Contradictions cloud Imran’s money trail

ISLAMABAD: The money trail of Imran Khan’s London flat as presented before the apex court contains a serious misstatement, which has the potential to ruin the PTI chief’s case.

In his sworn statement, Imran Khan told the Supreme Court that British pound was equal to American dollar during the Kerry Packer Series 1977-79. However, in actual, the dollar-Pound parity rate at that time was almost 2:1. The whole money trail of Imran Khan is based on this exchange rate as he could come up with a “letter” only regarding this amount.

This difference of Dollar-Pound parity when applied will leave Imran’s calculation topsy-turvy made to justify his money trail.It is not clear as yet whether it’s a deliberate attempt to mislead the apex court to complete the money trail or it’s a snake-in-the-grass situation for Imran Khan, as someone around him in the PTI might be conspiring to disqualify him.

The official record of exchange rates indicates that Pound was almost double to the dollar during 1977-79 – the period during which IK claimed to have earned US$75,000 from Kerry Packer Cricket Series. He showed it as the main source of his money to purchase the flat.

This fact as proved by The News is bound to haunt Imran Khan, who even otherwise has failed to provide any evidence (in support of his money trail) other than a letter from an Australian citizen who was one of the directors of the Word Series Cricket (Kerry Packer Series).

Imran claimed to have earned US$75,000 in the prescribed period and, according to him, this amount was equivalent to GBP75,000. This is purely a misrepresentation of facts that has apparently been made to fill the gaps in his money trail.

Imran Khan has stated that he earned US$75,000 (from three years contract 1977-79 at the rate of US$25,000 per year). He told the court through his counsel that at that time the exchange rate of US Dollar to British Pound was the same.

Imran did not provide any documentary evidence or any banking details of receiving any money from the Kerry Packer Cricket Series or even from New South Wales or Sussex or from any other source.

However, as Imran has admitted that he does not have any document pertaining to any of the income mentioned in his response, he only provided a letter from an Australian citizen Austin Robertson and mainly based his money trail for the London flat on his Austin’s letter.

When contacted by The News, Austin Robertson on his private email mentioned on the letter provided by Imran Khan to SC, ocker16@hotmail.com, verified the contents of the letter saying that all the players played Kerry Packer series were contracted for three years.

Wrong exchange rates, apparently reflected to show higher earnings, can be verified by the apex court from the official record of the Bank of the England and all other official and market sources.

In relevant paras of his response giving details of his money trail submitted to the apex court, Imran explained;“4- Respondent No. 1 played for Kerry Packer Series from 1977 to 1979 at 25,000 US Dollars per year. At that point in time US Dollar was equivalent to Great Britain Pound. Air fare, boarding, lodging, prize money and product endorsements were additional to earning of Respondent No 1.

“7- In 1984 (not 1983). Respondent No. 1 mortgaged a property 165 Draycott Avenue. Chelsea London, SW3, one bedroom apartment through Royal Trust in the name of Niazi Services Limited. The purchase price of the Flat was 117,500 GB Pounds.

8- The mortgage of the Flat was for 20 years and the initial down payment to Royal Trust of 61,000 GB Pounds was made out of earnings by the Respondent No. 1, while playing for Sussex and out of his savings and with money from the 75,000 US Dollars (equivalent to 75,000 GB Pounds) received from 1977 to 1979 through Kerry Packer series.”

The News probe revealed that as against Imran Khan’s claim, the British Pound was 1:2 against Dollar in 1977 to 1979.

Almost all sources contacted proved this fact but The News relied on official record of the Bank of England available on its official website www.bankofengland.co.uk.

The rates available on official website of Bank of England show that exchange rates varied from 1.7 to 2.2 US dollars for One British Pound in the duration 1977 to 1979. On December 20, 1977, 1.88 US dollars was equal to one British Pound.

The official Bank of England website shows that the average November 1977 exchange rate was 1.82 US dollars to one British Pound. The year average for the 1977 was 1.74 US dollars to one British Pound. On December 20, 1978, according to official record of Bank of England, the exchange rate was 2.01 US Dollars to one British Pound.

The year average for the 1978 was 1.91 US dollars to one British Pound. On December 20, 1979, according to official record of Bank of England, the exchange rate was 2.20 US Dollars to one British Pound. The year average for the 1979 was 2.12 US dollars to one British Pound.

The average British Pound to US Dollar exchange rate always observed an upward trend in this whole duration and never during the last 40 years, the British Pound became equal to US Dollars. The exchange rate on the last day of the year, December 31, 1979, there were 2.22 US dollars for one British Pound.

These rates, though available on official websites including the official website of Bank of England, but same record can be obtained officially by the Supreme Court from the UK through the Foreign Office.

When The News contacted Tahir Nawaz, accountant of PTI Chief Imran Khan’s offshore company ‘Niazi Services Limited’ and all other financial affairs in the UK, and sent him questions regarding wrongly stated exchange rates, he didn’t bother to respond to queries.

Spokesman for PTI Naeem ul Haq had connected this correspondent with Tahir Nawaz for obtaining details of offshore company “Niazi Services Limited” for obtaining details of bank accounts associated with Niazi Services in 2016.

The PTI chief has also annexed a 2006 contract of renowned cricketer Gugli Master Mushtaq Ahmad signed with Sussex County for which Imran Khan also played. However, this is a known fact that rates in 1970s and 1980s were very much less as compared to the rates in 2000s. Clearly, official documents along with bank record are needed to establish the money trail.

The News South Wales series mentioned by Imran Khan was played in 1984 and 1985. The wrong exchange rates provided (almost double) to establish the money trail has raised many serious questions on the circumstances in which Imran Khan purchased his London properties through Jersey Offshore company Niazi Services Limited.

It is worth mentioning here that Imran Khan has neither provided the details of all bank accounts associated with his offshore company Niazi Services Limited, nor provided complete details of bank transactions that took place between 1983 (the year of setting up offshore company) and 2015 (the year of closing of the offshore company).