Imran Khan's interview with Najam Sethi

[yazdi]

Re: Imran Khan’s interview with Najam Sethi

@mYsTeRiOuS_gUy

At the end of the day, worst case is that it was bad investment which obviously should be avoided in future but don’t forget that so called CLEAN politician like Khwaja Asif accused Imran Khan of investing this for personal benefits. He accused Imran of laundering zakaat money to buy investments for PERSONAL gains and may such serious allegations.
Lastly, all this information was taken from an audit report made available by SKMH online which obviously shows the transparency.
I can’t know about your allegation that Imran went ahead with this investment even though the most board members were was against this investment as Imran just yesterday said that he was NOT aware of this investment initially but he was briefed about it later so either Imran is lying or your information is wrong.

I am not an Imran cult follower and would like to keep things as neutral as possible.. I have not seen the minutes of the investment board meetings so I will base my comments only on available disclosed information.

1. I never heard Khawaja Asif blaming IK for misappropriating Zakat money. He accused IK that the money was not invested in a proper way which was was subsequently proven.. money invested in a private company belonging to a board member (conflict of interest) on a personal guarantee without obtaining any audited accounts of this non-quoted, non-tradable company. Any accounting fool will tell you that this itself is a gross violation of public trust.

2. All the board members were personally selected by IK. I know this because I know some of these members. Mostly some large donors were invited to join the board. I personally believe that IK knew and endorsed this investment.. and IK not knowing about this investment is a total BS. This is my personal opinion and I don’t have board minutes to prove it. But let’s assume that he did not know about the investment. For the Chairman of any board this is not an acceptable excuse that he did not know abut board decisions. If you can’t take responsibility of bad board decisions.. or you are not able to stop such decisions on time.. you don’t deserve to be the Chairman. He is aspiring to become the Prime Minister of the country. Tomorrow he will shift all the blame of any mis appropriation on his sub ordinates and try to act like an angel. This is a very dangerous tendency.

3. The investment is a bad investment.. money is stuck for more than 5 years. In spite of all the public debate for last one year the personal guarantee could not be honored. Now IK needs one more year to execute the personal guarantee.. He plans to go in litigation.. not knowing that there are more than 100,000 cases lying in Dubai courts which are not being heard on default by property developers.. nothing will happen to these cases as the money is already lost in speculation. The chances of getting this personal guarantee en cashed are very slim. For all practical reasons and in the opinion of the auditors this money is lost due to the stupidity of SKMH management-board of management-Imran Khan.

4. I appreciated the gesture of Imran Khan that he is personally guaranteeing this amount with his personal assets. I don’t suspect Imran Khan’s intentions and I believe he will keep his promise. I also believe that his intention of investing the SKMH funds in property speculation in dubai were to gain maximum benefits for the institution. But it does not absolve SKMH management and particularly the Chairman for not being able to stop this transaction which was made in clear violations of accepted principals of trust.. without taking in to account the gross conflict of interest which has happened with this transaction.

Doesn’t matter if Imran is an angel and I am a pathetic liar.. Gross irregularity has happened in SKMH where a huge investment was made despite the conflict of interest. The responsibility of this gross irregularity lies with the Chairman of the Board SKMH..