Imtiaz Haidri comes out in public and thrashes Khawaja Asif

[Rafael]

ISLAMABAD: The man at the centre of the PML-N vs Imran Khan controversy over Shaukat Khanum investments, Imtiaz Hydari has come out publicly and blasted Khwaja Asif and his party declaring that his company handling $1.8 billion in funds has already absorbed the drop in value of a sound investment decision taken by the board.

“My company, HBG has taken steps to absorb the impairment in value by granting increased shares to SKMT i.e. the reduced value of Sugarland shares will be compensated by higher percentage shareholding of SKMT in Sugarland BVI. This preserves and protects SKMT investment. Additionally, HBG has also provided an undertaking to assist SKMT’s exit from the investment with Capital Protected,” Hydari said in a response released to the media on Saturday.

Reacting to the charges by Khwaja Asif, he stated: “I was amazed but more amused as I witnessed the Sherlock Homes-style performance of Khawaja Asif on television. Khoda Pahar aur Nikla Mara Hua Chooha!” The Urdu proverb means nothing came out of a huge storm in the tea cup.

Hydari said: “It is appropriate to set the record straight since his great discovery from publicly disclosed documents was gathering false alarms and in the process was hurting the finest public charity in Pakistan. If he is a man of any substance, he will appear again on television to Apologise to Imran Khan, SKMT and Imtiaz Hydari. Let me tell you why?”

First the facts on the investment: Shaukat Khanum Memorial Trust made a long-term real estate investment with HBG in 2008, when the market fundamentals across GCC were excellent, with a plan to develop it into a project. 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 in a solid real estate, prime location in Muscat in which HBG itself has committed a substantial amount.

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 the time, refrained from voting to avoid a conflict of interest.

There is a misconception being propagated that just because the investment is through an offshore company, it is akin to a ‘benami’ transaction. This is a totally false representation as private equity investments across the world are conducted from such jurisdictions because they are considered investment-friendly.

Pursuant to the severe correction in the real estate market following the global economic crisis, it was rightly decided to defer the project. The investment has no leverage. However given the fact there has been impairment in land value, HBG has taken steps to absorb the impairment in value by granting increased shares to SKMT i.e. the reduced value of Sugarland shares will be compensated by higher percentage shareholding of SKMT in Sugarland BVI. This preserves and protects SKMT investment. Additionally, HBG has also provided an undertaking to assist SKMT’s exit from the investment with capital protected.

Responding to specific accusations and questions, Hydari said: “Is it a case of Money laundering? - The answer is an emphatic ‘NO’. The investment was not transferred out of Pakistan. It was not for any personal gain. The investment was from the Endowment Fund not Zakat money.

Is it an attempt to hide the transaction so we can wonder at his discovery? - Definitely ‘NOT’. It is publicly disclosed.

Is it a SPV (special purpose vehicle) with an offshore jurisdiction is benami? - Sorry Khawaja Sahib, you are in the wrong. The entities in this investment have names and declared shareholders who are audited by one of the big four accounting firms.

Was the investment speculative and the real estate worthless? - No it was ‘NOT’, as explained above. This is prime land in prime location with excellent development potential.

Has the investment lost value resulting in a major loss for SKMT? - Khawaja Asif reads the balance sheet but is unable to differentiate between a note to the accounts and the actual adjustment for impairment in the accounts. No loss has been recorded even though impairment has taken place as explained above.

Is a capital protection/guarantee issued by a corporate entity worthless? - How does Khawaja Asif know? Does he know the standing or stature of the corporate and the circumstances surrounding it? Unfortunately he has not bothered to make any enquiries.

He asked what the purpose of his sensational outburst could be and answered: “Unable to defend the allegations of money laundering and corruption against his own leadership he has to find something against Imran Khan, the most clean and honest political leader in Pakistan - and Good heavens, all Mr Sherlock Homes could find was a dead mouse (mara hua chooha) - desperately clinging to straws but in the process hurting SKMT and the poor people of Pakistan.

Asked by ‘The News’ about his company and its worth, Hydari said: “HBG Holdings is a leading private equity group specialises in managing investment capital from private and institutional investors in the Middle East. The firm is owned by leading investors from the Middle East and manages about $1.8 billion in private equity, asset management and banking.”

Khwaja Asif vs Imran: investor speaks and answers key questions - thenews.com.pk

 

[Rafael]

So now it is crystal clear that the accusations were solely based on a political agenda! Disgusting people they are, went so low that they did not even spare the only specialized cancer hospital in the country. Somebody rightly said, these guys are worse then PPP.

 

[Green Bullet]

Brilliant article Mr Rafael...a slam dunk in the face of Khwaja Asif, he should face the repercussions of such a action and be answerable to the public.

 

[xyxmt]

So now it is crystal clear that the accusations were solely based on a political agenda! Disgusting people they are, went so low that they did not even spare the only specialized cancer hospital in the country. Somebody rightly said, these guys are worse then PPP.

I wish you can read record your post in your voice and hear it back, why so mad my friend?
Its a good thing he brought it our in public and it reaffirms your beliefs that Imran can do no wrong. you making it sound like Khwaja said something against Prophet (peace be upon him) naoozubillah

Imran is in politics and he is fair game. dont get too emotional

 

[airmarshal]

I wish you can read record your post in your voice and hear it back, why so mad my friend?
Its a good thing he brought it our in public and it reaffirms your beliefs that Imran can do no wrong. you making it sound like Khwaja said something against Prophet (peace be upon him) naoozubillah

Imran is in politics and he is fair game. dont get too emotional

Where is Nawaz Sharif hiding? In Mayfair London or Jeddah? Why doesn't he come out like Imran Khan and answers publicly all the accusations? Is you 'leader' a prophet that can do no wrong and not even answerable for anything? And I mean your so called leaders, not the Sharif family members or Sharif family servants.

 

[Rafael]

I wish you can read record your post in your voice and hear it back, why so mad my friend?
Its a good thing he brought it our in public and it reaffirms your beliefs that Imran can do no wrong. you making it sound like Khwaja said something against Prophet (peace be upon him) naoozubillah

Imran is in politics and he is fair game. dont get too emotional

I agree that imran is a fair game, and accusations or political remarks should be made on his party, personality and if one wants to really hit under the belt, perhaps I wouldn't mind them commenting on his personal life.

But SKMT should be a no go area.. It is a national institution for Pakistanis, made by the Pakistanis. Why hurt its Zakat collecting effort?

 

[xyxmt]

Where is Nawaz Sharif hiding? In Mayfair London or Jeddah? Why doesn't he come out like Imran Khan and answers publicly all the accusations? Is you 'leader' a prophet that can do no wrong and not even answerable for anything? And I mean your so called leaders, not the Sharif family members or Sharif family servants.

Actually he isnt my leader, he is someone who aspire to lead pakistan to a better future, like Zardari, Imran etc. I just trust him more than the others, but i wont put my life on the line for him, i wont fight others for him. He is not my sister that I need to protect 24/7 he can take care of himself. he is a politician who is a fair game for everything since he decided to come in public life, and he doesnt compalin

oh and I almost forgot to mention, I dont answer for him and if you have any question about his where about please ask him or his aides

I agree that imran is a fair game, and accusations or political remarks should be made on his party, personality and if one wants to really hit under the belt, perhaps I wouldn't mind them commenting on his personal life.

But SKMT should be a no go area.. It is a national institution for Pakistanis, made by the Pakistanis. Why hurt its Zakat collecting effort?

Why!!!!!! why SKMT should be a white cow, who is running SKMT??, maybe i missed the arrival of angels if thats so than I appologize

 

[Kompromat]

I discussed this story with a fellow who works in Cayman Islands and has been a hedge funds manager for a decade now. He suggested that such transactions are made on daily basis and there is no illegal activity happening there. According to him , the allegations are politically motivated and the accuser had no clue of such investment techniques.

PML-N lacks the collective intelligence to come and apologize for their propaganda , on their part it was a calculated move which has backfired.

 

[airmarshal]

Why!!!!!! why SKMT should be a white cow, who is running SKMT??, maybe i missed the arrival of angels if thats so than I appologize

Just to keep the records straight. in the last few days, it has been told umpteen time that neither Imran Khan nor any of his family members or friends run the hospital. Its only that you choose not to listen.

 

[xyxmt]

and then PTI owns PPP
PPP exposes PTI's Scam
PTI Trashes PML-N

and Tamashbeen nature of our public is satisfied
Jiye Bhutoo
Imran Hum Tujh pe qurban
NS hum tere sath Jahanum main bhi jaain gye

and hence we understand the reason for keep our people jahil

 

[Rafael]

Why!!!!!! why SKMT should be a white cow, who is running SKMT??, maybe i missed the arrival of angels if thats so than I appologize

Neither Imran, nor PTI is running SKMT. A board of professional doctors and managers makes all the decisions. Is it too difficult to digest?

 

[tarrar]

I have lost hope & faith on all the politicians of Pakistan, especially after what had happened recently between PML-N, PTI & some involvement from PML-Q leaders. You all know the story.

Lies, corruption, propaganda, killings etc it is all been done by these corrupt politicians, Pakistan needs a savior in these dark hours & look what these politicians are doing cutting each other's throats & barking at each other.

This country only deserves one thing full Military Rule at least it is at that time they work with some honesty.

 

[airmarshal]

I have lost hope & faith on all the politicians of Pakistan, especially after what had happened recently between PML-N, PTI & some involvement from PML-Q leaders. You all know the story.

Lies, corruption, propaganda, killings etc it is all been done by these corrupt politicians, Pakistan needs a savior in these dark hours & look what these politicians are doing cutting each other's throats & barking at each other.

This country only deserves one thing full Military Rule at least it is at that time they work with some honesty.

Dont forget Musharraf had full support of the people after the coup and there was no opposition to his rule. He could have done wonders but he was a small man who could not think beyond himself.

We had this type of example before - a full military control. But only Ayub Khan was able to achieve something for the country as the result of which Pakistan industrialised rapidly and became envy of the developing world.

So military rule is no solution. Ultimately what Musharraf did undid everything good he did. He gave NRO to the most corrupt of the country. In a way he support and strengthened the culture of corruption in the country.

 

[Leader]

 

[xyxmt]

I have lost hope & faith on all the politicians of Pakistan, especially after what had happened recently between PML-N, PTI & some involvement from PML-Q leaders. You all know the story.

Lies, corruption, propaganda, killings etc it is all been done by these corrupt politicians, Pakistan needs a savior in these dark hours & look what these politicians are doing cutting each other's throats & barking at each other.

This country only deserves one thing full Military Rule at least it is at that time they work with some honesty.

Most believe Imran is that Savior, God help you