support through pragmatic and supportive measures, rather than suggesting ways that if implemented would result in their permanent closure,” the refiners told OGRA on Monday in a letter, which was reviewed by Reuters.

The deregulation was aimed at boosting competition and protecting the public interest, OGRA told Reuters in a statement on Tuesday, but did not respond to specific questions on the letter from the refiners. However, it said in an April 17 presentation reviewed by Reuters the potential impact of deregulation on refinery upgrades had to be assessed carefully, calling it a challenge.

“The refineries upgradation will bring in investment of $5 — 6 billion and not only result in cleaner environment friendly fuels but also result in savings of precious foreign exchange of the country,” the refiners wrote in the letter to OGRA.


Pakistan hopes to get new IMF loan by early July, says finance minister

Updated 23 April 2024
Follow

Pakistan hopes to get new IMF loan by early July, says finance minister

  • Pakistan’s current $3 billion financial arrangement with IMF expires in late April
  • Islamabad is seeking “bigger,” long-term loan to ensure macroeconomic stability

Pakistan is hoping to reach a staff-level agreement with the International Monetary Fund by June or early July, its finance minister said on Tuesday.

The country’s current $3 billion arrangement with the fund runs out in late-April, which it secured last summer to avert a sovereign default.

Islamabad is seeking a long-term bigger loan to help bring permanence to macroeconomic stability as well as an umbrella under which the country can execute structural reforms.

“We are still hoping that we get a staff-level agreement by June or early July,” Finance Minister Muhammad Aurangzeb told a conference in Islamabad.

He returned from Washington last week after leading a team to attend the IMF and World Bank’s spring meetings. “We had very good discussions in Washington,” he said.

He said he did not know at this stage the volume and tenure of the longer program.


Pakistan ‘rarely’ punished officials for rights abuses in 2023— State Department report

Updated 12 min 45 sec ago
Follow

Pakistan ‘rarely’ punished officials for rights abuses in 2023— State Department report

  • US State Department releases annual “Country Reports on Human Rights Practices” for the year 2023
  • Report says Pakistan witnessed extrajudicial killings, torture and restrictions on media freedoms last year

ISLAMABAD: Pakistan’s government “rarely” took steps to identify and punish officials who may have been involved in rights abuses in 2023, a report released by the US State Department said on Tuesday, pointing out incidents of extrajudicial killings, torture, enforced disappearances, violence against journalists and restrictions on media freedom had taken place in the country last year. 

US Department of State released its annual “Country Reports on Human Rights Practices” to highlight rights issues in several countries, including Pakistan. In the report, Washington identified that Pakistan last year witnessed arbitrary killings, extrajudicial killings, enforced disappearance, torture and “cases of cruel, inhuman, or degrading treatment or punishment by the government or its agents.”

“The government rarely took credible steps to identify and punish officials who may have committed human rights abuses,” the report said. 

Cases of “enforced disappearances” of citizens have long plagued Pakistan, where militants have waged a war against the state for decades. Families say people picked up by security forces often disappear for years, and are sometimes found dead, with no official explanation. Pakistani security agencies deny involvement in such disappearances.

The report also pointed out that last year Pakistan had seen incidents of restrictions on freedom of expression and media freedom, violence against journalists, unjustified arrests, disappearances of journalists, censorship and criminal defamation laws. 

Pakistan’s recent actions to restrict Internet and mobile services throughout the country, especially on days when elections are held, have invited criticism from rights organizations and Washington. The interior ministry last week confirmed it had banned social media platform X in February to protect national security, maintain public order, and preserve the country’s “integrity.”

The State Department report further pointed out that rights issues in Pakistan during 2023 included extensive gender-based violence, including domestic or intimate partner violence, sexual violence, early, child and forced marriages. It said Pakistan had also reported incidents of female genital mutilation and crimes involving violence or threats of violence targeting members of religious, racial and ethnic minorities. 

The report added that violence, abuse and social and religious intolerance by militant organizations and other non-state actors, both local and foreign, contributed to a culture of lawlessness in the country. 

“Terrorist and cross-border militant attacks against civilians, soldiers, and police caused hundreds of casualties,” the report noted, crediting Pakistan’s military, police and other law enforcement agencies for carrying out “significant campaigns” against militants last year. 

The South Asian country has seen an uptick in violence, mainly suicide attacks, since November 2022 when a fragile truce between militants and the state broke down. Pakistan has since then carried out military operations against the Pakistani Taliban or the Tehreek-e-Taliban Pakistan (TTP) and a Baloch separatist militant organization, the Balochistan Liberation Army (BLA) in the country’s two western provinces that border Afghanistan.