JS Group

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JS Group
Type Financial Services Holding Group
Industry Financial services
Founded 1971
Headquarters 7F, The Forum, Khayaban-e-Jami, Karachi, Pakistan
Area served Pakistan
Services Finance and Insurance
Asset Management
Consumer Banking
Corporate Banking
Investment Banking
Investment Management
Private Equity
Employees 23,000
Website www.js.com
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JS Group is a financial services group in Pakistan. JS Group controls and operates financial services companies in Pakistan. Financial services of JS Group include asset management, commercial banking, company research, insurance, investment banking, Islamic banking, micro finance, and stock brokerage. JS Group also has investments throughout Pakistan's economy. These investments cover industrial sector, technology & media sectors, commercial real estate, energy & natural resources. JS Group has it’s headquarter in Karachi.[1]

Contents

History of JS group

JS Group is formed by Mr. Jahangir Siddiqui. JS Group was formed four decades ago in 1971.[2]

Business Sectors

JS Group has five vertical businesses. These are JS Industrial, JS Infocom, JS Property, JS Resources and JS Transportation. Each sector offers long-term investment proposition in Pakistan. The diversification across these sectors allows JS Group to take a long term approach to invest and build its businesses.[3]

Companies Operated by JS Financial

Jahangir Siddiqui & Co. Ltd. (JS&Co)
JS Global Capital Limited (JSGCL)
JS Bank Limited (JSBL
JS Investments Limited
EFU Insurance Group
Bank Islami

Bank Islami

Dubai Bank was one of the founding shareholders of Bank Islami which invested 18.75% in the total Capital.[4][5] The State Bank of Pakistan issued a No Objection Certificate on August 19, 2004 and Bank Islami Pakistan Limited, the second full-fledge Islamic Commercial Bank in Pakistan, was incorporated on October 18, 2004 in Pakistan.[6][7]

EFU Insurance Group

EFU General is engaged in the general insurance business, in particular fire, marine, motor, and engineering insurance. EFU Insurance Group was established in 1932 as the Eastern Federal Union Insurance Company and grew to become the largest life assurance company in Asia (excluding-Japan) from 1961. In 1972, the life insurance business was nationalized but EFU continued as a general insurance company. Today, it is Pakistan’s second-largest general insurer.[8]

JS Industrial

Al Abbas Industries – Steel, Chemicals and Fiber Board
Al Abbas Sugar Mills – Sugar and Ethanol
Pakistan International Container Terminals (PICT)

JS infocom

Telecommunication, Technology & Media in Pakistan – JS Group Investment
Eye Television
Masala TV
Style 36

JS Property

JS Property is a holding company of JS Group. It invests in real estate projects.[9]

JS Transportation

JS Transportation has, to date, focussed on the aviation business within Pakistan. JS Aviation was another division of the group set up in 2005. The company offered charter services in Pakistan under the name JS Air, using a small fleet of propeller driven Beech aircraft with a maximum capacity for 20 odd passengers. In November 2010 a JS Air Beech 1900 flying from Karachi to Dadu crashed shortly after takeoff killing all 21 people onboard,[10] 17 of the passengers, including one from Italy, were employees of the multinational energy company Eni [11] and were heading to Bhit Gas field. Due to safety concerns after the accident, the company started losing customers to rivals, which eventually made operations unfeasible and led them to request withdrawal of their Air Operators Certificate (AOC) in March 2011,[12] JS Air was finally shut down on 5 January 2012.[13]

Controversies

Land Grabbing Case

An allegation was made against Jahangir Siddiqui and his family members by Sindh revenue department. The department officials registered a case against prominent businessman Jahangir Siddiqui for allegedly illegally occupying a 1,000 square yard plot in Clifton.[14] However, the allegations were false. according to tribune, allegations of illegal land occupation against Jahangir Siddiqui and his family are politically motivated and aim to intimidate and coerce Siddiqui to accept illegitimate demands of various politically connected persons.[15] A case has been filed against persons who made allegations and lodged false cases against Mr. Jahangir Siddiqui. They tried to defame Mr. Jahangir Siddiqui, his family members and bring his businesses into disrepute.[16]

Unauthorized Investment Transactions

In 2007, a Sri Lankan newspaper published allegations against JS Group Company (JSGCL) for unauthorized investment transactions. The newspaper claimed that it has achieved some inside information about the case.[17] SECP has found that the Jahangir Siddiqui Group (JS Group) is guilty of illegal stock market manipulation and insider trading.[17] The allegations said that JSGCL failed to comply with the requirement of the Notification by non-providing the required information to its shareholders in the general meetings of the Company.[17]

