State Bank of Pakistan denies giving go-ahead for $75m investment

 

Photo credits: St. James’s Hotel website.

By Shahbaz Rana

ISLAMABAD: A lawmaker has raised fears of money laundering after the central bank declared that it had not initiated any process for granting permission to a billionaire for remitting $75 million for the purchase of Saint James’s Hotel in London as the deal has already been sealed.

“The State Bank of Pakistan (SBP) neither gave any permission nor initiated a case for approval of the Economic Coordination Committee (ECC),” Irfan Ali, Director Banking of the SBP, told the Senate Standing Committee on Finance and Revenue on Tuesday.

In July this year, the Senate committee had directed the SBP to furnish details whether the Nishat Group remitted $75 million for acquisition of the five-star hotel through proper channels. Billionaire Mian Muhammad Mansha had purchased the hotel in 2012 for $75 million.

Read more » The Express Tribune
See more » http://tribune.com.pk/story/997730/london-hotel-sbp-denies-giving-go-ahead-for-75m-investment/

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