Re: IK involved in money laundering: Kh Asif
^ He has voluntarily decided to be sane for some time.
Can you please clerify? Or he is not allowed write any thing against IK and his PTI?
Re: IK involved in money laundering: Kh Asif
Pretty conclusive answers from Imtiaz Hyderi.
Re: IK involved in money laundering: Kh Asif
LOL @ Mr. Holmes :D
Re: IK involved in money laundering: Kh Asif
No doubt, that's why IK is in deep sh!te. He has stupid, corrupt, ---------- as board members.
He should've hired likes of Rahman Malik, Raja Rental, Musa Gillani, bunny as board members.
Re: IK involved in money laundering: Kh Asif
FYI.....
Dear Editor,
Grateful if you publish the following response since he freely mentioned my name in his press conference and on capital talk Geo TV:
Regards
Imtiaz Hydari
i was amazed but more amused as i witnessed the Sherlock Homes style performance of Khawaja Asif on television. Khoda Pahar aur Nikla Mara Hua Chooha!
It is appropriate to set the record straight since his great discovery from publicly disclosed documents was gathering false alarms and in the process was hurting the finest public charity in Pakistan. If he is a man of any substance, he will appear again on television to Apologise to Imran Khan, SKMT and Imtiaz Hydari. Let me tell you why?
First the facts on the investment:
Shaukat Khanum Memorial Trust made a long-term real estate investment with HBG in 2008 when the market fundamentals across GCC were excellent, with a plan to develop it into a project. The decision by SKMT to invest with HBG was not a speculative play, but a long-term investment based on sound judgment of the market fundamentals in a solid real estate, prime location in Muscat in which HBG itself has committed a substantial amount.
It is of'course a fact that Imran Khan had nothing to do with the decision as it was taken by the investment committee of the board of directors. I being a director in SKMT at the time, refrained from voting to avoid a conflict of interest.
There is a misconception being propagated that just because the investment is through an offshore company, it is akin to a ‘benami ' transaction. This is a totally false representation as private equity investments across the world are conducted from such jurisdictions because they are considered investment-friendly jurisdictions.
Pursuant to the severe correction in the real estate market following the Global economic crisis, it was rightly decided to defer the project. The investment has no leverage. However given the fact there has been impairment in land value, HBG has taken steps to absorb the impairment in value by granting increased shares to SKMT i.e. the reduced value of Sugarland shares will be compensated by higher percentage shareholding of SKMT in Sugarland BVI. This preserves and protects SKMT investment. Additionally, HBG has also provided an undertaking to assist SKMT's exit from the investment with Capital Protected.
Now to his specific accusations:
1. A case of Money laundering? - The answer is an emphatic NO. The investment was not transferred out of Pakistan. It was not for any personal gain. The investment was from the Endowment Fund not Zakat money.
2. An attempt to hide the transaction so we can wonder at his discovery? - Definitely NOT. It is publicly disclosed
3. An SPV (special purpose vehicle) with an off shore jurisdiction is benami? - SORRY Khawaja Sahib, you are wrong. The entities in this investment have names and declared shareholders who are audited by one of the big four accounting firms
4. Investment was speculative and the real estate worthless? - No it was NOT, as explained above. This is prime land in prime location with excellent development potential
4.The investment has lost value resulting in a major loss for SKMT? - Khawaja Asif reads the Balance sheet but is unable to differentiate between a note to the accounts and the actual adjustment for impairment in the accounts. No loss has been recorded even though impairment has taken place as explained above
5. Capital Protection/Guarantee issued by a corporate entity is worthless? - How does Khawja Asif know? does he know the standing or stature of the corporate and the circumstances surrounding it? unfortunately he has not bothered to make any enquiries.
Now what can be the purpose of his sensational out burst?
Unable to defend the allegations of money laundering and corruption against his own leadership he has to find something against Imran Khan, the most clean and honest political leader in Pakistan - and Good heavens, all Mr Sherlock Homes could find was a mara hua chooha? - desperately clinging to straws but in the process hurting SKMT and the poor people of Pakistan.
Shame on you Khawaja Asif!
On behalf of Dr. Arif Alvi
Re: IK involved in money laundering: Kh Asif
Kh Asif started off with revealing supposedly the biggest scam in Pakistan's history using SKMH's own audit report. It was about Imran and friends buying properties using donations and Zakat money that was laundered to overseas countries where it was used for betting and massive amount of zakat money was lost by Imran in the process.
When he realized that it is all backfiring and his accusations are being laughed at, he changed his attitude and claimed that "All he wanted was the $3 Million to return and matter is closed. Now that the person himself is saying the money is secure, Khawaja will next say that his only concern was why was the money invested overseas and not in Pakistan.
