Some questions about Imran Khan’s PTI NA-USA LLC – by Ahmed Iqbalabadi
My article earlier this week titled “Imran Khan’s financial credibility?” has not gone down well with his supporters, his fan club members and all those who believe he is a ‘messiah’ for Pakistan. After reading comments and attacks on what was written include, the following came out very prominently:
Not many read the questions that were raised on Shaukat Khanum Memorial Trust’s (SKMT) financial management and construed it as an attack on the person of Imran Khan, thinking that the author was terming him corrupt.
It was highlighted that SKMT being a charity dependent on donations has to be run differently than how an Investment Company would be run. What this means is that it has to be a very risk averse organization, emphasizing on the concept of “playing it safe”
We also highlighted a potential conflict of interest at SKMT’s board level with investments being made in an opportunity in Oman was presented by a board member, Imtiaz Hyderi (incidentally Hyderi is not a BOG member now).
Why Imran Khan would matter in all this is, that SKMT was his brainchild and an oasis in the way healthcare is tackled in Pakistan, but the fact remains he is SKMT’s board of governors’ chairman and that any issue in its finances and management will question his credibility. If something goes wrong can he get his hands off any responsibility that “I was not managing it”? Also the way all funding is being raised is on the charm of Imran Khan, which is for sure not sustainable in the long run. What would happen if Imran Khan was to die (like all of us have to)? Would SKMT be able to run and raise donations in the same manner?
We have been donors at one time or the other for SKMT. In essence, we are all stakeholders and have the right to question.
Now let us present a comparison to another charity called ‘The Citizens Foundation‘ that is looking to establish schools across Pakistan and to run them professionally. I have donated to them and will continue to do so. Reason why I will do so is the following:
The organization also depends on donations from all just like SKMT. Look at their investments: all in Pakistani Rupee and in assets in Pakistan. All of their investments of Rs 85 million are in Pakistani companies bonds/TFCs. Similarly, deposits are in Pakistani Rupee and Pakistani Banks. Similarly, Rs. 101 million in endowment fund is in Pakistan. And remember, it’s not a small charity. They raised Rs. 693 million in 2010. The BOG members of the TCF are all from corporate sector. Don’t you think they know they can invest abroad too?
Coming to another matter which is Imran Khan’s politics, his current mantra is ‘ghairat’, ‘inqalab’, ‘drone attacks’, ‘Afia Siddiqui’s imprisonment’. He has already interrupted NATO supply in Peshawar for two days last month.
In impressive crowds, one could see Jamat Ud Dawa, Sipah Sahaba and JUI-S supporters and flags. That makes us all the more skeptical of whom he is supporting and getting support from. Imran Khan has announced stopping Nato supplies from Karachi on 21st may. He claims that this is what ‘ghairat’ is all about. So many Pakistanis are killed by drone attacks, according to him, but as I write, 87 Pakistanis have been killed in Shabqadr tehseel, Charsadda district on Friday, 13th May. Probably this was the same argument Dr Pervaiz Hoodbhoy was giving in 2009 that caused Imran Khan to call him ‘american’s security adviser’.
Now coming to the drone attacks, Pakistan Tehreek-e-Insaf claims to be a registered political party in the USA. It goes by the name ‘PTI NA-USA LLC’ and is proud to even declare its annual financial statements on its website, showing their transparency. Who is doing the drone attacks? USA. Who has imprisoned Pakistan ki beti ‘Dr. Afia’? USA. Why is Pakistan suffering these days? Because of support of war on terror to the USA. If these are all true, I dare to question Imran Khan and his Pakistan Tehreek-e-Insaf about:
How many demonstrations PTI-NA USA LLC has organized in usa against:
Drone attacks
Dr Afia’s imprisonment
How many protest memos it has submitted to the US Department of Defence, CIA and the White House?
How many members of US Congress and Senate it has met and apprised of this matter?
If they are a political party registered in the USA, then they have all the right to protest and not be afraid of any repercussions. If they haven’t, then that is to be questioned as well. If they haven’t, is it possibly because they are not registered as a political party but as a limited liability company to organize events for Imran Khan?
These are all legitimate questions which I dare to pose to all Imran Khan fans and supporters. BTW, some of his supporters consider the PPP and PPP’s supporters their enemies. This goes to show their mental maturity. There are no enemies in politics nor foes. I think after all their verbal fights against the MQM, Imran Khan met Altaf Bhai a few days back.
In the end, I reiterate, Imran Khan was my childhood cricketing hero and a lot of fond memories are connected to his cricket, but for sure not with his politics.
I hope I will this time get concrete comments from readers than rhetoric that “Imran Khan is the Only honest and non-corrupt politician of Pakistan who can bring in change.”
