Factbox: What Is the corruption case against Pakistan’s Khan?

Motorists ride past burnt vehicles in front of the Zaman Park, a day after protests by Pakistan Tehreek-e-Insaf (PTI) party activists and supporters of former Pakistan's Prime Minister Imran Khan, in Lahore on May 10, 2023. (AFP)
Short Url
Updated 10 May 2023
Follow

Factbox: What Is the corruption case against Pakistan’s Khan?

  • Government officials allege ex-PM and his wife received land as a bribe through a charitable trust
  • Al-Qadir Trust set up by Bushra Watto, Khan’s third wife, and Khan in 2018 when he was still in office

ISLAMABAD: Pakistan’s former Prime Minister Imran Khan was arrested on Tuesday on corruption charges. Government officials alleged the former premier and his wife received land as a bribe through a charitable trust.

Khan and his aides have denied any wrongdoing.

Below are some facts about the trust and the land acquisition.

WHAT IS AL-QADIR TRUST?

Al-Qadir Trust is a non-governmental welfare organization set up by Bushra Watto, Khan’s third wife, and Khan in 2018 when he was still in office.

While prime minister, Khan promoted the trust at official events.

The couple is sole trustee of the trust, according to Law Minister Azam Nazeer Tarar.

WHAT DOES THE TRUST DO?

The trust runs a university outside Islamabad devoted to spirituality and Islamic teachings, a project inspired by the former first lady, who is also commonly known as Bushra Bibi and has a reputation as a spiritual healer.

Khan has publicly described her as his spiritual leader and said she helped guide him toward a spiritual path.

WHAT IS THE CORRUPTION CASE?

Interior Minister Rana Sanaullah told a press conference on Tuesday that the trust was a front for Khan to receive valuable land as a bribe from a real estate developer, Malik Riaz Hussain, who is one of Pakistan’s richest and most powerful businessmen.

The trust has nearly 60 acres of land worth seven billion Pakistani rupees ($24.7 million) and another large piece of land in Islamabad close to Khan’s hilltop home, the minister said.

The 60-acre parcel is the official site of the university but very little has been built there.

HOW WAS THE BRIBE ALLEGED TO HAVE WORKED?

The government said the scheme originated with 190 million pounds repatriated to Pakistan in 2019 by Britain after Hussain forfeited cash and assets to settle a British probe into whether they were proceeds of crime.

Instead of putting it in Pakistan’s treasury, Khan’s government used the money to pay fines levied by a court against Hussain for illegal acquisition of government lands at below-market value for development in Karachi.

The interior minister alleged Hussain gave the land to Khan through the Al-Qadir Trust in exchange for that favor.

HOW HAS KHAN RESPONDED TO THE ALLEGATIONS?

Khan’s aides have previously said that the land was donated to the trust for charitable purposes.

Aide Fawad Chaudhry said on Tuesday the charges were trumped up. The real-estate developer has also denied any wrongdoing.

($1 = 283.4000 Pakistani rupees)


Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

Updated 5 sec ago
Follow

Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

  • Pak-Qatar General Takaful Limited plans to raise up to $1.5 million through initial public offering
  • Institutional investors will get 75% of shares, while the remaining 25% will go to retail investors

KARACHI: Pakistan’s first dedicated non-life Shariah-compliant takaful operator said on Monday it will launch an initial public offering this month, seeking to raise up to Rs 420 million ($1.5 million) as Islamic finance gains traction in the country’s capital markets.

The company, Pak-Qatar General Takaful Limited, said it would issue 30 million shares, with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75% of the shares on offer, while the remaining 25% will be allocated to retail investors.

“Arif Habib Limited has been mandated by Pak-Qatar General Takaful Limited to act as the consultant and book runner for raising funds through the initial public offering,” it announced in a statement.

The book-building process for the offering will take place on Jan. 21-22, it added, with investor registration opening on Jan. 16, while public subscriptions are scheduled for Jan. 28-29.

The offering follows the recent listing of Pak-Qatar Family Takaful Limited, which raised Rs 901 million ($3.23 million) last month in Pakistan’s first Islamic insurance sector IPO, an issue that was oversubscribed several times.

Proceeds from the IPO will be used to strengthen the company’s capital base and support investments in technology, infrastructure and branch expansion, said the statement.

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.