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Arif Naqvi funded PTI shortly before 2013 elections: report

AZADPAKISTAN2009

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The ECP broke the Constitution by Going Public with News Channels and acted against interest of Pakistan based on their actions.

If Federal Government find evidence of collaboration between ECP and PML or PPP there is sufficient evidence to launch petition with Supreme court
 

jupiter2007

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Foreign funded Pakistan Tehrik-e-Insaf needs to be dissolved and PM Imran Khan needs to be arrested, disqualified and exiled to Israel.

You must be on some special drugs. Who is going to disqualify PTI? That case is going to be resolved soon. If it goes to Supreme Court, all political parties will be dissolved.
 

FOOLS_NIGHTMARE

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An old article claiming how the govt put a blind eye on Abraj groups default of 87billion rupees to SSGL.

Ex-FIA chief's startling averments

Amidst all the furore over the sedition cases filed against the opposition, an interview by an ex-chief of the Federal Investigation Agency (FIA) has further set the cat among the pigeons. Former head of the FIA Bashir Memon in an interview has laid bare the pressures allegedly exerted on him by "the highest office", implying Prime Minister (PM) Imran Khan, to prosecute the main opposition leaders on serious charges without the necessary evidence for doing so. Particularly targeted were, the entire Sharif family, which the PM expected to be booked in 56 "fake" companies' cases. Those cases are by now before the courts, but Memon had refused on the grounds that this was a provincial matter to be handled by the province's anti-corruption department and therefore beyond his mandate as head of a federal agency. He went on to state that whatever was happening now to Nawaz Sharif's son-in-law Captain Safdar (retd) was exactly what the PM had wanted him to do. According to Memon, Imran Khan was resentful because he thought Memon was lenient with the Sharifs. Memon on the other hand had 'advised' Imran Khan to use the National Accountability Bureau (NAB) to do all these things. Memon also accused Imran Khan of being indignant at the FIA's determination to recover Rs 87 billion from the Abraaj group that was owed to the Sui Southern Gas Company. Reports say Abraaj, which runs Karachi Electric, was, at that time, headed by Arif Naqvi, who is facing deportation from the UK to the US on criminal charges. Naqvi has been a friend of Imran Khan for over 20 years and is accused of the heavy foreign funding of the Pakistan Tehreek-i-Insaaf, a case that lingers before the Election Commission of Pakistan. According to Memon, in the same meeting Imran Khan wanted Pakistan Muslim League-Nawaz (PML-N) leader Khwaja Asif tried for treason for holding a job in a Gulf country while he was defence minister. Memon says he refused because the charge could not be substantiated without evidence of treason. That seems to have proved the last straw as far as Imran Khan was concerned. Soon after, Memon was first sent on leave, then removed as FIA chief and asked to report to the establishment division. However, since these seemingly vindictive actions were taken against an officer just days before his retirement, Memon chose to resign in protest. With more than a hint of irony, the former FIA chief said he was 'indebted' to NAB chairman former Justice Javed Iqbal since with his arrival, the pressure on Memon was released. Everything NAB has done since, Memon continued, is exactly what PM Imran Khan had asked him to do but which he had refused. The crowning glory in this sorry tale was when Imran Khan asked Memon to register a terrorism case against Maryam Nawaz and her social media team over a picture of his present spouse circulating on social media, which request too Memon dismissed as not a terrorism case. And as though all this was not enough, Interior Minister Brigadier Ijaz Shah (retd) once called Memon to ask him to 'break the legs' of journalist Ahmed Noorani over a controversial tweet. Memon did not act on this request either but Noorani narrowly escaped death in a broad daylight attack in Islamabad by unidentified people a year ago.

The mind fairly boggles before these allegations. If even half of what Memon claims is true, it presents a ghastly picture of a government, and particularly its PM, as embarked on a vendetta against the opposition in general, and the PML-N in particular. Since these allegations come from a senior officer, they cannot be lightly dismissed. The government will have to respond to these claims of serious deviations from the rule of law and rational, democratic governance. If it does not respond in an appropriate manner, none will be damaged more than its own reputation and standing.

 

FOOLS_NIGHTMARE

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Abraaj’s Naqvi Fined $136 Million Over Firm’s Collapse​

  • Naqvi banned from DIFC for his role in collapse of Abraaj
  • COO fined $1.15 million for deceiving auditors, investors
Arif Naqvi

Arif Naqvi
Photographer: Simon Dawson/Bloomberg
By
Adveith Nair
and Archana Narayanan
27 January 2022, 06:27 GMTUpdated on27 January 2022, 08:27 GMT

Arif Naqvi, the founder of defunct Abraaj Group, has been fined $135.6 million and banned from Dubai’s financial center for his role in the private equity firm’s 2019 collapse.
The Dubai Financial Services Authority also imposed a $1.15 million fine on Abraaj’s former Chief Operating Officer Waqar Siddique. Naqvi and Siddique disputed DFSA’s findings and have referred the decision notices to the Financial Markets Tribunal.

Naqvi “personally proposed, orchestrated, authorized, and executed actions that directly or indirectly misled and deceived the investors,” the regulator said.
Naqvi founded Dubai-based Abraaj in 2002 and built it to become one of the world’s most influential emerging-market investors. He was the face and personality of the group and was knowingly involved in misleading investors over the misuse of their funds through Cayman-registered Abraaj Investment Limited, DFSA said.