Now i can understand why Mr Edhi never wanted to come to politics, he knows how these status quo parties behave if they are ever questioned. Imran has obviously decided to play with fire and he has to face these consequences.
We can expect many such attacks from these parties in near future but we will stay strong and help the cause. Last time N league played such tricks, i decided to contact many family members to convince them to vote for Imran Khan. Latest stint resulted in me being donating for SKMH and spreading the message on social media.
Without even waiting for next attack, i am actively ensuring all my family friends will vote for PTI helping them with votes registration.
Re: IK involved in money laundering: Kh Asif
So, he will give more shares of a dying company to SKCH, but won't pay the capital back to SKCH....the share value has already decreased by 60+%... wonder if SKCH can actually benefit from HUGE sacrifice of Haidri???
Re: IK involved in money laundering: Kh Asif
I know your menatlity of perfectly justifying corruption/misuse of chandah money by your leader.
As regard your other rant, I have already replied this many times in many threads and in my interview. Person who initiated corruption cases was himself the biggest chor in history of Pakistan. He is now baghorha and enjoying the loot money in foreign country. I will be the last person to believe such chor uchaka and madari dugdugi bajhanay waalay.
Let the people judge if I have tried to justify slightest wrong on the part of the leadership of the party I support over the years including his justification of suicide bombers.
Now on your part..
Doesn't matter who made the case, pleas explain your position specifically on the points I am going to raise now.
1) Depositing money in the personal accounts of BB/Zardari to the tune of 60 million dollars by Cotecna-SGS. SGS-Cotecna have admitted to this and have already been prosecuted in Swiss courts for this crime. What is your take on this..???
2) Ownership of Surrey Palace was denied publicly in the parliament and media in Pakistan by the royal couple. Later the ownership was claimed in a British court. Isn't it a clear case of mis declaration in Pakistan when the royal couple contested elections at that time. Moreover the income declared by the royal couple does not justify the means to buy such a precious property.
3) Accounts of nearly US$ 1.8 billion were frozen by Swiss authorities on the suspicion that they belonged to the royal couple. These were later unfrozen due to NRO. The declared wealth of the royal couple is not even a fraction of this. It's a clear case of possessing assets beyond means.
Instead of firing bullets in the air to create confusions I request you to justify specifically these three points so that the readers of this respected forum can take you seriously and confirm that you are not working on a specific agenda which includes slavery of certain individuals no matter how wrong-evil they are..!!!
P.S.
Only specific answers point by point... otherwise don't bother to answer with typical Jiyala rants which can satisfy the most jahil readership but will not impress the educated participants of this forum..
Re: IK involved in money laundering: Kh Asif
So, he will give more shares of a dying company to SKCH, but won't pay the capital back to SKCH....the share value has already decreased by 60+%... wonder if SKCH can actually benefit from HUGE sacrifice of Haidri???
Sugarland is not a publicly traded company. Its share value is static, and the paid up capital sits with a bank, thus ensuring the holding of each share holder.
What decreased was the price of the land bought, and that depreciation has been compensated by increasing the share allocation to SMKT.
If the answers given by Hydri dont satisfy people, then perhaps nothing will. This issue is clearly based on a political divide, not based on facts.
Re: IK involved in money laundering: Kh Asif
Sugarland is not a publicly traded company. Its share value is static, and the paid up capital sits with a bank, thus ensuring the holding of each share holder. What decreased was the price of the land bought, and that depreciation has been compensated by increasing the share allocation to SMKT.
If the answers given by Hydri dont satisfy people, then perhaps nothing will. This issue is clearly based on a political divide, not based on facts.
I am sure if Haidri haven't answered it, it was still fine by the supporters of IK...
But there is little problem here... the land was bought for profit making purpose some 4/5 years ago at certain price... now after 5 years or so, the price of land has gone down.... which have been reflected as loss in the face value, normally in the Muscat Area, if somebody is holding or have invested in a real-estate business 4/5 years back, then there is no chance of losing the 60% loss in the face value of the property... and there are many other thing regarding this deal, but because Mr. Haidri, have given more shares of the same loss making BVI company to SKCH, then that is good enough, whereas, earlier, IK made a claim that in case of loss, the haidri guy have given him assurance to repay the capital...
so shares of dying company replaces the actual capital invested!!! can SKCH cash these shares??? or they have to stick with the piece of paper for eternity???
Re: IK involved in money laundering: Kh Asif
^ Yes, bad investment. Yes, corruption?
