IK involved in money laundering: Kh Asif

Society Pakistan & World Affairs
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Re: IK involved in money laundering: Kh Asif

ab baal ki khaaal utaar rahay hain. This would probably be the first instance of corruption by an organisation published by that organization on its own website.

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Re: IK involved in money laundering: Kh Asif

This I dont know, but while typically in BVI, there are no minimum capital requirements (meaning, companies can be registered even with 0 money), but companies have the option of doing so, and in case of Sugarland, it was done so. The investment company owned by SKMT owned 3000 shares of Sugarland back in 2010. I dont know what the number of shares stands at now, after adjustment by HBG, and I dont know the paid up capital, or share per price, but so far whatever SMKT has defended itself with is solid documentation, and I am sure there are figures and documents to back this up with as well.

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Re: IK involved in money laundering: Kh Asif

^^ So basically you are saying you have no idea about the transaction i.e. the capital of the company or worth of the company where SKCH have purchased shares and as you said one of your previous posts in this thread, it is not public listed/traded company... what good the shares doesn't matter if they are 20 million in number are going to do??? i am sure no one in right mind is going to buy it from SKCH... so the logical or ideal solution would be to take the money back... and save Haidri the trouble of issuing more shares, since capital is not none, company is BVI, hadri can issue as many shares as he want and that won't cost him a dime as well...

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Re: IK involved in money laundering: Kh Asif

why don't you start talking about it.... anyone one stopping you?

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Re: IK involved in money laundering: Kh Asif

SKMT is not the only shareholder of Sugarland. HBG (Imtiaz Hydri) is one as well. I dont know if there are others as well or not. If SKMT wants to withdraw, Imtiaz (HBG) will buy them out. That is the guarantee given to SKMT funds by HBG. I wasnt implying that SMKT will have to peddle its shares in the karachi stock exchange, trying to find a buyer. This will be an internal transfer, which happens quite routinely in a lot of companies, whenever there is an internal shareholding change.

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actually it is not as simple as it is been stated by you... to start with no one provide personal guarantees nor they accept it for capital loss as it happened in this case... and if in any case such guarantees are accepted by the investors, then the investor, no matter who he is, withdraws the invested amount with the 1st hint of loss in capital value, which didn't happened in this case, may be because the money was invested with one of the guy who is board member in the fund???... money being idle is money getting rusted i.e. loosing its value and worth on one side and not producing anything on the other...

has it been 1/2 year old transaction, your logic may had some value in it, but it has been some 4/5 years now, this is long time by any mean, had this money been kept in fixed deposit kind of account in a bank in Pakistan, would have been doubled by now....

If there are other shareholders in it, then it is more complex situation...

but i know nothing works here, because IK said, it is ok, it is deemed ok by his followers, all hyderi has to do to tell her secretary to print few more shares papers on and give to SKCH... SKCH, because IK is happy with this, will take this papers and forget about the money... end of story, everyone live happily ever after...

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Re: IK involved in money laundering: Kh Asif

Provide proof step by step how they are related to Zardari, I will answer you.

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Re: IK involved in money laundering: Kh Asif

The mere fact that he would rather get rid of a Prime Minister than have Swiss authorities investigate the matter makes him guilty enough. Only an idiot would need further proof.

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Re: IK involved in money laundering: Kh Asif

The nitty gritty details have already been clarified by the CEO of SKMT. That should be more than enough, as he is the one who is the face of SKMT, not Imran Khan. Imran is merely the founder, and fund-raiser.

Whats odd, rather funny, is the fact that Imran Khan has no say in the investment affairs of SMKT, yet his name is repeatedly being dragged into this, in a shabby attempt to politicize a very transparent transaction. The information was plucked from SMKTs website, for crying out loud. If there was any fraud involved, they would have avoided any mention of it to begin with.

Imran may have his flaws on a personal level, but slinging mud at him based on politics is mere malice. This issue has already come back to bite PML-N in the fanny.

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Re: IK involved in money laundering: Kh Asif

Their denial and subsequent admission of the ownership of Surrey Palace? This proof comes to you courtesy of the Zardari family itself.

The fact that Zardari has never made an attempt to show any of the possible 'legitimate means' that he may have used to amass that $60 million also wreaks.

In contrast, the petty allegation against Imran Khan itself has come from a legitimate source(audited reports)....and it has been clarified, again, through legitimate sources. Transparency is something that even PPP members admire about Imran Khan.

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Re: IK involved in money laundering: Kh Asif

^^ If IK have nothing to do with it, why is on tv defending the investment decision and haidri for that matter, obviously the this some thing beyond the comprehension skills of PTIans or fan club... moreover, SKCH is a trust run on public money and charity and its endowment fund if no different... if something wrong have happened there, a statement or some crappy shares won't solve it... get the money back is the only solution...

what PTIans are saying is exactly been done and said by PPP and PML-N... while they condemn and blame zardari and his ministers for all the looting and miss-management, the funniest part is, they are very happy with the performance and/or statement of their party head ( who according to them have nothing to do with it) and head of SKCH, who suppose to get the money back and from the very guy who issues personal guarantee note as a hobby and have recently have changed it into a share certificate which even his firm won't acknowledge but like i said, enough for PTIans

BTW, when SKCH is going to get donor's money back and what measures have been taken to not to repeat the same mistake again??? or this is just one story which is leaked and next time they'll make sure that such stories does not surface???

If by any chance PTI manages to get into govt, Haidri guy will be the minister of Investment or finance... earlier it was Shokat Aziz who prior to joining Mushy was part of PTI and created a mess which we may not be able to solve even in next 5 years, now other gem has been surfaced... kaisay kaisay naginay liya baiThay haiN...

and just a question, have you ever been a jiyala in your life, as there is no difference in the defense of sachaydino and yours, both are denying obvious and trying to get away with it...

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Re: IK involved in money laundering: Kh Asif

Some more food for thought for Khawaja Asif

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Re: IK involved in money laundering: Kh Asif

Are you sure you will be happy if the money is back? No, not all. The reason is that it's not the loss that is troubling you, it's the chance of maligning IK which is exciting you. No amount of clarifications, be it from IK, SKMT CEO or Imtiaz Haidari, will satisfy you because your ultimate target is IK and you want to pound him on any pretext, even if it harms the noble cause the SKMT is taking care of. You apparently claim to be siding with no political party, but the urge to go against IK is just as intense in you as in Nawaz Sharif.

Tell me one thing Mr. hanibal, even if something fishy might have happened, should Khawaja Asif have contacted SKMT for clarification first or address the nation about the anomalies? If you aren't a PML-N sympathizer, than the answer the pretty obvious.

And though nothing will diminish your urge to rap IK, still here are some facts and figures for you:

Most of Universities and non-profit institutions worldwide have endowment funds. Below are some examples of Endowment Funds.

Harvard $31 billion per student $1,523,809.
Princeton $17.11 billion per student $2,198,381
Yale $19.3 Billion per student $1,663,807.

Now let’s analyze the investments made through the SKMT Endowment fund.

** 1. Shares in Hub Power **
Increase in value between 2009 to 2010 - RS 2,352,000

With market cap of Rs 51.8 billion, Hub power is highly profitable company whose shares have doubled in value in last 3 years with dividend yield of 13 % is very safe and sound investment.

** 2. AKD Opportunity Fund**
Increase in value between 2009 to 2010 - RS 4,885,212

A diversified open ended fund that invest in Pakistani securities with average return of about 25% for last 3 years. It is considered a safe and sound investment.

**3. Pakistan Income Fund
**Increase in value between 2009 to 2010 - RS 7,258,440 A diversified open ended fund with average return of 7.6% for last 3 years

** ABN AMRO Bank Notes**
4. CROCI ALPHA PARIS NOTE (Face /Par value $1 million)
Increase in value between 2009 to 2010 - RS 3,186,880

  1. Global Healthcare sector notes ( Par value $1 Million)
    Increase in value between 2009 to 2010 RS 7,134,345

  2. Climate change Note (Par value $1.5 Million)
    Increase between 2009 to 2010 RS 7,134,335

(Note is short term debt security with fixed maturity date. Issuer of note pays the par value or face amount of note at the end of term along with agreed interest every year. Values of the notes do go up and down depending upon market condition. Note pays the par value or face value of note at maturity. Capital is always safe )

These notes are very safe and sound investment by any standard and offered by ABN AMRO which is 15 largest bank in the world.

So called un-safe investment – See below facts

  1. 3,000,000 class 'B' ordinary shares of USD 1 each of Cinnabar International Services (CISL ) valued at RS 211,800.000. (CISL is subsidiary of HBG Holding that well established & well capitalizes investment company . HE Abdullah Al Mouallini Saudi Arabia Ambassador to United nations is chairman of board )

Any share that is not preferred share is common share or ordinary share. Reason companies create different class of ordinary share is to attach certain rights to shares or to pay different dividend to share holders. In this case shares are nonvoting shares with certain grantees in place which allows security of capital; these are defined in deadlock articles.

