Imtiaz Hydari, one of the chief persons against whom Khawaja Asif of Pakistan Muslim League-Nawaz (PML-N) leveled allegations of corruption, financial embezzlement, money laundering, misuse of charity money, fraud and other allegations of the same nature the other day, has vehemently denied all allegations and has given his side of the story to clear his name, and that of the Shaukat Khanum Memorial Trust (SKMT) and Pakistan Tehrik-i-Insaf leader Imran Khan.
He said that he was amazed at the “Sherlock Homes-style performance of Khawaja Asif” on television.
He pointed out to the facts at the heart of the issue, saying that all the figures and reports were publicly available. He said that SKMT made a long-term real estate investment with HBG in 2008. 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.
“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 that time, refrained from voting to avoid a conflict of interest.”
He said such investments were a common business practice around the world and had nothing to do with ‘benami’ transaction.
He further explained that due to the severe problems in the real estate market following the global economic crisis, it was rightly decided to defer the project. “To protect SKMT investment, HBG will offer by higher percentage shareholding of SKMT in Sugarland BVI to compensate the reduced value of Sugarland shares. HBG has also provided an undertaking to assist SKMT’s exit from the investment with Capital Protected,” he said.
He then went on to offer point by point replies to Khawaja Asif’s allegations:
Khawaja had claimed it to be a case of money laundering. Imtiaz emphatically denied it saying that investment was not transferred out of Pakistan, that it was not for any personal gain and that the investment was from the Endowment Fund not Zakat money.
On Khawaja’s allegation of an attempt to hide the transaction, he says it is publicly disclosed on SKMT’s website, ironically from where they have taken it up, totally out of context.
Regarding the allegation of a special purpose vehicle (SPV) with an offshore jurisdiction being benami, he said that the entities in that investment had names and had declared shareholders who were audited by one of the four largest accounting firms.
On this investment being speculative and the real estate worthless, he said that it was nto the case, as I have already explained. This was prime land in prime location with excellent development potential.
Khawaja’s allegations of the investment having lost value resulting in a major loss for SKMT, Imtiaz Hydari said that no loss had been recorded even though impairment had taken place as explained above.
Next he says that Khaja’s allegations of capital protection/guarantee issued by a corporate entity being worthless are totally worthless in themselves. Khawja Asif should have first made some inquiries as to the worth, stature and standing of the investment handling corporate entity.
He said that after being unable to defend the allegations against their own leadership, the PML-N was doing this to embroil Imran Khan, the cleanest and most honest political leader in the country, in some sort of controversy and corruption. It would only hurt them in the end, and the poor people of Pakistan who thought of SKMT as a ray of hope.
PML is desparate and reaching out for anything and everything. I am sure they did not realize that how bad this would back fire on them. Desparate people do desparate things and nawaz is desparate. he never was a politician to begin with. He was just a pretty boy and a General took a liking to him and the rest is history. Being a businessman, he saw govt. as means to make money and he made a lot of it. Knowing fully well that this was corrupt money, he has never explained where it came from. All his cronies and now, the rest of Pakistan, know here it came from. Hang his fat ass.
We are proud of Imran. He remained steadfast and sincere with poor public of Pakistan. People like Khwaja stand very low and worthless. These people have no credibility.
Irman Khan is one on the cleanest politicians and has file his tax return until the1980s. What about 1990 – 2010??????
Are you blind? Look at his 30 years tax return he has already presented… I am sure 1990-2010 covers it… Whats wrong with you guys? and why do you become selectively blind? Why don't you ask Shareef family about their tax evasions??? Mark my words… Noora group is history! just like Q-league of the past…
Khwaja he must clean your filthy A**S**S. I can send you tissue papers.
Khan there is alot of filth in you so please clean it up first.
I did not ask you clean up your filth. I was asking Khwaja Asif to clean his Filthy A**S**S. why are you offended. Let him clean his A**S**S. I hope he does not need your help. You may help him if you want. I have no objection
This "NeltaJohn" seems to be one of the zombies operating out of PITB offices in Lahore a.k.a PMLN Social Media (funded by our tax money). Where is transparency here Mr "NeltaJohn"?
Khawaja Asif seems to be totally ignorant of corporate finance practices. I was so embarrassed to watch his press conference on TV, that this is the calibre of our leaders and public representatives. No wonder Pakistan stands no chance in competing against nations of intelligent leadership.
Best he could have done is to let an Finance MBA student read the SKMT reports he downloaded from their website. Instead, he showed a hawker's mentality and expertise to sell his wares. If he is a man of integrity, he should apologize for his stupid allegations and seek forgiveness from SKMH patients. He should also pray to Allah that god forbids he or any of his relatives don't need the services of a cancer hospital.
However, I like to thank him that because of him the donations jumped five times as a result of his insult to the Pakistani people.
shame on PMLn
Thanks to PML( N) and khawja Asif in particular, to help Tehreek-Insaf and SKMT in getting more funds, donations,sympathies and ultimately more votes in coming elections after putting false allegations with ill intentions on Imran Khan.Thank God the allegations have back fired, as the saying goes,MAN PROPOSES, GOD DISPOSES.Imran Khan is the only Leader who can save this country.We must support him, he is very honest,sincere and a man of integrity with very positive thinking and last hope for Pakistan,
IK’s honesty is now witnessed by evry Pakistani, let’s VOTE for him. He will surely be honest to Pakistan too 🙂
Well done Khawaja Asif, because the poor patient's money which was dead & reducing in value will be recovered though past 3 years profit is lost had it been invested prudently.
SKMH's donation is up 30times since khawja asif's infamous press conference. that says something!!
We youth will vote to Imran despite of useless allegations by useless party. Imran khan is the only leader who have a do can attitude.
Khawaja Asif is a pignorant idiot, following his pignorant bosses ….
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