No country for Fatima Jinnah’s assets

Lawsuit drags on in SHC as banks struggle to trace records, account details

KARACHI: Along with the millions of migrants who had left much behind in India at the time of Partition, Fatima Jinnah too invested in the fledgling economy of Pakistan. She was, however, unable to enjoy the returns.

According to a lawsuit filed in the Sindh High Court (SHC), the ‘mother of the nation’ made a total investment of Rs2.8 million before her death on July 9, 1967. The investments, though, are nowhere to be found in the logbooks and registers of banks and national institutions.





The lawsuit, initiated in 1971, involved a dispute of Fatima Jinnah’s properties, both movable and immovable. These include Qasr-e-Fatima, commonly known as Mohatta Palace, her bank accounts, returns on shares in different companies, vehicles, jewellery and other household articles.

The proceedings were initiated when her sister, Shireen Jinnah, applied for a succession certificate at the high court. After Shireen’s death in 1980, the case was taken up by the Shireen Jinnah Trust, which claims to be the custodian of the said assets. But these claims are contested by Muhammad Ali Jinnah’s grandnephew, Advocate Liaquat Merchant.

According to a copy of the list of assets submitted in court and also available with The Express Tribune, the outstanding credit balance of Fatima Jinnah’s current account with the Foreign Exchange Branch of Habib Bank Limited (HBL) in Karachi is Rs561,760. The credit balance in her current account aat National and Grindlays Bank, now called the Standard Chartered Bank (SCB), stands at Rs4,952.



In January last year, the court sought details of accounts and shares from the banks. On October 8, 2015, the SCB responded to the court orders and asked for the account number as it was not mentioned in the letter sent by court officials. Another letter sent by SCB added that the NIC number of Fatima Jinnah was not mentioned either. Court officials responded to this saying the case file lacks information on the bank’s account number and the folio numbers of company shares.

On the other hand, the Central Depository Company (CDC) in November last year told the court that it had also checked its records, but could not trace any registration of shareholdings under the name of Fatima Jinnah in their members’ registers of M/s Sui Southern Gas Company, Pakistan International Airlines Corporation and Habib Bank Limited.

Moreover, lawyers representing the contesting parties told The Express Tribune that, to date, both banks have been unable to trace the missing records despite court orders.

Investments by the court

According to an official report dated September 18, 2015, the SHC’s Nazarath department – where all documents relating to properties and articles are deposited – had received a sum of Rs138,000 in November 1994. The court then invested this amount in the profitable scheme of the Defence Saving Certificate and the profits reached Rs600,500 by November 2, 2004. Moreover, they also received Rs87.16 million in January 1998, which was invested in the Special Saving Certificates. This amount stood at a staggering Rs399.96 million by January 16, 2013. However, according to the court official, profit on these investments is due for the last 10 and two-and-a-half years, respectively. It is unclear on which investments these sums were received by the court.



Published in The Express Tribune, February 4^th,  2016.