Re: IK involved in money laundering: Kh Asif
Democracy has a darker side, especially in a political culture still colonised by the corrupt and inept. Last week, the PML-N launched a tirade against the Shaukat Khanum Memorial Trust (SKMT), alleging mismanagement of funds by the Trust’s board. Unlike the occasion on which this party distributed laptops in Punjab costing millions in taxpayer money, the PML-N politicians appeared to have done their homework.
But, it was bad homework. And bad homework is worse than no homework, since it tends to misrepresent. And, without a doubt, the research and analysis that formed the basis of the PML-N’s attack on the SKMT was of inferior quality.
As a student of law and management at Yale, I have studied the endowment management model used by Yale University. The result of my academic inquiry was a presentation at the Yale School of Management that compared investment strategies used by organisations, including Harvard, Princeton and Yale universities, as well as sovereign wealth funds, such as Norway’s.
There is a simple response to the PML-N’s allegations levelled against the SKMT. Give any first-year student of law, finance or politics two hours and access to the internet, and he or she will be able to tell you the erroneous nature of the allegations. First, the PML-N’s leadership compared the SKMT’s method of investment with the Ponzi scheme run by ‘Double Shah’. This is a fantastic accusation. In the US, it would be akin to putting Bernard Madoff’s investment firm and Harvard’s and Yale’s endowments in the same category of fraudulent institutions. If any US politician made such an irresponsible statement, he would at least be severely chastised by his party, if not forever banished from politics.
Second, Khawaja Asif has accused the SKMT of money laundering. The SKMT’s investment would be the first instance of ‘laundering’ that has been disclosed on the organisation’s own website. International investment laws are well-defined and the kind of investment in real estate made by the SKMT does not fall into the category of money laundering, which is by definition a secretive process.
Third, Mr Asif alleges that the SKMT board “gambled” with the donor’s money. He has to be using a definition of gambling that no legal jurisdiction has recognised in modern history.
Fourth, in an interview, Mr Asif conveniently made several incorrect claims about the Harvard endowment fund. He claimed that when Harvard invests, it does so only in the US, not in foreign countries. This is inaccurate and goes against the core investment philosophy of sophisticated endowment funds, which try to minimise risk by geographical diversification. Yale, for instance, invested nearly 10 per cent of its endowment fund in foreign equity in 2011, including in emerging markets.
Fifth, Mr Asif further claims that entities such as Harvard’s and Yale’s endowments invest only in AAA investment grade securities. What he does not know is that these are bond credit ratings applicable to fixed income securities. In 2011, Yale invested only 3.9 per cent of its endowment in such securities. In fact, since the capital invested by the SKMT in Cinnabar is secured by guarantee, it is less risky than the bulk of investment strategies used by Harvard and Yale.
Sixth, the PML-N appears to have been fascinated with the idea of “offshore” jurisdictions. One of the largest and most respected endowment funds in the world is Norway’s Pension Fund Global, which has, perhaps, the highest standards for investment approval. The Norwegian endowment fund also invests in companies incorporated in offshore jurisdictions, including the British Virgin Islands. These offshore jurisdictions are not primarily havens for money launderers, which appears to be the only purpose for their existence in the minds of the PML-N leadership. They are also jurisdictions in which thousands of legitimate business firms are incorporated, including subsidiaries of some large global companies such as Coca Cola, Oracle, Seagate and Del Monte.
Seventh, Mr Asif has accused the SKMT of investing in a shell corporation, created for the special purpose of siphoning off donor’s money. In fact, the SKMT’s $3 million investment comprises 10.52 per cent of the investment fund. No corporate lawyer or judge would consider the investment firm undercapitalised from the perspective of the SKMT’s investment, given its relatively small share in the pool.
Eighth, the PML-N has blamed the SKMT for making speculative investments, which led to a loss of donor’s contributions. Anyone with the web searching skills of a teenager and the acumen of a first-year college student would have done well to check how comparable funds performed in the same time period. In 2008-2009, nearly all the best managed endowment funds lost money. Harvard’s fund lost $10 billion experiencing a 27.3 per cent decline, whereas Yale endowment shrank by 30 per cent.
In politics, anything goes, or so believe traditional politicians in Pakistan. But some public statements lie beyond the tipping point of shoddiness and inaccuracy, such that they seem uncivilised and in bad taste. One hopes that journalists and political analysts, in their role as public intellectuals, will guide society by calling spade a spade and revealing the factual and logical inaccuracies in the PML-N’s allegations. In fact, the political community must be actively informed that the SKMT’s endowment fund is not an aberration, but a standard practice used by the best non-profit institutions in the world to ensure institutional sustainability.
