He directed three companies without knowing purpose

BahamasLeaks

ISLAMABAD: That he belonged to pharma in Karachi is not his only introduction. Khalid is a graduate of the Rutgers University. He has climbed the highest peaks in the US. He is a scuba diving enthusiast, commodore of a Karachi club, a nature conservative and much more.

The newly-released Bahamas documents have sprinkled his resume by declaring him as director of three companies.

Call it his humility or ignorance; he doesn’t know why the companies were set up and what they have been doing during their existence.

“As you have rightly stated that I am a director of this company. I am not privy to, nor am I in a position to speculate as to the original purpose of registering this company in the offshore jurisdiction,” is the line he took each time in responding about the companies.

The News had sent questions to all the individuals identified and their addresses traced. Khalid was one of them.

Included among them is a company, Chestnut Properties Inc., identifying him together with his wife as directors in addition to one Sohail. While the couple registered their correspondence address of DHA Karachi, Sohail’s address is of the UAE.

Sohail was the founding director from 2004 onwards whereas Khalid and his wife joined in May 2005. While he is unaware of its purpose, “this company was dissolved in 2012” is only what Khalid knows.

Development Holdings Asia Limited is yet another company linked with him by the Bahamas documents that The News obtained, courtesy the German newspaper Süddeutsche Zeitung and ICIJ.

The company formed in December 2003 saw reshuffling of its directors, two British directors (Raymod and Nicolas) but Khalid permanently stayed on its board. “The business of the company shall be managed and conducted by a Board of Directors consisting of not less than one individual….,” reads its articles of association. However, if you ask Khalid, this is his standard reply: “I am not privy to, nor am I in a position to speculate as to the original purpose of registering this company in the offshore jurisdiction.”

The same goes in the case of Rockdale Equity LLC. This he partnered with Nadeem, who also belonged to pharma in Karachi. Nadeem chose to give correspondence address of Bahamas instead of Karachi.

Having been into the pharma business is not the only common bond between them; they are also into the management committee of the Karachi Club. While Khalid is its head, Nadeem is the club’s honorary secretary (repair and maintenance).

As in the case of previous two, Khalid is ignorant of the purpose of forming this case. Nadeem doesn’t know much either. “As mentioned by you, I was a director in the company for a short period of time, but I have found out that this company stood dissolved in 2012,” says his written reply.

Nadeem owns another Bahamas-based company, Herbion International Inc. His brother, Khurram, is the only other partner of this offshore holding.

When asked, Nadeem gave the following reply: “As mentioned by you, I am a director in this company. As to the original purpose of registering this company, I have enquired from Mr Khurram, who runs the company and he has informed me that the purpose of the company was to have a holding company to establish subsidiaries in various countries. Such a purpose as you must be aware of is a legal and common corporate practice all over the world.”