Ejaz Shafi's death condoled

Leading industrialist and Pakistan Muslim League (Nawaz) leader Ejaz Shafi, who was laid to rest at Karachi, a day earlier left behind two sons, two daughters, a widow and hundred of thousands of well-wishers in political, business and industry circles.
Though majority of the Shafi's relatives moved from Bombay (India) to Pakistan in 1947, his father preferred staying over there and his Shafi Chemical became one of the leading chemical producers of India.
The Shafi Chemical, which became the first private company in Pakistan to start manufacturing of sulphuric acid for industrial consumption. Later talented sons of Shafi, established Diamond Group of Industries - leading foam manufacturers of country and bought management stake in Eagle Cycle and other such industries to expand their business in chemical and engineering.
Late Ejaz Shafi was instrumental in all these new ventures and guided his younger brothers in the absence of their father, who later expired.
Despite being from to the Chinioti Sheikh clan, his contemporaries consider him the last man standing for the rule of law. Therefore, he declined to compromise on principle after October 12, 1999, for which his Diamond Industries paid heavy prices, said a close relative of Ejaz Shafi.
Following the discrimination from the Central Board of Revenue (CBR) in respect of duty concessions his domestic industrial units either started bearing heavy losses or become non-viable following the denial of duty concessions to their group, which were being given to their rivals, he added.
Though one unit of the Diamond Group at Gadoon Industrial Estate could not survive, but they managed to keep their rest of units operational, he said.
In this background, late Ejaz Shafi took a daring decision of continuing manufacturing operations and started 'cross financing' of the losses of these units from the reserves of these units as well as by repatriating the profits of their ventures in UAE and Egypt, which they have established during last two decades.
Ejaz Shafi was a dinosaur of industrial planet and his death would continue echoing here for long time not only for his family but also for his friends and admirers.