Khanani and Kalia: Money-laundering case adjourned

KARACHI: The hearing of a petition, which seeks the release of $1.7 million from the Khanani and Kalia Money Exchange Company, was adjourned to January 4 by a Sindh High Court bench after Javed Khanani and Hanif Kalia, the two directors of the respondent company, sought time to file their comments.

The release of the money is being sought by Continental Exchange Solution, a company incorporated in the US.

The bench had ordered that all three directors, including Munaf Kalia, be brought to court but only two of the directors appeared because Munaf Kalia was reported ill and under treatment at a local hospital.

Continental Exchange Solution maintains that the amount was paid as an advance for anticipated transactions and is still with the respondents.

Published in The Express Tribune, December 24^th, 2010.