CISL owns 3000 shares of Sugarland Real E(BVI) Limited, a special purpose entity to undertake the development of a real estate project in Oman. Land for the project was contributed by a major share holder Sheikh Salim Al Mashani. This contribution was considered in kind (a non cash contribution which can be given as cash value). At the time of contribution land was valued at USD 28.323 million. According to latest appraisal, land has significantly dropped in value by USD 18.256 million so the current value assessed by management is USD 10.067.

There would be issue if that loss was realized by the corporation but in this case Sheikh Al Mashani has agreed to take that loss through reduction in the capital contribution by him. Since the loss on land will be borne by only him, his capital or shares in project will decrease and will have no adverse effect of this land price drop on other share holders. Percentage ownership of other share holders will increase so that their value of their holding remains unchanged. This drop also does not affect the value of project and the future cash flow from project. Project is still on and it is assumed that upon completion of project the value of shares will increase.

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Re: IK involved in money laundering: Kh Asif

Ban me if you want to for what i am going to say next

are you all niralays of PTI are idiot or what or you so blinded that you can distinguish between a fraud and a loss?

tell me which of the above investment who have lost its value is in speculation business, done by a firm which is known to none... or it is that sugarland is the most successful business house of the world and only non-PTIans don't know about it???

stupidity should have limit.. but i see that here, the jiyalas of PTI are hell bound to protect a guy who have clearly looted good amount for them and it is not only Jiyala the leader of that political party is also going to an extreme to defend that Haideri i wonder why all this... but then i remember that in the political history of Pakistan one CM went to police station bail out some big shot and later his followers continued to make justification... that is what is happening here...

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Re: IK involved in money laundering: Kh Asif

http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/columns/06-Aug-2012/khawaja-asif-s-trainwreck

**Khawaja Asif is an honourable man who has done a very dishonourable deed. Desperate measures in desperate times by desperate men usually end up badly. This is what has happened to the blistering but cringe-worthy attack on Imran Khan by the PML-N MNA from Sialkot.
**
**The allegations themselves will slowly fade away into political oblivion, but the wound will not heal so swiftly. Khawaja Asif will find it hard to live down this sorry episode. The attack aimed to maim Imran Khan will leave deeper scars on Mr Asif’s political stature, and affect his own party’s credibility.
**
So what was the good Khawaja thinking?

**Pressure makes men do funny things. And pressure is what the PML-N is feeling. In many ways, the party leadership has made a mess of its politics. Flip-flopping on issues, blowing hot then cold against the government, threatening long marches and resignations and then retreating into hibernation, the party which was once seen as the government-in-waiting is now struggling to come up with a viable, coherent and clear message.
**
**In other words, the party is haunted by its own contradictions. What does the PML-N stand for today? Even within the party, many may not have the answer.
**
**Add to this, the woes of performance anxiety in Punjab. Chief Minister Shahbaz Sharif may be the hardest working politician of all, but he has precious little to show for his four-year reign. His men would list out forgettable achievements, but what stands out in public memory are disasters like Sasti Roti scheme. If governance pressures were not bad enough, fissures within the party have ruptured like a wound stitched up by a bad doctor. The very bitter and acrimonious divorce from the Khosas has dented the party more than it is willing to admit.
**
**All is clearly not well in the House that Sharif built.
**
Outfoxed by the wily President, and squeezed within their own backyard by the menacing rise of Imran Khan, the Sharifs have been forced to play on other people’s wicket. Gone are the swagger and the uber-confidence that party stalwarts exuded before the PTI juggernaut rammed into them on October 30 last year. Khawaja Asif epitomised this cocksure attitude that his party men wore on their sleeves.

He’s had reason to. Since the early 1990s Mr Asif has been digging out scams and exposing them in Parliament. In the process, he acquired a reputation of a man in the know of things. With a solid professional background in finance, he knew where to look for irregularities and how to make sense of them. As a backbencher in the parliaments of the 1990s, he was hyperactive and effective, and slowly emerged as a frontline leader for his party. Competent, clean and conscientious, Mr Asif was taken very seriously whenever he spoke on the floor of the House, or in the media. Within the party too, he gradually acquired centre stage and was admitted into the very close Sharif circle. The Musharraf years burnished his credentials even more as a forceful and vocal parliamentarian.

By the time Sharifs returned to Pakistan, Mr Asif had become a heavyweight in Pakistani politics. ** Always confident - bordering on cocky - he relentlessly pursued corruption cases in the Supreme Court, and won repeatedly. It seemed the man could do no wrong.

Until now. Ever since Imran Khan’s blockbuster rally in Lahore, the PML-N leaders were going around saying PTI was a seasonal phenomenon that would blow over. First they dismissed Khan as an ISI creation, then they condescendingly called him a political flyboy who had peaked too soon, and finally they branded him an ‘Establishment’ child whose popularity would wither away once General Ahmad Shuja Pasha faded from scene. But this public posturing did not hide a growing concern within the party that the Imran threat had been taken too lightly.