Rejoinder to the Allegations by Sunday Leader

The allegations in the news item (Massive Fraud and Insider Trading Uncovered in Pakistan by Abdul H. Azeez)[17] were baseless and fabricated and motivated.[18] The allegations are absolutely false, misleading and concocted and therefore emphatically denied. No contact or inquiry was ever made by any reporter before circulating this false, fabricated and motivated report. It is further clarified that Securities and Exchange Commission of Pakistan has not issued any such report or findings as alleged. JSGCL (Jahangir Siddiqui Global Capital Limited) is brokerage house in Pakistan. This story is nothing but an attempt by some rival or interested party to tarnish the image of JSGCL.[18]

International Operations

The group has offices throughout the major cities in Pakistan and manages its international operations from its London and Dubai offices. The group comprises businesses with over 18,000 employees and profit after tax of $510 million in 2007.[19]

Partnerships

JS Group has grown over the last four decades partly by forging successful partnerships with international, world-class organizations and brands to develop new businesses in Pakistan. Examples of JS Group partnerships in Pakistan include:

See also

References

  1. ^ "JS Group : JS Group: Pakistan Financial Services". Js.com. http://www.js.com/. Retrieved 2 December 2011. 
  2. ^ "JS Group". LinkedIn. 7 November 2011. http://www.linkedin.com/company/js-group. Retrieved 2 December 2011. 
  3. ^ http://www.js.com/about-jsgroup.asp
  4. ^ http://www.scribd.com/doc/78748340/Brand-Management-BRAND-AUDIT-BankIslami
  5. ^ http://jahangir-siddiquigroup.blogspot.com/2012/02/financial-business-unit.html
  6. ^ http://www.securities.com/Public/company-profile/PK/Bank_Islami__Pakistan_Limited_en_2171040.html
  7. ^ http://jahangir-siddiquigroup.blogspot.com/2012/02/financial-business-unit.html
  8. ^ "JS Group : Pakistan Insurance – EFU Insurance Group – JS Financial – JS Group". Js.com. http://www.js.com/pakistan-insurance.asp. Retrieved 2 December 2011. 
  9. ^ "JS Group : Real Estate Industry in Pakistan – JS Property – JS Group". Js.com. http://www.js.com/real-estate-pakistan.asp. Retrieved 2 December 2011. 
  10. ^ Small plane carrying 20 crashes
  11. ^ Eni official press release on air crash in Pakistan
  12. ^ JS Air surrenders operating license
  13. ^ JS Air closes its doors
  14. ^ Hafeez, Imran. "Jahangir Siddiqui’s name in FIR for land grabbing – The Express Tribune". Tribune.com.pk. http://tribune.com.pk/story/87352/jahangir-siddiquis-name-in-fir-for-land-grabbing/. Retrieved 2 December 2011. 
  15. ^ "Jahangir Siddiqui case: Politically-motivated harassment alleged – The Express Tribune". Tribune.com.pk. http://tribune.com.pk/story/88755/jahangir-siddiqui-case-politically-motivated-harassment-alleged/. Retrieved 2 December 2011. 
  16. ^ "Defamation: Jahangir Siddiqui sues for Rs5b – The Express Tribune". Tribune.com.pk. 1 January 2011. http://tribune.com.pk/story/97462/defamation-jahangir-siddiqui-sues-for-rs5b/. Retrieved 2 December 2011. 
  17. ^ a b c d "Massive Fraud And Insider Trading Uncovered In Pakistan | The Sunday Leader". Thesundayleader.lk. http://www.thesundayleader.lk/2011/01/02/massive-fraud-and-insider-trading-uncovered-in-pakistan/. Retrieved 2 December 2011. 
  18. ^ a b "Right Of Reply | The Sunday Leader". Thesundayleader.lk. http://www.thesundayleader.lk/2011/02/27/right-of-reply-7/. Retrieved 2 December 2011. 
  19. ^ "JS Group : About JS Group". Js.com. http://www.js.com/about-jsgroup.asp. Retrieved 2 December 2011. 
  20. ^ "JS Group : Partnerships". Js.com. http://www.js.com/partnerships.asp. Retrieved 2 December 2011. 

External links

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