IK involved in money laundering: Kh Asif

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

First decide whether you want your questions/concerns answered or not. It's not up to me to answer them, its for Imran Khan or SKMH's management and auditors to do that. So if you want all those answers, you aren't going to get them in a "single line statement".

Agar IK samne aa kar clarification na karta tub bhi apne kehna tha hmm something fishy...

He said in the press conference that there's going to be another press conference tomorrow I believe with the board of members of SKMH... so let's wait for that, shall we.

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Re: IK involved in money laundering: Kh Asif

I was thinking about that too, Zakat should be disbursed to poor relatives/neighbors. Donations to entities like SKMH should be from 'sadaqa'.

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Re: IK involved in money laundering: Kh Asif

Yes, as you said the investment on the face of it looks fishy. My only problem is that if it was supposed to be a money laundering exercise or IK had to personally gain from such investments, it would not appear on the financial statements on SKMTH. It is not very difficult to hide such transactions, all it takes is a good accountant.

SKMT is not obliged to make their financial statements public or put them up online. I have been looking but no other major NGO in Pakistan has done so. They don't even have to get any reputed auditors to audit it either. They can get any unknown auditor to rubber stamp their financial statements to comply with the Trust Act. PWC has to lose a lot if it turns out the way PMLN is making out to be.

You can make several allegations on politics of IK. I would agree with you on his u-turns, soft corner for extreme right, etc. This one is disgusting for me, to say the least. I respect PMLN for their stance regarding establishment now and I consider them much much better than PPP when it comes to loyalty to the country. This is stooping to low for them, I am sorry to say.

I wonder if Shahbaz Sharif was consulted before going ahead with this. I am sure he would not have approved. I wish he was leading PMLN and not the big bro.

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Re: IK involved in money laundering: Kh Asif

Happy? :slight_smile:*******

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Re: IK involved in money laundering: Kh Asif

I am so angry on PML noora, they haven't done anything good for my nation and the handful PRIVATE institutions that are serving the poor people of my country, they are trying to sabotage their reputation.
I want to hit Khawaja Asshole Asif so bad today..seriously I want to kill him .

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Re: IK involved in money laundering: Kh Asif

Oopps(^_^)

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Re: IK involved in money laundering: Kh Asif

Khawaja Asif has raised some very valid questions..

1) First of all there is no allegation of corruption on IK from SKMH funds.

2) SKMH is a charity organization being run on public funding. The management is answerable to the mistakes and serious flaws in how they are managing this public trust.

3) Endowment fund of SKMH is managed by board of Governors of SKMH. It is absolutely inappropriate to invest these funds in the personal ventures of one of the members of this Board. There is no question about the conflict of interest here. I heard all the explanation from IK and other PTI members yesterday. They have not been able to answer this point satisfactorily.

4) There is a serious question mark on the selection of these board members. I don't think the board members can be selected without the approval of IK and an investment of 4.5 million dollars could be made without his approval. There is a serious question about IK's management capabilities and his choice of people.

5) Investment of 4.5 million dollars in an offshore company engaged in property speculation just on the personal guarantee of the owner of this business is no way the best way to invest the funds of a public trust.

I think a serious judgmental mistake has been committed by IK and the board of management of SKMH. They must admit this mistake and for future ensure systems to avoid these short coming. They must revisit the selection process for the board of governors and refrain from making speculative investments in dubious companies belonging to the board members from the endowment funds.

IK's handling of this crisis will determine his capability to manage things as a leader of Pakistan. If his ego does not permit him to admit his mistake and his resolve and commitment to fix his house in order is absent.. it will raise a serious question on his capability to handle-manage the country as a leader..!!!

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Re: IK involved in money laundering: Kh Asif

No.. he did not..!!!

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Re: IK involved in money laundering: Kh Asif

Itna gussa nahee kertay. This is politics and there is mud-slinging goes on everywhere in politics from all sides.

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Re: IK involved in money laundering: Kh Asif

There are two parts to this issue, KH asif's main allegations were of money laundering and IK using zakaat money of the people for making this investment and resulting in the loss of SKMTs amount worth 4.5 million dollars. Both of these allegations have proven wrong, as it seems that no money laundering was carried out. The money used was raised overseas. There's no proof that the investment was used by IK for his personal use. Every thing is documented, if there was something dubious the skmt management would have tried to hide it.

Now the second part is like yazdi and others mentioned above is the selection of board of directors, and the conflict of interest in investment. There's no proof todate of any wrong intention in the invesent made, but the process can be further improved to reduce this to happen in the future.

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Re: IK involved in money laundering: Kh Asif

Learned a new PA word today... nirala lol. Who comes up with these?

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Re: IK involved in money laundering: Kh Asif

So after spending a whole lot of time to find anything against IK, PML-N could only resort to malign SKMH through official report published on SKMH website?

Good going Noora league! :hehe:

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Re: IK involved in money laundering: Kh Asif

[quote]
Now the second part is like yazdi and others mentioned above is the selection of board of directors, and the conflict of interest in investment. There's no proof todate of any wrong intention in the invesent made, but the process can be further improved to reduce this to happen in the future.
[/QUOTE]

No.. it's not the end of the story.. in this case IK and board should firstly admit their mistakes. This is no way to manage an endowment fund. Unless they admit their mistakes they can not fix their house in order.

