Khanani & Kalia case: US money dealer wants its money back
Respondents say transaction data cannot be retrieved.
KARACHI:
The Sindh High Court bench comprising Chief Justice Sarmad Jalal Osmany and Justice Ghulam Sarwar Korai has put off the hearing of a constitutional petition filed by Continental Exchange Company – based in the United States – regarding the return of amounts entrusted to Khanani and Kalia Money Exchange Company for transfer to Pakistan.
Today, the case was fixed for a report by the respondents including FIA, Khanani and Kalia directors (accused in foreign exchange scam), United Bank Limited (UBL) and State Bank of Pakistan.
When the petition came up for hearing before the bench – headed by Sindh Chief Justice Osmany, Shaukat Hayat Advocate, the counsel for Khanani and Kalia submitted that his clients were ordered to be taken to their office for operating the system to retrieve the record pertaining to transactions by Continental with Khanani and Kalia.
He said that the accused respondents also made their team of experts available to comply with the orders passed by the bench. However, he stated that the IT system could not be operated due to disconnection of electricity on account of non-payment of dues totalling Rs2 million.
He informed that the portion of the building housing the Khanani and Kalia offices caught fire resulting in damages to the electrical fittings. He added that unless payment is made, the connection restored and the wiring changed, the record cannot not be retrieved. The manual record including books and ledgers do not contain record of any transaction with the petitioners, Continental Exchange Company, the counsel also said
The respondents have sought a month’s time to comply with the orders of the court. The bench however, putting off further proceedings till February 8 and ordered the respondents to comply with the orders by the date of the next hearing.
Published in The Express Tribune, January 26th, 2011.
The Sindh High Court bench comprising Chief Justice Sarmad Jalal Osmany and Justice Ghulam Sarwar Korai has put off the hearing of a constitutional petition filed by Continental Exchange Company – based in the United States – regarding the return of amounts entrusted to Khanani and Kalia Money Exchange Company for transfer to Pakistan.
Today, the case was fixed for a report by the respondents including FIA, Khanani and Kalia directors (accused in foreign exchange scam), United Bank Limited (UBL) and State Bank of Pakistan.
When the petition came up for hearing before the bench – headed by Sindh Chief Justice Osmany, Shaukat Hayat Advocate, the counsel for Khanani and Kalia submitted that his clients were ordered to be taken to their office for operating the system to retrieve the record pertaining to transactions by Continental with Khanani and Kalia.
He said that the accused respondents also made their team of experts available to comply with the orders passed by the bench. However, he stated that the IT system could not be operated due to disconnection of electricity on account of non-payment of dues totalling Rs2 million.
He informed that the portion of the building housing the Khanani and Kalia offices caught fire resulting in damages to the electrical fittings. He added that unless payment is made, the connection restored and the wiring changed, the record cannot not be retrieved. The manual record including books and ledgers do not contain record of any transaction with the petitioners, Continental Exchange Company, the counsel also said
The respondents have sought a month’s time to comply with the orders of the court. The bench however, putting off further proceedings till February 8 and ordered the respondents to comply with the orders by the date of the next hearing.
Published in The Express Tribune, January 26th, 2011.