Re: IK involved in money laundering: Kh Asif
First of all the criticism I am making.. These blunders are already admitted by IK/SKMH management. Auditors have already qualified SKMHAccounts regarding this transaction. You have already posted the details of this transaction which indicate buying of B class shares in the off shore company of Imtiaz Haider who was a part of BOG SKMH. This amount is invested in these B class shares of an entity with no accounts details since 2007.
I can tell you very frankly that being an experienced businessman this money is gone. This loss is not due to a bad investment decision but clearly due to a fraud which has been committed against this institution due to sheer stupidity of the management-board.
What will be a respectable course of action under these circumstances.
1) Admit this mistake-stupidity.
2) Identify who is responsible for this amongst the board and make him resign.
3) Induct in the board people who are not only honest, but also understand financial matters.
4) Change the constitution of the company ensuring no investment will be made in any non quoted unregulated entity whose audited accounts are not available . Moreover no investment will be made in an entity which has in its management structure anyone from the BOG SKMH.
I don't care what N Leauge or any individual is saying. I see SKMH wrongly defending this clearly wrong transaction. I don't see any commitment from SKMH management or any step to ensure how this kind of transaction will be avoided in future. They should either encash the personal verbal guarantee within a month or make necessary provisions in their balance sheet to acknowledge this loss to give a true picture to the donors.
Now to give you some inside news... Some of the board members knew this investment from a long time and even objected to it. It is fact that IK has failed to get this verbal guarantee honoured despite the fact that board wanted this money to be returned to SKMH. Realistically speaking this money is gone. SKMH was. Victim of a fraud-speculation loss from one of their own board members. Now they are trying to hide the actual situation from the donors by giving totally ridiculous explanations.. Keeping a dead investment in their books of accounts for last five years without bookin the loss and giving actual picture.
Yazdi, doesn't matter what you say or believe our politically motivated janta is not and never had tried to fix their leadership or tried to keep them on the track by pressurizing them, take this for instance, IK is defending this guy saying, he had donated alot to SKMH, yeah a reliable institute which have been victim of fraud as you have rightly said... but IK and his followers are going to turn a blind eye to this, giving more opportunities to the leadership of the party to make blunders or commit fraud and getaway from this...
This is SKMH case, if you go through the audited financials of IKF, the auditor wrote a note there, which to me is alarming and don't know about others how they see it, however, the note from the auditor says that they have been forced ( i do not recall the actual wording) to visit the site ( model village) of management's pick for the flood victims, the site selection was not done by the auditors, now if you are businessmen, you know the audit process where the auditor selects any transaction or project out of many.,.. it is on the discretion of the auditor and not the business person to tell the auditor which account to pick and which to ignore... one can read the whole thing in the Audited statements!!!
Anyway, if i remove the word SKMH replace it with Benazir income support program, and replace the word IK with Zardari... the way the followers of IK have responded, no other change is required to show that these are jiyalas of PPP, defending their leadership no matter what...