He had to be sorted out the traditional way.
**
**And who better to dig up financial dirt than Mr Asif. The objective was clear: hit Imran where it hurts. The logic went like this: if “Mr Clean” can be damaged through allegations of financial impropriety, the very foundations of his politics would start to crumble. Once Imran is perceived as just another politician, he would lose his political sheen and will be forced to play on the traditional wicket. The PML-N had in mind the devastating impact of the Sita White scandal, which the party had hurled at Imran in 1997. The scandal had crippled Imran’s electoral prospects in 1997. If the PML-N could do it then, why not now?

But times change. Situations change. Men change. PML-N did not. Khawaja Asif did not. Now they are paying for this humungous blunder.

**The charges framed by **Mr Asif against Imran Khan are not just laughable, they betray a poor understanding of how charitable institutions and their endowment funds work. One did not expect Mr Asif to be so shoddy with his homework, and so short-sighted and malicious in his approach. It is now clear that Imran Khan had no say in the decisions made by the board of the fund to make investments. Equally clear is the fact that no corruption or money laundering was involved anywhere. At the worst, some bad investment decisions were made, but this is hardly the stuff that scandals are made of. **

**Khawaja Asif swung blindly, and punched himself in the face.
**
**The fiasco has exposed many. Mr Asif has diminished his own stature and depleted his credibility as someone who knows what he is talking about. His gravitas has shrunk. His party has also confirmed its desperation in face of the PTI threat. In doing so, it has reignited fears that it will stop at nothing to damage its opponents, and that worse may be in store. The PML-N has enveloped itself in a very foul political smell. And finally, Khawaja Asif’s blunder has provided PTI and Imran Khan a higher moral ground, which he and his party are now using with devastating effect to damage Sharifs’ financial standing.
**
So next time you want to know what it feels like to bite off more than you can chew - and then choke on it - go ask Khawaja Asif!

The writer is the host of “Tonight with Fahd” on Waqt News.
Email: [EMAIL=“[email protected]”][email protected]
Twitter: @fahdhusain

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Re: IK involved in money laundering: Kh Asif

Could it have anything to do with the fact that Kh. Asif came on tv and specifically named Imran Khan in his allegation? Imran had to clarify it for himself. And once he did, he handed the reins to the actual representative of SKMH, the CEO. Common logic.
And the money is guaranteed....so consider it back. This is an endowment fund, not a checking account belonging to a person with a Rs.15,000 a month salary.

[quote]

what PTIans are saying is exactly been done and said by PPP and PML-N... while they condemn and blame zardari and his ministers for all the looting and miss-management, the funniest part is, they are very happy with the performance and/or statement of their party head ( who according to them have nothing to do with it) and head of SKCH, who suppose to get the money back and from the very guy who issues personal guarantee note as a hobby and have recently have changed it into a share certificate which even his firm won't acknowledge but like i said, enough for PTIans
[/quote]

If you are unable to see the difference in the way IK/CEO SKMT have answered allegations against them, and the way NS and Zardari have handled allegations against themselves, then you wont ever be able to see the difference. IKs allegations are sourced from legitimate documents, and have been replied to via legitimate documents. Zardari and NS are underworld dons, and 80-90% of their wealth is black, and they will NEVER be able to defend themselves.

If PTI gets into government, we can be assured of having someone who has a clean slate. If we have Zardari or NS in government, then God help us.

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Re: IK involved in money laundering: Kh Asif

No that is not the case. If the constitution do not allow such action. Obey the constitution, not your personal feelings. Why don't you do the press conference like Kh Asif, than your super permanent lota recruiter, and than Abdi, provide copies of proof to the media. CJ will welcome you. If you can not do this, than keep silence, really sick and tired of this nonsense.

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Re: IK involved in money laundering: Kh Asif

Excellent etiquettes. Thank you hanibal.

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May be PML-N should hire auditors and lawyers to prove that IK and IH have caused a damage to 'zakat/charity' donators, mishandled funding, and prove it that it is a 'loss' incurred to SKMHT, that way there will be no two ways about whether its a loss or is it just 'disclosure'.

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Re: IK involved in money laundering: Kh Asif

For those who pose as the final authority over any matter under the sun.

](http://tribune.com.pk/story/417931/the-fallacy-of-the-pml-ns-allegations/)**The fallacy of the PML-N’s allegations
**
By Daud Munir
*The writer is pursuing a Doctor of Law at Yale Law School and an MBA from the Yale School of Management *

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.