It's a serious matter to hand over such a huge amount of money to someone on personal guarantee and personal trust specially if the money belongs to a charitable fund. What happens if the guarantor dies without repaying the amount and the heirs refuse to oblige the liability.

By no means it is appropriate to invest charitable fund's money without obtaining proper legal guarantees-collaterals.

It's a very serious matter..!!!

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Re: IK involved in money laundering: Kh Asif

Putting a wrong transaction on your web site or accounts statements does not make it right..

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Re: IK involved in money laundering: Kh Asif

Shaukat Khannum (SKMT) Made Full Disclosure in Audited Accounts « NADEEM MALIK

Shaukat Khannum (SKMT) Made Full Disclosure in Audited Accounts
**Shaukat Khannum (SKMT) Made Full Disclosure in Audited Accounts
**

This represents investment in 3,000,000 class ‘B’ ordinary shares of USD 1 each of Cinnabar International Services Limited (CISL), a company incorporated in British Virgin Islands (BVI). The Trust owns the entire class ‘B’ ordinary share capital of the company, which do not carry any voting rights in the company. Consequently, the Trust does not have significant influence over the company due to which the company is not considered an associate of the Trust. This investment has been made through an investment company, HBG Management Partners Limited, based in Dubai, United Arab Emirates. Further, CISL is a subsidiary of HBG Investment Holdings Limited (‘HBG’).
CISL owns 3,000 shares as at December 31, 2010 in Sugarland Real Estate (BVI) Limited, a special purpose entity incorporated by HBG to undertake the development of a real estate project in Oman. Sugarland Real Estate (BVI) Limited is also a subsidiary of HBG. The land purchased and development costs for the project are currently appearing in the financial statements of Sugarland Real Estate (BVI) Limited at an aggregate cost of USD 28.323 million reduced by an impairment loss of USD 18.256 million, thereby resulting in a carrying amount of USD 10.067 million as at December 31, 2010.
The land represents capital contribution in kind by one of HBG Group’s shareholders, Sheikh Salim Al Mashani (‘the shareholder’). HBG’s management have assessed the realizable value of the plot of land at December 31, 2010 by obtaining market valuation from an independent valuer and noted a decline in the value of the plot of land by USD 18.256 million, which is to be adjusted through reduction of capital contributed by the shareholder by virtue of an agreement with him. In accordance with the agreement with the shareholder dated December 15, 2010, the shareholder agreed for a reduction in his capital contribution commensurate with the reduction in the value of land which shall mutually be agreed between HBG and the shareholder. HBG’s management is currently into advanced stages of negotiations with the shareholder to agree a final revised value of the plot of land, after which a resolution shall be passed at an extra-ordinary general meeting of the shareholders to effect the capital reduction. Based on the above, the carrying value of the plot of land has been adjusted based on the independent valuation obtained as of December 31, 2010 against proposed reduction in the capital by an equivalent amount in the financial statements of Sugarland Real Estate (BVI) Limited for the year ended December 31, 2010.
In line with the requirements of IAS 39 – Financial Instruments: Recognition and Measurement, the Trust’s management has assessed whether there is an indication that the Trust’s investment is impaired as at December 31, 2010. Under the above circumstances, the Trust’s management feels that there is no indication that the investment is impaired since the impairment loss on the abovementioned land would be borne by the shareholder. However, based on the decline in the project land’s value, the Trust’s management performed a further evaluation by reviewing the recoverable amount of the asset (the project) by reference to the present value of expected future cash flows. The estimation of revenues on unsold properties depends on demand and market conditions. Based on these, the Trust’s management is of the opinion that the net realizable value of the project upon completion of development will be higher than its carrying amount as at December 31, 2010. Consequently, no provision for impairment has been recognized in these financial statements as at December
31, 2010.

http://www.shaukatkhanum.org.pk/images/skm_img/downloads/Audits/financial10.pdf

SKMT Audit Report 2010.pdf
http://nadeemmalik.files.wordpress.com/2012/08/skmt1.jpg?w=584

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Re: IK involved in money laundering: Kh Asif

If they wanted it hidden, they could have... It was NOT illegal but a BAD decision making by board of Governers. Endowment fund is not a new thing. But it backfired in this case.

But it was not a benami transaction by any means.. no money laundering took place, no zakaat paisa went outside. The only thing where a bad call was made is the personal guarantee bit by Imtiaz Haidri.

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Re: IK involved in money laundering: Kh Asif

^^^

Buying b class shares in an off shore company of one of the board members engaged in property speculation.. what are they trying to prove by disclosing it...???

Is this the way an endowment fund of a charitable organization should be investing..???

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Re: IK involved in money laundering: Kh Asif

Who is saying it's an illegal-undeclared transaction.

It's not only a bad decision.. but there is a conflict of interest here. BOG of SKMH simply should not invest endowment funds in their personal off shore businesses..

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Re: IK involved in money laundering: Kh Asif

Imtiaz Haidri made a personal verbal commitment and the entire BOG of SKMH which consisted of kids from 3-6 years with no skills bought this story and did not find it necessary to safe guard the investment through any legal-logical way..

In the end SKMH lost a major chunk of this investment..!!!

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Re: IK involved in money laundering: Kh Asif

I don't like Imran and his right wing politics. But this accusation on him is not justified.
He did not swindle any money. It was just an investment gone bad. It can happen to anyone in any investment.

Looks like PMLN is getting desperate. And I agree with Imran that Nawaz will do anything to come to power.