This is with reference to the press release of the the man who was instrumental in the debacle of the economy of the country in the 1970s, by virtue of being one of the architects of the inhuman catastrophe of nationalization. Recently he has begun a one-man crusade against the inflow of foreign investment in the country, especially in the energy sector. His latest tirade is against the HUBCO project.

Dr. Mubashir has come out with his own biased calculations on the 1292 mw power project which is coming up in full steam at a very advantageous location in the under-developed area of Balochistan. The manner in which the Doctor goes about in his statement shows a lack of knowledge about the world of international finance and the way agreements are put together in today’s volatile and fast moving environment.

Dr. Mubashir talks about the establishment of the Hub River Power Group in Cayman Islands, which according to him is a haven for tax-dodgers and other undesirable elements. Is it really necessary to incorporate a company in London, New York, or Paris ? There is no big deal to have a company registered in Caymans. It is always good to take full advantage of the tax-breaks offered anywhere in the world. This is one such company taking a perfectly judicious decision.

Dr. Mubashir has come up with his own figure of US$ 775 million for the plant and that, according to him, there is a massive over-invoicing of nearly US$ 800 million. Wow ! Has the good doctor flipped his lid ? What is he talking about ? Why would a company have to over-invoice this amount, when they are having even those companies as partners who are also supplying the equipments ? And, for crying out loud, the company is not a local enterprise managed by the Seths who want to skim away the cream. This is an international joint-venture, not a run-of-the-mill spinning plant being set up in Chunian.

Dr. Mubashir shrieks loudly about the fact that the Government of Pakistan is buying 4.64 million shares. So what ! NIT thinks as all good investors should contemplate, that this is a great buy. Doctor Sahib further talks about English and US laws applicable on this company. Balderdash ! What does all this prove ? Nothing new. Look at how many companies are involved and from different countries. Furthermore, it is the normal tendency of the policy-makers to mess up everything by changing course mid-stream. If the domestic entrepreneurs are fed up with these detours and get all worked up to go on strikes and shut-downs, what should a foreigner do with millions invested in this country ? Remember, the nation nearly got the label "terrorist country" affixed on her by Uncle Sam ! Not too long ago !

Dr. Mubashir also mentions in vivid detail the warning in the prospectus about the risks to the investment. This again demonstrates the apparent ignorance of the Doctor in the matter of agreements. If this clause was missing and if there in the future, there is some major problem, then the HRPG will expose itself to all kinds on fruitless and time-consuming litigation and court cases. It is always assumed that every investment carries the risk of loss. That is why Islam is so against the concept of interest and usury. Doesn’t the avuncular doctor ever read the fine print in agreements and deeds ?

Dr. Mubashir should also ponder over the fact that this project, i.e. the HUBCO project, is a blessing for the denizens of this nation. It has been the harbinger of foreign investment in to this country. US Secretary O’Leary came with a bag full of billions of greenbacks. Gordon Wu flew in from Hong Kong with his briefcase brimming with billions. And, the Japanese, French, British, Germans, etc are just around the corner waiting to come in with their satchels bursting with yens, francs, pounds, and marks. Comrade Doctor, this is the project which can change the destiny of the country for the benefit of the populace of Pakistan ! If you will only leave it alone.

Dr. Mubashir, the HUBCO offering of US$ 175 million organized by Morgan Grenfeld was over-subscribed by TEN TIMES ! ! That’s 1.750 billion smackers ! Does this tell you anything about the potential of this motherland, the land dreamt by Allama Iqbal ? This news should have been celebrated by this Government. Unfortunately, the Opposition’s Tehrik-e-Whatever kept the government busy in messing up things. Kharal, Haider, et al, should have zoomed up this item of importance. Alas, even Muneer of FPCCI and the supremo of OICCI were lacking in this respect too.

Dr. Mubashir, for your information, in the summer of 1991, in Washington D.C., this writer, in his meetings with officials of the World Bank, MIGA, lawyers, consultants and other knowledgeable people, was categorically informed that to bring foreign investment in Pakistan, the country had to "WAIT FOR HUB" ! This has been so remarkably proved with the MOUs signed recently in Islamabad. What a forecast !

Dr. Mubashir, you should know that WAPDA will get power a lot cheaper thru HUBCO then from any other project. This will be beneficial for the citizens and also for the country. Therefore, everybody should be delighted about it. And, for that matter, the involvement of the World Bank, CDC, etc speaks volumes about the viability of this project. And, for that matter, the investment offered by Brian Cheng is a big plus because of his being from a developing country in the Far East.

Dr. Mubashir is sincerely requested to keep his phobia regarding the "Yankee under every bed" syndrome, to himself and not thrust his version of doomsday scenarios on the innocent people of the country. The nation cannot afford to tread on the path of disintegration, isolation, and anarchy, the avenue being crafted by the Doctor in his vitriolic against the foreign investors. These vituperations should cease. Pakistan cannot bear to have citizens who are out to make a laughingstock of this country on international stage. The nation has already suffered the disaster of the Doctor’s medicine. Let this country now emerge from the Dark Ages and on to the road to prosperity. PLEASE DOCTOR: TAKE A LONG HIKE . ALONE !

( P.S. This writer is a patriotic industrialist who has nothing to do with HUBCO except planning to apply for the HUBCO scrip and hopes he is lucky to get it in the ballot ! )

Sincerely: