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Imran Khan lost donation money in real estate gambling: Khawaja Asif
PML-N leaders provide 'evidence' of Imran Khan's investment of donation money abroad.
ISLAMABAD: Khawaja Asif, a senior leader of the Pakistan Muslim League – Nawaz (PML-N), alleges that Pakistan Tehreek-i-Insaf (PTI) chief Imran Khan lost a huge amount of money which was donated to his social welfare hospital, Shaukat Khanum Memorial Cancer Hospital & Research Centre, in a real estate gamble.
Asif, accompanied by two other PML-N leaders, held a press conference in Islamabad on Wednesday and handed out hard copies of “evidence” against Khan’s investments.
The leader said that a total of $4.5 million were invested abroad, which was “in fact the money gained from sadqaat, fitrana and zakat… This was the money of the Pakistani nation which went abroad.”
“In British Virgin Islands, a shell company was first registered. That company transferred money into a company, HBG in Dubai, then HBG bought shares of Sugarland company worth $3 million. During 2009-2010, Sugarland declared losses and in the coming two years, it faced 64% losses. Here, the money of Shaukat Khanum invested by Imran Khan also faced a loss but it was not shown,” Asif said while referring to the documents he had distributed.
The leader mentioned the Double Shah scam and said that Double Shah would at least ask for investments and not for donations, and his business was more transparent than this one. “Imran Khan doesn’t get tired of unleashing allegations against the entire world, but he should first look at himself too.”
Asif questioned Khan that if the investment was so safe and profitable, then why did he not put in his own money rather than that of Shaukat Khanum. “This is not a scandal of the PTI, this was a play of Shaukat Khanum’s money… Shaukat Khanum has not published its balance sheets, the last one available is from 2010, which we have provided to you.
“Imran Khan should reply himself or someone from the trust should reply. Who knows what game Imran Khan is playing with the people’s money and where he’s investing the donations,” he added.
‘Shaukat Khanum workers are Khan’s friends or family’
Asif also alleged that those working at Shaukat Khanum Memorial Hospital are either Khan’s friends or family members. “Another important person is Imtiaz Haideri. He is a member of Imran Khan’s trust, is a chief executive in Dubai and a chief executive in British Virgin Islands too.”
“In this party (PTI), they are all real estate businessmen or are involved in collecting donations. There is this singer as well, who also collects donations. The whole leadership is involved in the real estate business, they are all gamblers,” said Asif adding that he is providing proof from Shaukat Khanum’s own papers.
“We are not speculating or assuming this. We have handed you all the balance sheets too on which all the investments are stated.”
“During a Public Accounts Committee meeting, I asked NAB without mentioning any name that if a social welfare organisation is involved in such gambling investment, does your law allow them to catch them. They told me yes, they would take action… When the time comes, we will also go to the court.”
“We know it hurts the credibility of leaders before the elections, but we are trying to show the real face (of Imran Khan) on how he is managing the donations,” Asif added.
“Imran Khan took some wrong decisions and the trust should not bear the losses. The loss should come on his personal balance sheet.”
Read PML-N’s fact sheet on Shaukat Khanum Memorial Hospital here.
Read more:
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Reader Comments (193)
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@M Sheikh:
Medical bills were paid from the charity of pakistanis not from IK pocket, you must be thanksfull to Allah and people of pakistan, the hospital help people like you to collect more money from people, you are used as showcase. Otherwise they are doing business with charity money. Collected on the name of Allah but doing business. Shame, shame,
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Imran khan has passed his prime in politics.That’s it! He is now more or less EXTRA in pakistan politicle stage.Sorry youth.
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Guys! i am so happy reading your comments. Shame to Khwaja ..Recommend
So Mr. Clean isnt that clean indeed!
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SIR i only say my father is in police and he worked with sehbaz sharif as when he was a CM during kargil war my father said to me once we went at the top of the kargil hill with helicopter and there were dead boides of our soldiers because they cutoff the weapon suply at the kargill hill and indian soldier attacked at us and sehbaz shrif was saying these are soldiers of india who cam in our teritory.what they are talking about imran khan he is great man.i can tell you more things but ……..
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Can somebody please teach them that all over the world endowment funds are invested in real estates and other financial assets to generate a steady stream of income for organisations like SKMH and universities. An other shameless attempt from PML(N).Recommend
Khawja Asif, by dragging national humanitarian institute into politics, you lost the credibility amongst the people.
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The comments in this article are a big disappointment to the left-wing extremists and enemies of Pakistan. Kadam badhao Imran Khan ham tumharey saath hain!Recommend
Khaja Asif press conference has been done wiht ulterior motives. They did in Ramzan so that people should not give zakat and fithra to his organisations. Shame on the N leaguies. With a false allegation they are trying to hit under the belt. Me no great supporter of Imran will now urge all to gve money for charity to him from today onward.
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Shame on PML-N; Khawaja Asif did not share the entire story from financial note as it would have favored IK & SKMCH creditability. According to the note the land came as capital contribution from one of share holder namely Shiekh Salim. The dent in value of land had been adjusted through reduction in capital share of Shiekh Salim. The note 11.4 from SKMCH financial report says
“The land represents capital contribution in kind by one of HBG Group’s shareholders, Sheikh Salim Al Mashani (‘the shareholder’)……the realizable value of the plot of land at December 31, 2010 ……..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…….”
For details, the report is available @ http://www.shaukatkhanum.org.pk/images/skm_img/downloads/Audits/financial10.pdf
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So the money I donated to Shaukat Khanum is sitting in Dubai?
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What a cheap and non sense blame on opponents. PMl-N needs to reply, where is the looted money via “Qaraz Utaro Mulk Sunwaro” by Nawaz Sharif. My second question is regarding Foreign Currency Accounts of Overseas Pakistanis, which were frozen by Nawaz sharif after Atomic Explosion in 1998. They transferred all Foreign currency to their foreign Accounts . More over the Foreign Currency Account Holders were forced to accept 40 Rupees Against each US Dollar where as the open market rate was 66 rupees per dollar. Who earned that Haram Money was the Ruling Party called PML and Nawaz was the Prime minister. These thieves have all their property out of Pakistan. They blame others but forget their own Character.
It seems comments against PML-N are not published. Why? Allah will ask these supporters for supporting these corrupt elements of Pakistan
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@Dr Akmal:
Dr. sb u might b very experienced and hve been seeing IMRAN KHAN for giving such comments but out of political ground,but we have been watching PML N doing corruption and putting such false allegation on OTHER from many years… every party has been exposed to the people.. PML N IS WRONG
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Imran is not as clear as he and his followers portray him
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PTI has become a bunch of thugs and shady characters. needs a massive surgery to bring it in its true shape
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And what exactly has this khwaja character or the n-league done for the people might I ask? Shame on you for trying to malign one of the few institutions in Pakistan that is truly helping the common man. ask those who have received treatment there. Taking such cheap pot shots might bring you a few supporters in the short run. But in the long run people are going to realise how petty these people are and how apart from politicking they are not interested in changing the future of this country.
So keep going Imran we are with you for we know better and want to be masters of our own destiny.
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@sohail:
Lies are unlimited, for sure you can have a lot of them in your stock, only stupid imagination is required to lie, so keep saying but who believe you or your stories?
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pathetic mentality of noon leagueRecommend
Page 24
http://www.shaukatkhanum.org.pk/images/skm_img/downloads/Audits/financial10.pdf
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Khawja Asif is one of the few politicians I like most for his great courage and skill to speak against anti democratik forces including generals.His speech against army generals on the flour of national assembly is worth seeing.Bravo KA.Recommend
Khwaja Asif can go to any limit to make Nawaz happy- he is a sick man
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This is unbelievable!… I want my zakat money back please! MR imran khan!! I don’t care what PML or anyone else is saying. all I know is IM admitted he used our money to invest somewhere, for which he or anyone else appointed by him, didn’t have my permission. so guys please! there is no two ways in this. I don’t follow anyone blindly.
shocked!!
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There was never any doubt about credentials of a cricket playboy character called Imran Khan.
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@Pashtun voice:
Not in Dubai, your money of charity went offshore account, then came Dubai and went Oman to get lost, all with the trust of imran khan, it is in the balance sheet, they were praying this long no one notice, but Allah on who name you give, disclosed to the people like you, that you had been cheated. You should demand that he pay back to hospital 211 million rupees from him personal money.
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Khawaja Asif, You and your other leaguess are a disgrace to the nation. Shame on you.
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such a cheap shot by such an incompetent bunch of people. instead of looking at the dictionary for what an endowment fun means, they try to seize the opportunity to malign a very well reputed charity
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PTI should face the reality. I gave zakat to Shoukat Khanum Hospital many times. But I shall never donate even a penny for this hospital in future. This hospital is being run by corrupt people.
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I think Khawaja Asif does not know exact problem of nation,he is such a foolish.No one believe on his assumption,PML (N), fired 200 Billion Rupee on “Sasti Roti” and handsome amount on Laptops, if they are sincere to country they use this amount for power production and help the nation, Now at election year they shoves the Imran reputationRecommend
I will pay my whole salary to Shaukat Khanun this month. Khawaja Asif is a servant Nawaz Sharif and speaking the lanugage of this master.Recommend
Salman Shahbaz arrogantly broke this news in an program that we donated millions to SKH. whenever there is shortage of funds SKH management approached my dad Shahbaz and on his instruction i rushed to give donation to SKH. What a contradiction.
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The problem with PTI and its supporters is that they would jump to defend everything. Just for the record, I searched about this, and found out that a blog named LUBP had written about the investments abroad by SKMT ie the one in Oman and to funds abroad in 2011.
http://criticalppp.com/archives/48474
http://criticalppp.com/archives/48788
http://criticalppp.com/archives/61789
Just like comments here, these guys were hounded too with counter questions!
Only issue I feel with IK is that what he says and what he does is just not in sync!
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It is truly amazing in what frame of mind are before giving such press conferences. In 2010, audited reports of the hospital all these investments are mentioned. Do I need to say more, in 2010 and we are in 2012 that they are point out to. He should look are the personal wealth accumulated by PML-N leaders all over the world which everyone knows about but does nothing about it. None the less let us be positive and work towards a change in Pakistani political climate and vote like Imran to come and lead us to a better future.
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The day PTI supporters start saying ‘look who is talking’ is the day they have lost the argument. All PTI members on TV yesterday were saying the same thing…..looks like the PTI camp is scared.
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Unfortunately for Khawja and Co, these tactics can only increase the popularity and credibility of IK .
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Jakayt and khairat is an out dated practice which is being practiced to make a person begger .Recommend
Maybe I’m missing the point here. Why is everyone making a big deal out of it?
Endowment funds (and pension funds etc) all over the world invest their money. Imran Khan did not personally stand to benefit one bit if the “risky” investments paid off. How is it a question mark on his credibility? It was just a bad investment decision made by the trustees. Also, hindsight is 20/20. In retrospect, we can all say it was a bad investment. But, apart from a few financial geniuses (read “The Big Short”, Micheal Lewis) nobody saw the collapse of house market at that time. Major investment banks in the US who have been making investments for over a hundred years, did not see it coming. In fact, a lot of mortgage backed securities (housing bonds) were rated AAA (the highest rating) by the rating agencies. AIG had been offering insurance on these bonds as they calculated that the risk was of a crash was minimal. In the Middle East, a lot of Pakistanis were investing in real estate. Dubai’s government was also investing in real estate. A lot of these bonds ended up going to zero. Also, according to IK, the company that invested had guaranteed them that they won’t suffer any losses (I’m not sure what the worth of that guarantee is though). The point I’m trying to make is, that the investments seemed pretty safe at the time, according to their risk rating, conventional wisdom and market sentiment.
Regarding offshore companies, they can be used to legally avoid tax on the proceeds of the endowment fund’s investments. Just the presence of an offshore company does not imply wrong doing.
The only valid criticism I see is the obvious conflict of interest of Mr. Imtiaz Haideri being a member of the board and CEO of the investment company. SKMH’s CEO stated that Mr Haideri’s position as CEO and a member of the board were stated on the website. However, it still remains a conflict of interest even if it was published on the website. Again, although it raises suspicions, it in itself does not prove any wrong doing as investments could still have been made in good faith.Recommend
Imran Khan politics revolves around SHAUKAT KHANUM HOSPITAL. This is one GOOD he is using as a COVERUP for his past IMMORAL and future IMMORAL endeavours. The donations were used for INVESTMENTS which carry a RISK FACTOR and now MONEY is lost and IMRAN KHAN is responsible and therefore that MONEY must be recovered from IMRAN KHAN and all his ASSETS must be FROZEN and the COURT must recover that MONEY lost and give to SHAUKAT KHANUM HOSPITALRecommend
PTI does not know that there is no difference in ZAKAT and DONATION, Muslims give ZAKAT and non MUSLIMS give donations and there is no difference as in both cases it was meant for SHAUKAT KHANUM HOSPITAL but in the case of OVERSEAS DONATIONS they never reached SHAUKAT KHANUM HOSPITAL but were routed towards INVESTMENTS which carry a RISK FACTOR and the INVESTMENTS were LOST deliberately as FUND MANAGERS were picked by IMRAN KHAN to cheat. Whatever amount is collected in the name of SHAUKAT KHANUM HOSPITAL must be credited in its account in PAKISTAN and any ENDOWMENT FUND must also be setup iin PAKISTAN and not OVERSEAS. The COURT must take SUMOTO action and make sure that all DONATIONS overseas reach PAKISTAN and credited to SHAUKAT KHANUM and in the meantime all assets of IMRAN KHAN must be FROZEN and the damage done to SHAUKAT KHANUM must be recovered from him. PML-N has done the a favour to SHAUKAT KHANUM and the poor and needy patients to get and recover the FUNDS meant for them.Recommend
If we set aside the allegations of PML-N and study the PTI version then they have themselves admitted that OVERSEAS DONATIONS have been squandered and MISDIRECTED to INVESTMENTS rather than to SHAUKAT KHANUM and the money never reached the HOSPITAL for the BENEFIT of the POOR and NEEDY patients. PML-N is correct to address this misdeed of PTI and has the right to demand that the money be credited to SHAUKAT KHANUM HOSPITAL. However LOSSES incurred in INVESTMENTS which always involve RISK FACTORS must be recovered from IMRAN KHAN and his ASSETS must be FROZEN till the JUDGEMENT of this MISAPPROPRIATION of OVERSEAS DONATIONS.
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@salman:
Overseas donations never reached Pakistan and were not credited to SKMH but were INVESTED so it will not show in any AUDIT report.
IMRAN KHAN is a politician and PTI is taking all the advantage of SKMH so AUDIT that first. IMRAN KHAN must separate PTI from SKMH otherwise funds for SKMH will end up for PTI
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Imran Khan is Chairman of PTI and also Chairman of SKMH Board of Governors and this is conflict of INTEREST and against the ETHICS. Either he is LOYAL to PTI or SKMH. Now it seems that he is more LOYAL to PTI and now squandering and misusing the OVERSEAS DONATIONS and misdirecting them towards RISKY INVESTMENTS even before they are credited to SKMH.
SKMH is a non-profit legal entity established under the laws of Pakistan and cannot setup any ENDOWMENT FUND abroad. Overseas donations meant for SKMH have now VANISHED under the cover of INVESTMENTS and the BOARD of GOVERNORS know nothing about it as IMRAN KHAN as CHAIRMAN made all the decisions by himself in the vested interests of PTI.
IMRAN KHAN must immediately resign as Chairman of SKMH Board of Governors or as Chairman of PTI if he is that HONEST otherwise HISTORY will write and rewrite IMRAN KHAN as the BIGGEST CHEATER to CHEAT SKMH.
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@ adnan siddiqi.. dude spot on! was feeling the same for so long. be my guru please!
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To disapprove Khowaja Asif false allegation that SKMH funds have been invested in construction company in Gulf and the hospital has lost millions in the deal. But in the same time SKMH authorities have mentaioned that they have a “Gurantee Letter” from that construction company clearly mentioned that this invesment is secure and guranteed.
Will some one provide that “Gurantee Letter” for our supporters and donors to give shut-up call people like Khowaja Asif and company.
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