https://www.thenews.com.pk/print/151756-Terror-financing-charges-only-thing-common-between-them
Terror financing charges only thing common between them
Home / Today's Paper / Top Story / Terror financing charges only thing
common between them
By Umar Cheema
September 22, 2016
ISLAMABAD: Although Altaf Khanani money laundering organisation and
Akida Islamic Bank International Limited are owned by men living in
two different worlds, international sanctions on terror financing
charges are what bracket them together.
Obaid Altaf Khanani, identified in the Bahamas record as the sole
owner of an offshore company, is the son of a notorious money changer,
Altaf Khanani, who was arrested in the US last year and sanctions were
slapped on his business.
Headed by an Eritrean-Italian Ahmed Idris Nadreddin, Akida Bank is
registered as offshore company in Bahamas and former senator Professor
Khurshid Ahmed of Jamaat-e-Islami is among its directors. He has
acknowledged directing this bank but clarified that he didn’t have any
financial stake in it. The bank was hit by the US and UN sanctions
after 9/11 incidents. The sanctions were lifted only in 2007.
The German newspaper Süddeutsche Zeitung obtained the Bahamas data
from a whistleblower and shared it with the International Consortium
of Investigative Journalists and its media partners. The News is the
only partner from Pakistan.
Obaid Khanani set up an offshore company, Blackdale Holdings Limited,
in 2009 that coincides with the shifting of their businesses in UAE
after the arrest of his father in Pakistan. Altaf Khanani’s network
was unearthed in 2009 when he was allegedly found involved in the
transaction of huge money to Afghanistan.
As like Axact scandal, the authorities didn’t vigorously pursue his
case that resulted in his acquittal. Although the then PPP government
had filed an appeal against his acquittal in Sindh High Court, he was
not put on the Exit Control List that facilitated his fleeing abroad.
This was despite the declaration by the then interior minister Rehman
Malik that Altaf Khanani had established his network of “hawala and
hundi” and that had been unearthed in Karachi, Peshawar and Lahore.
While his appeal remained pending in the court, the government never
sought his extradition from Dubai to Pakistan. His arrest in America
occurred as a result of information-sharing between American and UAE
authorities.
As far as Akida Islamic Bank is concerned, it was registered as an
offshore company in Bahamas in April 1997. Among its directors were
Ahmed Idris Nasreddin, Attia Ahmed Nasreddin, Professor Khurshid
Ahmed, Eng Yousser Nada and Dorothy Malcolm.
As The News sent an email to ask Professor Khurshid Ahmed to confirm
the veracity of details emerged from Bahamas document, he acknowledged
his relations with the owner of this bank that was hit by sanctions
after 9/11 but categorically denied any financial interest attached
with it.
Below is his detailed response:
“Mr Ahmed Idris Nasreddin is a very close and old friend of mine. He
originally comes from Eritrea but is settled in Milano, Italy. He is a
leading business man, ex-diplomat and a philanthropist. Akida Islamic
Bank was his family bank and was involved exclusively in financing his
family business in Italy, Nigeria, Turkey and other places. It was 100
percent owned by him and I did not have any share in it or any
financial stake. Because of my position as an economist and one who
has been involved in the development of Islamic economics, I had been
advising him on the sharia compatibility of the financial operations.
This relationship has been honorary and there had not been any
financial involvement of any kind including any fee or traveling
expenses. Ahmed Nasreddin was hit by the American and UN sanctions
imposed after 9/11 and all his business enterprises in Italy and
elsewhere were hit by these sanctions. He however challenged these
sanctions through court of law and successfully vindicated his
position through court judgment. The UN sanctions were withdrawn and
he and all his enterprises de-listed in 2007. Akida Islamic Bank was
also closed down in September 2001 while his other enterprises had
been reactivated and operationalised, Akida Bank remained dormant and
was closed down.”
Received on Wed Sep 21 2016 - 20:56:10 EDT