IHC dismissed petition against London hotel purchase: Nishat Group

LAHORE: A false, frivolous and malicious campaign has been initiated and (is being) pursued by certain vested interests against the Nishat Group, says a press release issued here Saturday.

The entire objective is to malign the name of the group, which is one of the premiere business institutions of the country. In addition to the same, these vested interests are now maligning the personal repute of Mian Mohammad Mansha, the main sponsor of the Nishat Group.

In the past, they have unsuccessfully raked up, intermittently and without success, the issue of privatisation of MCB bank or the supply of uniforms to security agencies and/or have now threw a challenge to the acquisition of Saint James Hotel and Club, London. This exercise has failed earlier, particularly in relation to the hotel, before the honourable Islamabad High Court, as a case instituted against the stated property in which Mian Mohammad Mansha was one of respondents, has already been dismissed by the learned division bench of the said court. Aggrieved by their unsuccessful attempts and frustrated with their failure to cause damage to the person of Mian Mansha, they have now lodged a false and frivolous complaint with NAB. This ill motivated exercise will surely stand defeated, added the release. Numan Wahab adds from Lahore: The National Accountability Bureau (NAB) has summoned business tycoon and Chairman Nishat Group, Mian Muhammad Mansha, for a complaint verification regarding the purchase of Saint James Hotel and Club London and alleged money-laundering worth billions for the purchase of the hotel. As per the call-up notice, issued to M/s Nishat Mills (Pvt) Limited of Mian Mansha, a copy of which is available with The News, Pakistani billionaire has been directed to appear before bureau’s Investigation Officer, Complaint Verification Cell Lahore, Muhammad Zubair on August 17 at 10am.

The bureau has asked Mian Mansha to bring all relevant record pertaining to purchase of Saint James Hotel and Club London as well as documents reflecting the transfer of funds from Pakistan to England for the said purchase. Mian Mansha had won a libel suit against a private news channel in London for running a false news related to the purchase of Saint James Hotel and money laundered for the purpose. On June 8, 2018, Justice Nicklin in the London High Court approved a consent order, stating that the private news channel agreed to pay Mian Mohammad Mansha “substantial damages of £75,000 and agreed legal costs of £200,000.”

The suit was filed by Mian Mansha in April 2016 after a programme in a private news channel in November 2015 accused Mansha of being guilty of money-laundering in relation to the acquisition of the St James Hotel and Club. According to the media reports, the hotel was purchased by Nishat Group in 2010 at a reported price of $60 million.

In July 2015, the Senate Standing Committee on Finance had asked the State Bank of Pakistan for details on how the remittance was made for the payment. The SBP’s reply was that it had not processed any permission for the remittance.

Later, the Islamabad High Court in February 2016 had taken up the matter. However, Mansha family maintained that the money was lawfully generated in Pakistan and was transferred abroad in accordance with the law for the purpose.