Whether the business is being done by private institutions or the government, there are stories of irregularities or corruption somewhere. In Pakistan, there are many business enterprises of the government, while many enterprises were sold by the government after seeing the failed situation after nationalization, while many enterprises were sold to private companies despite being profitable. MCB Bank which was once a Muslim Commercial Bank, better known as Habib Bank Answers HBL, was not making losses but was sold by the Govt.
Corporate governance in Pakistan is also weak due to the interference of influential institutions of the government and prominent names of politics in such institutions. Political parties made over-employment in government enterprises to strengthen their trade unions, due to which those enterprises went into losses, now the government wants to sell them. There was a fraud in the DHA Phase IV branch of MCB Bank some time ago when the operation manager there had invested the money of the account holders in betting on cricket but the fraud was caught. Similarly, in MCB Bank, Bahria Town Branch, Lahore, some bank officers fraudulently withdrew money from the account of a senior citizen, but the bank retired its manager. Recently the officers of Creek Marina Project through Meezan Bank and Silk Bank did money laundering of 30 billion, FIA Commercial Crimes Circle has also registered an FIR on it, some of the responsible persons have also been arrested. But it is surprising that State Bank of Pakistan has not yet taken any action against Meezan Bank and Silk Bank. FIA officials say that hundreds of cases of corporate crime are pending. Things seem to be much worse in the commercial sector.
In Pakistan, regulatory authorities, SECP, State Bank are institutions that can play an important role in controlling corporate crimes, but there too things look very bad. SECP does not try to make corporate governance, good governance, the avenues of covert corruption are open so there is no harmony between employees and owners in many private enterprises. Well, every company has its own duty to keep moral values in mind and follow good traditions in business.
State Bank is giving open concessions to commercial banks. Commercial banks have increased the banking charges a lot. A lot of money is being charged in the name of the credit card. Crores of rupees are collected in the name of annual fee. Similarly, debit card fees and charges have become very high. State Bank did not hold public hearings on commercial bank issues to redress the grievances of account holders. Similarly, SECP also fails to make the system of board of directors of companies of high quality. In this regard, he should also redress the grievances of a public, shareholders and employees.
Pakistan’s judicial system is failing to deliver justice. Our rating in delivering justice around the world is embarrassingly low. Getting justice from the courts is beyond the reach of the common man. A ray of hope is the ombudsman institutions where problems can be resolved without fees. But their mandate is limited. Public complaints against the utility companies electricity, gas and telephone departments are endless. Although many people get relief, but many people do not get access to this system.
The crimes of power generating and selling companies in Pakistan are also increasing day by day. The defects in the policy of setting up of power plants are created by the government. According to the policy given by the Muslim League-N and the People’s Party, the IPPs set up power generating plants, till date there has been no independent audit in the energy sector. People have paid billions of rupees, but electricity, gas and petrol are being bought at high prices. To remedy this, it is necessary to audit the electricity companies.
The government is taking steps to improve the economy but is not correcting its policies. Law enforcement agencies are failing to prevent trafficking. FBR, Customs, Income Tax system is so corrupt that the corruption of police and politicians is nothing before them. In such institutions, officers are appointed with recommendations, to earn more money, which is a shame. Corruption is the most important reason in the development of Pakistan which has ruined all the institutions and economic system.
To put Pakistan on the path of real development, corporate governance has to be improved to control corporate crimes. Private enterprises are very important for the development of the country, they pay taxes to the government and also provide employment. But if they follow the path of crime, then destruction becomes destiny. Punishing crimes is one way, but eliminating the causes of crime is even more important. Improvements in both legal framework and law enforcement are essential. Along with this, by keeping “Ethics” and “Values” in mind, the path of crime is blocked.
Rather than creating new crime prevention institutions, reforming existing institutions may yield better results. Difficult decisions are very necessary to revive the economy in Pakistan, otherwise more losses are certain.