Pakistan is a country of talented people. Our diaspora is well-respected in the West as being solid professionals across many fields. I don’t see any reason why we should accept inferior acumen when it comes to politics and public service. The PML-N’s statements about the SKMT are based on shoddy analysis and mistaken assumptions. That research was not done prior to making the allegations shows that the actors involved may not be fit to govern the country in a complex age of globalisation.
Published in The Express Tribune, August 6[SUP]th[/SUP], 2012.
Re: IK involved in money laundering: Kh Asif
^ Yes, bad investment. Yes, corruption?
Since the capital is guaranteed by the haidri, it can't be called bad investment, all i am waiting is to get the investment back and at same time i am wondering why despite having the capital guaranteed it was been booked as loss and why this haidri guy is not honoring his commitment, and why SKCH is not asking for the capital investment to be paid back, after all it has been 4/5 years now???? how long they want to wait??? another 3/4 years before?? that shall make it 7 or 9 years, itnay arsay baad to war-affecties to be claim pay ho jatay haiN
Re: IK involved in money laundering: Kh Asif
^ It has not been 'booked' as a loss. It has been disclosed only from what I understand. Accounting for something and disclosing it are different things. A good accountant would have even made that go away. Remember, SKMTH is not obliged to make these statements public either.
Apart from what's going on between SKMTH, and Haidri, do you believe there is corruption or bad intentions involved in the transaction? For that, I have already said that this looks fishy.
Re: IK involved in money laundering: Kh Asif
^^
Apart from this, no, but the way the whole thing started and handled, i guess this should be avoided in future, SKCH is national asset, every attempt which can jeopardize its very existence should be resisted, may it be from the mishandling of the funds or having propaganda against it for political reasons...
Do you approve the way Haidri guy manipulated the board and got the investment approved? and the way IK defending him on national television??
Re: IK involved in money laundering: Kh Asif
I didn't see IK's interview or anything related to this affair on TV or youtube. Can't comment.
Looking at the size of funds he is managing, I don't really thing this one was a big deal for him. For SKMTH, maybe for some reason, but not for the investment company.
Re: IK involved in money laundering: Kh Asif
^^ and hence he should honor his commitment and return the money to SKCH, this money suppose to make more money for the patients of the SKCH, instead it is lying with someone and doing nothing...
Re: IK involved in money laundering: Kh Asif
I am sure if Haidri haven't answered it, it was still fine by the supporters of IK...
But there is little problem here... the land was bought for profit making purpose some 4/5 years ago at certain price... now after 5 years or so, the price of land has gone down.... which have been reflected as loss in the face value, normally in the Muscat Area, if somebody is holding or have invested in a real-estate business 4/5 years back, then there is no chance of losing the 60% loss in the face value of the property... and there are many other thing regarding this deal, but because Mr. Haidri, have given more shares of the same loss making BVI company to SKCH, then that is good enough, whereas, earlier, IK made a claim that in case of loss, the haidri guy have given him assurance to repay the capital...
so shares of dying company replaces the actual capital invested!!! can SKCH cash these shares??? or they have to stick with the piece of paper for eternity???
Forget about the land for now. That can be considered as a failed investment. Lets assume its price went down to 0.
Like I said earlier, the share capital of a company is deposited with a Bank, and that paid up capital cannot go down from the initial value. That is kept as a guarantee (from my experience) to ensure that the investor's share capital is not depleted. So even if Sugarland is dying, the share capital remains. If SKMT wants to withdraw from Sugarland shareholding, it can do so by cashing the shares, or transferring them to another shareholder.
As a compensation for the loss incurred on the land price, SMKT was given extra shares of Sugarland in order to ensure that the money put in by SKMT does not go below the amount initially invested by the board.
Now why does SKMT not withdraw from it and take the cash? This was answered by the CEO of SMKT in his Capital talk statement.
Re: IK involved in money laundering: Kh Asif
Forget about the land for now. That can be considered as a failed investment. Lets assume its price went down to 0.
Like I said earlier, the share capital of a company is deposited with a Bank, and that paid up capital cannot go down from the initial value. That is kept as a guarantee (from my experience) to ensure that the investor's share capital is not depleted. So even if Sugarland is dying, the share capital remains. If SKMT wants to withdraw from Sugarland shareholding, it can do so by cashing the shares, or transferring them to another shareholder. As a compensation for the loss incurred on the land price, SMKT was given extra shares of Sugarland in order to ensure that the money put in by SKMT does not go below the amount initially invested by the board.
Now why does SKMT not withdraw from it and take the cash? This was answered by the CEO of SMKT in his Capital talk statement.
what is the capital of BVI company where SKCH have invested?
Re: IK involved in money laundering: Kh Asif
So how noonies people are talking about the corruption which havent been done in SKMH but wont talk about the corruption in the institutions of Punjab since 5 years now