Tag Archives: money laundering

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/

Coming back?: Britain has frozen my bank accounts, says Altaf

KARACHI: Muttahida Qaumi Movement (MQM) chief Altaf Hussain revealed that the British government has frozen all his bank accounts in the United Kingdom.

In an interview with a private news channel on Saturday, he said, “I face money laundering and other cases, which have not been presented in court so far. And without any proof, the British government has sealed all my bank accounts.”

The MQM chief admitted that the British authorities had conducted raids at his house and at his office. “No lawyer is willing to come forward because they are afraid of the British establishment. But I will continue to fight and face everything alone.” He said the British government can put him in jail and kill him but he will ‘continue to speak the truth’. “If I have to die, then why not in Pakistan?”

Regarding his national identity card, Altaf said he has warts on his legs and feet and therefore, cannot walk properly. However, he managed to come to the MQM’s secretariat in London where Nadra officials carried out the procedure.

“Now they are saying the data has gone corrupt? Do the prime minister and the interior minister want me to beg for my Pakistaniat (Pakistani identity)? I don’t want this charity from them.” He said he was disappointed with the Sindh governor for remaining silent in the recent meeting with Nawaz Sharif. “They were putting false accusations on us, but the governor did not say anything and remained quiet.”

Courtesy: The Express Tribune, May 18th, 2014.
http://tribune.com.pk/story/709892/coming-back-britain-has-frozen-my-bank-accounts-says-altaf/#.U3g8o8v9QJQ.facebook

Corruption scandal threatens to engulf Spanish Princess

By Gabriel RUBIO – GIRON (AFP)

Madrid — Spanish King Juan Carlos’s youngest daughter, Princess Cristina, has been hurled into the centre of a corruption scandal that swept up her husband, Inaki Urdangarin, and outraged the nation.

The blonde-haired, 48-year-old Cristina, once known for her easy smile, was summoned Tuesday to appear on March 8 before a court in Palma on the Mediterranean island of Majorca as a suspect in alleged tax and money-laundering crimes.

It will be the first time in modern history that a direct relative of the Spanish king has faced court as a suspect, dealing a grave blow to the prestige of the princess and a Spanish monarchy already reeling from a corruption scandal involving Cristina’s husband Inaki Urdangarin.

Read more » Google News
http://www.google.com/hostednews/afp/article/ALeqM5hJSaQwMbVxWop-G1gR147trijssg?docId=8ad5e00e-f7b2-44dd-8e12-6268ed469fc7

We are billionaires, let Pakistanis suffer! Ishaq Dar sons..

We are billionaires, let Pakistanis suffer!

By Ahmed Tamjid Aijazi

Dubai: HDS Tower in Cluster F of Jumeirah Lakes Tower is only one of the 34 story buildings that belong to the mighty HDS Group. The News Tribe learnt that several other buildings in Jumeirah Lakes Towers, Business Bay and International City, like the HDS Sunstar Towers, are also owned by the millionaire brothers, surprisingly Pakistanis.

The uniqueness of the car rental company lies in its array of niche car manufacturers and models of cars unavailable to the market. HDS Rent a Car owns the 2012 Lamborghini Aventador LP700-4, Mercedes Benz SLS 63 AMG Gullwing, apart from the more economy cars such as Peugeots and Renaults. Some of the many exotic, luxury and SUVs in the lineup are the the Ferrari Berlinetta F12 and the McLaren F1, and you can do the numbers yourself!

The owners from a ‘poor and starving’ country Pakistan, where the average monthly income for an individual is $41, are offering such exotic services in Dubai, which even the local Emiratis fail to afford.

Sources further told The News Tribe that the story does not end here; another Finance Minister from the Nawaz Sharif Government, made hundreds of real estate transactions with Madhu Bhindari, an Indian billionaire entrepreneur, who is on a run-away from Dubai, after losing 150 million dirhams in the 2008 crisis. However, the finance minister’s buildings and investments are still there, earning a hefty income.

A Pakistani real estate agent, who claimed to carry out transactions for a serving government officer in Sindh Government, told The News Tribe that a lot of Pakistani bureaucrats and politicians have properties worth millions in Dubai.

“The son of a serving government officer from Sindh government invested a huge amount of money in real estate here in 2008, and I carried out transactions for him,” the agent claimed.

“Where are these politicians getting the money from?” asked a frustrated Pakistani in Dubai, who came to know that the building he lived in is owned by Ali and Hasnain Dar’s HDS Group.

“If they have billions of dollars and so much money, why is it not in Pakistan? These politicians talk about the welfare of Pakistani people, but all they can think about is themselves!”

Previously, Director Swiss Bank had stated that Pakistan has around 97 billion dollars only in Swiss Banks. But, it seems that Pakistani politicians and businessmen have more than 97 billion dollars outside Swiss Banks, invested in various countries and financial hubs like Dubai.

According to the Swiss Bank director, if the money is utilized for the welfare of Pakistan and its people, then Pakistan can make tax free budget for next 30 years, can create 60 million jobs, can carpet four lanes road from any village to Islamabad, provide endless power supply, every citizen can earn Rs. 20,000 salary for the next 60 years and there is no need to take loans from IMF or World Bank.

Courtesy: The News Tribe

http://www.thenewstribe.com/2012/08/11/we-are-billionaires-let-pakistanis-suffer/#.UEVIKpZXljs