Jahangir Siddiqui

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Jahangir Siddiqui is a Pakistani businessman and founder of Jahangir Siddiqui & Co. and JS Bank.

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Career

On May 15, 1962, with the support of his family, Siddiqui became a local distributor of ice cream and Coca-Cola. [1] In 1966, he completed a bachelor's degree in commerce, and began training as a chartered accountant in 1967. [1] His interest in stock markets eventually led him to start his own company in October 1971. [2] In 1971, Siddiqui founded Jahangir Siddiqui & Co. Ltd, which by growth and acquisition eventually became the JS Group of companies. [2]

To raise money to start the company after his father's initial refusal to lend him Rs 6,000 to start a business, Siddiqui secretly stole and sold his family's car to a junk dealer for Rs1,800, along with the family's two-year stock of wheat and coal, all of which were stored in the family's house at the time. [2] When discussing this start as a businessman, Siddiqui said, "Positive thinking distinguishes an entrepreneur from the rest of the crowd. He’s never deterred by difficult circumstances.” [2] By the time he retired from the company in 2003, JS Group comprised a range of businesses with over 18,000 employees. [2]

Siddiqui and his wife Mahvash went on to found the Mahvash & Jahangir Siddiqui Foundation, a charitable, non-profit organization [3] focusing on healthcare, education, sustainable development through social enterprise and emergency relief in Pakistan. [4]

Land allegations

In December 2010, Siddiqui was placed on the Exit Control List (ECL) for alleged land grabbing in Karachi which alleged that Jahangir Siddiqui had illegally occupied a plot of 1,000 square yards in Karachi in connivance with the owner of an estate agency, using forged documents. [5] [6] Additional Executive District Officer (AEDO) Revenue Mustafa Jamal Qazi maintained that it had become a practice that land that was awarded to the government was being grabbed by "land mafia...for its vested interests." [5] Pakistan's Anti-Corruption Establishment arrested several in conjunction with the case in December. [7]

Siddiqui sued a group of individuals, including the Anti-Corruption Establishment director and a member of EDO Revenue for defamation, indicating that the Citizens-Police Liaison Committee had evaluated land in 2001 and found the ownership of the property legal. [8] In response to the defamation claim, the Sindh High Court issued notices to the defendants, and they were summoned to appear before the court on 5 January 2011. [9] The court issued a restraining order preventing the defendants from "media attack" pending settlement of the matter. [8] The Pakistan Observer characterised these events as a "character assassination campaign" against Siddiqui. [10]

On 29 November 2011 the court ruled that the allegations were "false and baseless" and that such cases should not be filed in the future. [11]

Personal life

He is the brother of the television director, producer and businessperson Sultana Siddiqui, [12] and the uncle of her son, businessman Shunaid Qureshi. [13] Jehangir Siddiqui's son Ali Jehangir Siddiqui is also involved in the family's businesses. Another son is married with Mir Shakil-ur-Rahman's daughter. [14]

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References

  1. 1 2 "Pakistan Times! » A self-made Jahangir Siddiqui: In the Beginning". Archived from the original on 2014-11-07. Retrieved 2014-11-07.
  2. 1 2 3 4 5 Alam, Kazim. "JS Group: the empire built by selling the family car". The Express Tribune . Retrieved 2014-02-02.
  3. ↑ "Mahvash & Jahangir Siddiqui Foundation". Usindh.edu.pk. Archived from the original on 2012-04-15. Retrieved 2014-02-02.
  4. ↑ "Time to Give: Pakistan Needs the World's Help". Charity-charities.org. 2010-12-24. Retrieved 2014-02-02.
  5. 1 2 Land grabbing scam, Qadeer Tanoli, The News, Thursday, December 09, 2010. Thenews.com.pk (9 December 2010).
  6. ↑ Jahangir Siddiqui’s name in FIR for land grabbing, Imran Hafeez, The Tribune, International Herald Tribune, December 8, 2010. Tribune.com.pk.
  7. ↑ CDGK official gets bail in land scam case, Dawn News, December 13, 2010. Dawn.com (14 December 2010).
  8. 1 2 Jahangir Siddiqui Case Politically Motivated. Tribune.com.pk.
  9. ↑ Defamation: Jahangir Siddiqui sues for Rs5b, The Express Tribune, January 1, 2011. Tribune.com.pk (1 January 2011).
  10. ↑ Harassment of a Role Model, Pakistan Observer [ dead link ]
  11. ↑ ePaper. The Nation (27 March 2012).
  12. ↑ "Jahangir Siddiqui fears losing seats on JSCL Board". News Recorder. 2013-11-25. Archived from the original on 2014-02-03. Retrieved 2014-02-02.
  13. ↑ "Jahangir Siddiqui disown Sultana Siddiqui (Sister) and Shunaid Qureshi (Nephew)". Waqt News . YouTube. 2013-04-10. Retrieved 2014-02-02.
  14. ↑ "The Mir Family". pakistan.mom-gmr.org.
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