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This article is based on interviews with dozens of Abraaj employees and investors, as well as legal letters from investors, liquidators’ documents and company documents, emails and bank statements reviewed by the Journal.
....Around the same time, Abraaj was looking to sell its stake in K-Electric Ltd., the electricity provider to Karachi. Mr. Naqvi tried to secure the cooperation of Pakistan’s then-prime minister, Nawaz Sharif, and his brother Shehbaz, offering a $20 million payment to businessman Navaid Malik for his help in getting it, according to company emails and people familiar with the situation. The government owns a stake in K-Electric and its approval would be required for the sale to go through.
Shehbaz was “willing to give a strong endorsement” of the deal to Chinese bidders, Mr. Malik said, according to an October 2015 email to Mr. Naqvi from Abraaj partner Omar Lodhi. Mr. Malik said it was “important for him to share every detail with the brothers and get their blessings as well as their instructions as to how this money should be distributed,” such as “a portion to charity” or “a portion to the election fund kitty,” Mr. Lodhi wrote in the email.
When Mr. Naqvi emailed Mr. Lodhi about the $20 million contract for Mr. Malik in June 2016, he wrote, “This document is explosive in the wrong hands.” Abraaj and K-Electric shouldn’t be named in the document, he wrote: “Keep it generic.”
“Noted,” Mr. Lodhi responded. Mr. Malik didn’t respond to requests for comment.
Abraaj’s Omar Lodhi, right, at the 2011 World Economic Forum on East Asia in Jakarta, Indonesia. PHOTO: DIMAS ARDIAN/BLOOMBERG NEWS
In his statement, Mr. Naqvi said that he denies being part of any conversation that involved a payment to anyone in political office to facilitate the sale of K-Electric. He said Mr. Malik was an Abraaj adviser on a variety of activities and that the contract was part of a lengthy discussion about the terms of that role. He said the final agreement “ensured that no conflict of interest would occur.” He said he called it “explosive” due to a reference to the potential sale of K-Electric, which was confidential at the time.
In October 2016, Abraaj announced the sale of the majority stake it controls in K-Electric to China’s state-controlled Shanghai Electric Power Co. for $1.77 billion. However, completion of the sale was delayed by regulatory hurdles.
In July 2017, Pakistan’s Supreme Court removed Prime Minister Sharif from office, and he was convicted of corruption this summer in a case centering on the ownership of London apartments his family used. He is appealing.
K-Electric still hasn’t been sold. A lawyer for the Sharif family said the brothers deny any discussions took place with Mr. Malik as described in the emails.
https://www.wsj.com/articles/privat...dging-to-do-goodthen-it-fell-apart-1539706575
Now many people will understand that why their was such a delay in selling K-Electric when Chinese company was offering money repeatedly. This Bribe money was the issue and the mode in which it was supposed to be paid was not finalized. And before it could be all done Nawaz was disqualified and hence the whole deal fell through. I kept wondering whatever happened to the K-Electric sale. I'm surprised Pakistani media hasn't picked up this story as this is one of the biggest scandal and Wall Street Journal isn't joking around. Now I want to see how Patwari's will link this to a Grand Sazish against their Supreme Leader.
This also explains why western media was supporting Nawaz. If you read the whole article you'll know this Arif Naqvi guy has his fingers entrenched everywhere and he might have been funding some of that media war.
Private-Equity Firm Abraaj Raised Billions Pledging to Do Good—Then It Fell Apart
If the above provided link doesn't work for you or asks for membership, you can google this title and click on the WSJ link provided by Google. That way you can read without membership.
....Around the same time, Abraaj was looking to sell its stake in K-Electric Ltd., the electricity provider to Karachi. Mr. Naqvi tried to secure the cooperation of Pakistan’s then-prime minister, Nawaz Sharif, and his brother Shehbaz, offering a $20 million payment to businessman Navaid Malik for his help in getting it, according to company emails and people familiar with the situation. The government owns a stake in K-Electric and its approval would be required for the sale to go through.
Shehbaz was “willing to give a strong endorsement” of the deal to Chinese bidders, Mr. Malik said, according to an October 2015 email to Mr. Naqvi from Abraaj partner Omar Lodhi. Mr. Malik said it was “important for him to share every detail with the brothers and get their blessings as well as their instructions as to how this money should be distributed,” such as “a portion to charity” or “a portion to the election fund kitty,” Mr. Lodhi wrote in the email.
When Mr. Naqvi emailed Mr. Lodhi about the $20 million contract for Mr. Malik in June 2016, he wrote, “This document is explosive in the wrong hands.” Abraaj and K-Electric shouldn’t be named in the document, he wrote: “Keep it generic.”
“Noted,” Mr. Lodhi responded. Mr. Malik didn’t respond to requests for comment.
Abraaj’s Omar Lodhi, right, at the 2011 World Economic Forum on East Asia in Jakarta, Indonesia. PHOTO: DIMAS ARDIAN/BLOOMBERG NEWS
In his statement, Mr. Naqvi said that he denies being part of any conversation that involved a payment to anyone in political office to facilitate the sale of K-Electric. He said Mr. Malik was an Abraaj adviser on a variety of activities and that the contract was part of a lengthy discussion about the terms of that role. He said the final agreement “ensured that no conflict of interest would occur.” He said he called it “explosive” due to a reference to the potential sale of K-Electric, which was confidential at the time.
In October 2016, Abraaj announced the sale of the majority stake it controls in K-Electric to China’s state-controlled Shanghai Electric Power Co. for $1.77 billion. However, completion of the sale was delayed by regulatory hurdles.
In July 2017, Pakistan’s Supreme Court removed Prime Minister Sharif from office, and he was convicted of corruption this summer in a case centering on the ownership of London apartments his family used. He is appealing.
K-Electric still hasn’t been sold. A lawyer for the Sharif family said the brothers deny any discussions took place with Mr. Malik as described in the emails.
https://www.wsj.com/articles/privat...dging-to-do-goodthen-it-fell-apart-1539706575
Now many people will understand that why their was such a delay in selling K-Electric when Chinese company was offering money repeatedly. This Bribe money was the issue and the mode in which it was supposed to be paid was not finalized. And before it could be all done Nawaz was disqualified and hence the whole deal fell through. I kept wondering whatever happened to the K-Electric sale. I'm surprised Pakistani media hasn't picked up this story as this is one of the biggest scandal and Wall Street Journal isn't joking around. Now I want to see how Patwari's will link this to a Grand Sazish against their Supreme Leader.
This also explains why western media was supporting Nawaz. If you read the whole article you'll know this Arif Naqvi guy has his fingers entrenched everywhere and he might have been funding some of that media war.
Private-Equity Firm Abraaj Raised Billions Pledging to Do Good—Then It Fell Apart
If the above provided link doesn't work for you or asks for membership, you can google this title and click on the WSJ link provided by Google. That way you can read without membership.
