Creek Marina project: Singaporean company terms allegations ‘baseless’

KARACHI: A Singaporean businessman of Pakistani origin, Dr Shahzad Nasim, the owner of Meinhardt Group which is developing the residential project Creek Marina on Karachi’s coastal strip, has for the first time spoken up about the allegations made against him.

A recipient of the country’s prestigious national awards Hilal-e-Imtiaz and Hilal-e-Pakistan, Nasim has declared all the allegations levelled against him as baseless. He has stated that the allegations are part of a malicious campaign against him initiated by his former partner, who is using his influence to take over the project.

While speaking to Daily Jang, Nasim stated that he had been falsely accused of collecting Rs29 billion from the public against 250 flats and illegally transferring this money out of Pakistan. He mentioned that an international audit company had prepared a report on all these matters, and the bank records showed that only Rs3.8 billion were collected from the public for the Creek Marina project.

“The reality is that the company has spent over Rs9 billion on the project, a fact not mentioned anywhere in the entire case,” he said, lamenting that no media outlet showed the three towers, each 32-storey high, which have more than 300 flats ready.

He offered to complete the project and deliver it to the buyers within a few months, if given the opportunity to work. In response to a question, Nasim said that for several years, his company’s former partner had hindered the work on the project using his influence in government institutions.

He said that three years ago, the National Accountability Bureau (NAB) had conducted an inquiry against him. But after a thorough investigation, the NAB gave him a clean chit as well as a shield for maintaining transparency. Yet, he added, his former partner lodged a complaint with the Federal Investigation Agency (FIA) on the same false allegations of obtaining Rs29 billion from the public.

He said that important employees of his company were arrested by the FIA, and a false media campaign had been initiated to tarnish their global reputation and credibility.

Nasim said that despite being a Singaporean citizen, he had a deep love for Pakistan and had contributed significantly to the country. His company was completing projects of the highest standard in 55 countries across the world, including the UAE, Singapore, China, Malaysia, Indonesia, and Saudi Arabia.

“Why would we leave such an important project incomplete in Pakistan? Why would we delay the project in which we have invested Rs6 billion?” he questioned. He asserted that his ex-business partner wanted to hijack the project. He said that Creek Marina was his dream project.

Nasim appealed to the prime minister, the army chief, and the chief justice of the country to take notice of the injustice being done to him. He demanded a free and fair inquiry into the matter and requested permission to complete the project soon.

Reporter Yousuf Katpar adds: The FIA has filed an interim charge sheet against the owners of a multi-billion residential project launched in partnership with the Defence Housing Authority in 2004 - as well as against senior officials of private banks in a case pertaining to charges of siphoning off billions of rupees from local buyers and investors.

The investigating officer, Nasrullah Khan, filed the charge sheet in a banking court against owners and senior management of Singapore-based company Meinhardt Singapore PTE Ltd (MSPL) - Shahzad Nasim, Mohammad Omar Shahzad, Nudrat Mand Khan and Muhammad Abdur Raheem — and senior bankers Shehryar Khalid, Faisal Hameed, Faisal Jamil Khan and Syed Ali Murad Naqvi.

The IO said Nudrat, Shehryar and Faisal Hameed have been arrested and are currently in judicial custody while Faisal Jamil and Murad have obtained pre-arrest bail. He admitted that Nasim Shahzad, Omar and Abdur Raheem were still at large.

In the charge sheet, the FIA official stated that on September 27, 2004, the DHA Karachi and Meinhardt Singapore PTE Ltd (MSPL) entered into an agreement for construction of Creek Marina - a high-rise residential project in Creek City located in DHA Phase VIII Karachi. As per the terms of the agreement, the project was to be completed within nine years on the land leased by Port Qasim Authority to DHA for 99 years, but despite the passage of almost 19 years it has not been completed, he added.

On April 2, 2014, the IO said the DHA secretary lodged an FIR at the Darakhshan police station against Shahzad Nasim, Omer Shahzad and their associates on the allegations that they collected a huge amount of over Rs3,000,000,000 from general public in the name of the project and they siphoned off a huge amount from the project funds and the project has been lying incomplete for the last over nine years. In the same year, the DHA also approached Commercial Affairs Department of Singapore Police for assistance but to no bail. Later, an out of court settlement between the DHA and Creek Marina Pvt Ltd and others were reached and DHA withdrew all litigations pending in the Sindh High Court and the case.The case is now scheduled for hearing before the banking court on October 12.