Some questions about Imran Khan’s PTI NA-USA LLC – by Ahmed Iqbalabadi*|*LUBP
---------- Post added at 01:58 AM ---------- Previous post was at 01:56 AM ----------
Imran Khan’s financial credibility? – by Ahmed Iqbalabadi
Imran Khan, the Chairman of Pakistan Tehreek-e-Insaf keeps roaring on the money of political leaders abroad and how that is affecting our country’s development. Imran Khan is known to be a person of means, and this I am quite certain that he has certain obligations abroad, like an ex-wife and sons living with his ex-wife. Does he send the kids any money or he doesn’t? If he does, he either does it from Pakistan, through remittance or has accounts abroad. If he doesn’t, that would speak volumes about the man who preaches morality, ghairat and honor. These are his personal matters and should not be discussed that much, however, something more public is his accomplished project of Shaukat Khanum Memorial Trust.
Before I begin, I want to highlight, why I am writing piece. Imran Khan after his Party’s CEC meeting, while briefing the press:
“He lamented the ruling elite had their accounts abroad and were taking away billions of dollars, as these were never spent for the welfare of the masses.”
I have just downloaded the 2009 financial statements of Shaukat Khanum Memorial Trust audited by AF Ferguson & Co. The 2010 statements are not yet available.
Some points I have noted, include:
During 2009, the cash donations and zakat received by the Trust was Rs. 1.485 billion compared to Rs. 1.106 billion in 2008. The statements do not show the sources of the donations i.e. geography. We don’t know how much was raised in Pakistan and how much abroad. We can assume that if not majority, a significant amount is raised in Pakistan.
Imran Khan talks against money being kept abroad. In notes to accounts number 11, I can see an amount at cost of US $5.5mn invested in form of capital protected notes in foreign funds. With interest rates down globally I am sure these notes are not yielding much.
As much as $3mn is invested in a Virgin Islands based SPV called Cinnabar International Services that is doing a real estate project in Oman. The Omani market is as much affected like the rest of GCC. Based on investment analysis some Omani companies are down 35pc on the valuation. One also must ask why is the portfolio restricted to Oman? Isn’t this against the concept that Imran Khan keeps talking about. Instead of investing his portfolio in Pakistan where his own project that is operational he is investing abroad? By the way, the project in Oman is run by a company whose CEO is a member of Board of Governors of SKMT named Imtiaz H. Hyderi. Isn’t that a conflict of interest?
As much as Rs. 99 mn in Bank of Punjab as fixed deposit and NIB Bank Rs. 18 million. The return expected is not known. These two are not the top tier banks of Pakistan. It is also a matter of surprise that Bank of Punjab is considered to be in trouble in light of their performance and the scandals. Why does the Trust consider these two banks only for their fixed deposits?
There is another $4mn invested with Credit Agricole funds in Guernsey without explanation as to where the money is being invested in.
Is this the level transparency you would like to have with an organization whose head and a prominent public figure preaches morality? Is this morality that on one hand you lambast the political leadership that they have their money abroad, but on the other hand, you yourselves are investing money raised from general public in risky avenues? What would happen if the investments of nearly US$ 12.5 million were to go bust? That is almost Rs. 1.062 billion! Please think about it.
The public trusts Imran Khan; the problem is that he trusts the Taliban and defends them in public by denying their crimes against humanity.
Given the huge capital inflows into his various projects, can we trust Imran Khan to not donate money to terrorist organizations like the Taliban and their local affiliates, many of whom like Sipah Sahaba and Jamaat Dawa gave him support for his recent “dharna”?
Does the ISI view Imran Khan’s Trusts as a conduit to funnel money to Jihadis? These are all pertinent questions that come to mind when evaluating and auditing Imran Khan. Imran Khan recently won the Jinnah society award for his flood relief efforts. These efforts were not altruistic and were focused on gaining political mileage at the cost of actual flood relief efforts.
When President Zardari travelled to the UK which was the largest donor to Pakistan’s flood relief efforts, Imran Khan’s PTI combined with Hizb ul Tahrir to launch protests that called for Sharia. Given that there are inconsistencies in his own flood relief efforts, would it not be fair to ask for a detailed audit of all the funds that Imran Khan collected from Western democracies like UK, Canada and the US; an indication of his utter hypocrisy given his visceral hatred of Western thought!
We are all troubled at Imran Khan’s extremist views, his defence for the Taliban and his character attack on Pakistan’s noted scientist, intellectual and peace activist, Dr. Pervaiz Hoodbhoy. Imran proceeded to follow this with actual threats of physical violence against the good professor.
As far as Mr. Imran Khan is concerned, we request him again to bring his house in order before pointing generally towards others. SKMT is without doubt a proud project which belongs not to Imran Khan or other trustees but also to each and every person who gets treated there or ever donated to it. People will challenge what I have said, just to reiterate, I donated for the first time for SKMT way back in 1990, when for me Imran Khan epitomised a “hero”!!!!
Imran Khan’s financial credibility?