Abraaj, with $14 billion under management, was forced into liquidation after investor concerns over its heath-care fund. Abraaj backers included the Bill & Melinda Gates Foundation and the World Bank’s International Finance Corp. Its investments included stakes in health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey.
Key charges against Naqvi include:
  • Instructed use of investor funds for Abraaj Group’s working capital, commitments
  • Was central to the cover-up of a $400 million shortfall across two funds by temporarily borrowing money for the purpose of producing bank balance confirmations and financial statements to mislead auditors and investors
  • Approved the change of a fund’s financial year end to avoid disclosing a $200 million shortfall
  • Personally arranged to borrow $350 million from an individual to make the Abraaj Group appear solvent

Siddique, who was a member of Abraaj’s senior management team from 2005 and until June 2018, was aware of the $400 million shortfall and was involved in deceiving auditors and investors about the actual cash balance in the funds’ bank accounts, including being a signatory to loan agreements used to produce misleading bank balance and financial statements.
The fines are the latest move by the Dubai Financial Services Authority over the Abraaj affair and the people behind a fraud that rattled reputations in the DIFC, the city’s financial free-zone and one of the Middle East’s biggest business hubs.

Naqvi faces criminal charges in the U.S. and is currently in the U.K. awaiting extradition. DFSA fined Abraaj a record $315 million for deceiving investors and misappropriating their funds in July 2019 and followed that with slapping a fine on KPMG LLP last year for at least $600 million over its role in the group’s insolvency.
The DFSA’s decisions may be confirmed, varied or overturned as a result of the tribunal’s review.
 

Norwegian

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Abraaj’s Naqvi Fined $136 Million Over Firm’s Collapse​

  • Naqvi banned from DIFC for his role in collapse of Abraaj
  • COO fined $1.15 million for deceiving auditors, investors
Arif Naqvi

Arif Naqvi
Photographer: Simon Dawson/Bloomberg
By
Adveith Nair
and Archana Narayanan
27 January 2022, 06:27 GMTUpdated on27 January 2022, 08:27 GMT

Arif Naqvi, the founder of defunct Abraaj Group, has been fined $135.6 million and banned from Dubai’s financial center for his role in the private equity firm’s 2019 collapse.
The Dubai Financial Services Authority also imposed a $1.15 million fine on Abraaj’s former Chief Operating Officer Waqar Siddique. Naqvi and Siddique disputed DFSA’s findings and have referred the decision notices to the Financial Markets Tribunal.

Naqvi “personally proposed, orchestrated, authorized, and executed actions that directly or indirectly misled and deceived the investors,” the regulator said.
Naqvi founded Dubai-based Abraaj in 2002 and built it to become one of the world’s most influential emerging-market investors. He was the face and personality of the group and was knowingly involved in misleading investors over the misuse of their funds through Cayman-registered Abraaj Investment Limited, DFSA said.

Abraaj, with $14 billion under management, was forced into liquidation after investor concerns over its heath-care fund. Abraaj backers included the Bill & Melinda Gates Foundation and the World Bank’s International Finance Corp. Its investments included stakes in health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey.
Key charges against Naqvi include:
  • Instructed use of investor funds for Abraaj Group’s working capital, commitments
  • Was central to the cover-up of a $400 million shortfall across two funds by temporarily borrowing money for the purpose of producing bank balance confirmations and financial statements to mislead auditors and investors
  • Approved the change of a fund’s financial year end to avoid disclosing a $200 million shortfall
  • Personally arranged to borrow $350 million from an individual to make the Abraaj Group appear solvent

Siddique, who was a member of Abraaj’s senior management team from 2005 and until June 2018, was aware of the $400 million shortfall and was involved in deceiving auditors and investors about the actual cash balance in the funds’ bank accounts, including being a signatory to loan agreements used to produce misleading bank balance and financial statements.
The fines are the latest move by the Dubai Financial Services Authority over the Abraaj affair and the people behind a fraud that rattled reputations in the DIFC, the city’s financial free-zone and one of the Middle East’s biggest business hubs.

Naqvi faces criminal charges in the U.S. and is currently in the U.K. awaiting extradition. DFSA fined Abraaj a record $315 million for deceiving investors and misappropriating their funds in July 2019 and followed that with slapping a fine on KPMG LLP last year for at least $600 million over its role in the group’s insolvency.
The DFSA’s decisions may be confirmed, varied or overturned as a result of the tribunal’s review.
Nothing against PTI here? So sorry for your loss
 

TNT

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Imran Khan has brought in shady characters from all around the world, zulfi bukhari, naqvi, moeed yusuf, azam khan, raza baqir. All these are unelected and ironically given more power than elected ministers.
 

koolio

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He is paid bot of maryam team, his duty is to refresh every anti PTI threads on PDF , please keep reporting these bunxh of fools , they are far harmful then TTP for Pakistan

These type of bots don't give a damn about the image of Pakistan, all he cares is how Godfather should come back in power and carry on with thier loot and plunder and enjoy the special perks given by Godfather team.
 

Norwegian

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Imran Khan has brought in shady characters from all around the world, zulfi bukhari, naqvi, moeed yusuf, azam khan, raza baqir. All these are unelected and ironically given more power than elected ministers.
True. Only angel Nawaz Sharif brought the best people
 

fisher1

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So you want the man - who lived all his life in Pakistan, raised funds and spent his own time to develop hospitals and colleges, who has not a blemish of any personal impropriety (other than the CDA issue with Bani Gala - which is an issue with that entire area), a man who has shown through words, deeds and action, independence from foreign influence - you want that man arrested and exiled.

I wonder how do you people even say this stuff without laughing like idiots.

I guess one of the pre-requisite to become a PTI social media worker is to lie through teeth without blinking because how else can one defend thook chat?


Lived his whole life in Pakistan importing English babes I guess LOL
 

Norwegian

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I wonder how do you people even say this stuff without laughing like idiots.

I guess one of the pre-requisite to become a PTI social media worker is to lie through teeth without blinking because how else can one defend thook chat?


Lived his whole life in Pakistan importing English babes I guess LOL
Bughaz Imran overdose
 

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