Is KE's sale to Chinese firm main reason behind Arif Naqvi's fall?

 LONDON: The father of the ambulance carrier in Karachi and one of the pinnacle gamers inside the non-public equity commercial enterprise globally turned into arrested, if you bear in mind, again in April of 2019 after his company Abraaj had collapsed. He was charged with theft, conspiracy and a number of different matters. From that day to this, the media has had only one tale about Arif Naqvi.

That story has been advised by using america media, most importantly the Wall Street Journal (WSJ). The WSJ newshounds have called the Pakistani national “Muslim equivalent of Bernie Madoff” -- the well-known crook -- paying antique investors in his stockbroker business withproceeds from new investors – died in advance this 12 months in prison. That is wherein america authorities desires to put Arif Naqvi for almost 300 years.

Now the opposite facet of the argument has been put in this new ebook coming from Professor Brian Brivati, an English educational, former professor of Human Rights at Kingston University in London and a consultant to the UK authorities and the UN, who has a dozen or so other books underneath his belt as author or editor.

Brian fell into this as an academic focused on human rights via twist of fate he says and he has advised the tale with proof he discovered. He did interview Naqvi and gave a honest and even-exceeded account.

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The e book is being defined as “balanced and great”. It is balanced and it is truthful and most of all it rings real. Abraaj, Brian tells us, changed into not a criminal conspiracy and Naqvi is not and changed into now not a crook. This is a tale of geopolitics – Abraaj turned into taken down in what he calls “an financial hit”. Abraaj did now not self-destruct, it was, in one in all his few greater colorful terms: “murdered” due to the fact as he puts it: “These are conspirators who do not conspire.

They have big meetings and discussions approximately cash go with the flow. These conspirators then throw open their books to multiple investigations wherein all transactions are faithfully recorded. There are fraudsters who do now not devote fraud. A small number of US traders questioned the control of a fund and, rather than assert their very own legal rights, Abraaj returns all and sundry’s money with interest as it completely intended to hold on running with those investors inside the destiny. There are thieves who do not take their full prison entitlement for salary and carried interest. Thieves who have been so correct at what they do that investors are nevertheless being profitable from their investments today and no cash ever went lacking. These racketeers who, in the mean time their employer turned into liquidated, had now not left a hollowed-out shell but a organisation with belongings that were worth extra than the claimed liabilities. All working for an evil genius who used the cash he had not already given away thru his philanthropy and all his power and ingenuity to first try to save the employer and then get the creditors paid lower back. The key fundamental thesis falls down fast. The firm changed into a model company citizen and till the stop of 2016 changed into additionally successful.”

This is the heart of Brivati’s argument. There turned into no conspiracy but instead the agency became taken down with the aid of pastimes in the United States set against the sale of Karachi Electric to the Chinese and probably additionally human beings within the firm who antagonistic that sale for feeling their days had been numbered and whose allegiances possibly can be questioned.

This is the important thing difference among all preceding accounts and this one. The US did no longer want K-Electric bought to the Chinese and Trump was working hand in glove with elements inside the US private fairness industry. Abraaj’s new fund turned into additionally attracting Chinese funding. Opening emerging markets to Chinese funding. An nameless email then went to the investors and US buyers inside the one among Abraaj’s budget which become dedicated to investing in healthcare, puzzled the use of finances. This, like the whole thing else in step with Brivati, turned into leaked to the click.

Abraaj borrowed to make certain that every one price range had been lower back to health fund investors through the end of 2017. They additionally got an opinion from a leading UK regulation firm Freshfields that verified their movements. Furthermore, that they had an exercising accomplished by way of the massive accountants KPMG to verify all the transactions. Then the equal group of investors with a US authorities organization called OPIC, who have been a lender, asked for in addition audit at the price range by way of a company called Ankura – which had very robust links to the United States Department of Justice and Security Exchange Commission which investigates monetary crime. The price range were audited and surpassed via any other big accountancy company Deliottes. This new audit by means of Ankura turned into then also leaked to the clicking. The new fund became halted and the funds back at the behest of US traders. Borrowing based on those committed price range changed into then known as in by using a French financial institution.

Abraaj changed into liquidated and everything sold off cheaply. The DOJ secretly opened a report at the instantaneous outset of the clicking leaks and subsequently Naqvi and his colleagues have been arrested with out warning or capacity to provide an explanation for their movements.

Naqvi changed into advising the Government of Pakistan however now not even that function ought to pass the KE deal beyond the