Abraaj’s millions went to Arif Naqvi’s own account

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Canada Goose Outlet ISLAMABAD: Some internal documents of Abraaj Group leaked to the media have revealed that millions of dollar funds of uk canada goose the company were transferred to personal accounts of Arif Naqvi which were allegedly used to pay for securing deal of K Electric during the tenure of former prime minister Nawaz Sharif. Canada Goose Outlet

cheap Canada Goose A story published in Wall Street Journal (WSJ) states that in canada goose factory sale 2016, Abraaj raised most of the money for its $1 billion canada goose coats health care fund, securing Canada Goose sale commitments from Western institutions, including the Gates Foundation. The fund invested in companies such as Pakistan Islamabad Diagnostic Centre and the hospital chain Quality Care India. The fund hospitals and clinics employed a total of 3,800 nurses at the start of this year. More than $270 million buy canada goose jacket cheap was sent to Abraaj treasury accounts, excluding fees, according to the letter and investigators documents. At least another $390 million was similarly tapped from two other Abraaj funds, according to investigators documents. cheap Canada Goose

Canada Goose Parka Naqvi said: monies went from Abraaj Funds to treasury. However, substantial monies were also transferred in the opposite direction. All transfers were recorded, canada goose store he added. Canada Goose Parka

canadian goose jacket Abraaj treasury accounts transferred more than $200 million to Naqvi personal accounts at Deutsche Bank AG and Coutts canadiangoose jacket Co. and to companies linked to him, his family and a former assistant, according to bank statements and company emails and documents. canadian goose jacket

canada goose clearance Naqvi said canada goose clearance sale he was entitled to direct funds drawn from Abraaj and that there Canada Goose Jackets was nothing untoward about those transfers. Payments were recorded as his cheap Canada Goose personal liability to the company. Naqvi received $60 million in bonuses between 2015 and 2016, canada goose uk outlet according to people familiar Canada Goose Online with the situation and a company email. canada goose clearance

canada goose store Around the same time, buy canada goose jacket Abraaj was looking to sell its stake in K Electric canada goose uk shop Ltd., the electricity provider to Karachi. Naqvi tried to secure the cooperation of Pakistan then prime minister, Nawaz Sharif, and his brother Shahbaz, offering a $20 million payment to businessman NavaidMalik for his help in getting it, according to company emails Canada Goose Outlet and people familiar with the situation. The government owns a stake in K Electric and its approval would be required for Canada Goose Coats On Sale the sale to go through. canada goose store

canada goose black friday sale Shahbaz was to give a strong endorsement of the deal Canada Goose Parka to Chinese bidders, Malik said, according to an October 2015 email to Naqvi from Abraaj partner Omar Lodhi. Navaid Malik said it was for him to share every detail with the brothers and get their blessings as well as their instructions as canada goose black friday sale to how this money should be distributed, such as portion to charity or portion to the election fund kitty, Lodhi canada goose clearance wrote in the email. canada goose black friday sale

canada goose deals When Arif Naqvi emailed Omar Lodhi about the $20 million contract for Malik in June 2016, he wrote, document is explosive in the wrong hands. Abraaj and K Electric shouldn be canada goose uk black friday named in the document, he wrote: it generic. Lodhi responded. Malik didn respond to requests for comment. canada goose deals

canada goose In his statement, Abraaj Group chief Arif Naqvi said: allegations against me are entirely false and vehemently denied. They are premised on isolated cheap canada goose uk extracts from illegally obtained documents that have been taken entirely out of context. It appears that unidentified individuals who are unfairly biased against me and Abraaj are seeking to undermine the sale of K Electric, damage mine and Abraaj reputation, and thereby prejudice the creditors canada goose of the Abraaj Group. I am a patriot of Pakistan and the sale was and very much remains in the best interest of the country.” canada goose

Canada Goose sale He said Navaid Malik was an Abraaj adviser on a uk canada goose outlet variety of activities and that the contract Canada Goose online was part of a lengthy discussion about the terms of that role. He said the final agreement that no conflict of interest would occur. He said he called it due to a reference to the potential sale of K Electric, which was confidential at the time. Canada Goose sale

canada goose coats on sale In October 2016, Abraaj announced the sale of the majority stake it controls in K Electric to China state controlled Shanghai Electric Power Co. for $1.77 billion. However, completion of the sale was delayed by regulatory hurdles. canada goose coats on sale

canada goose clearance sale K Electric still hasn been sold. A lawyer for the Sharif family said the brothers deny any discussions took place with Malik as described in canada goose coats on sale the emails. Nawaz Sharif’s party PML N sources said that they were mulling over sending notice the WSJ canada goose clearance sale.

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