Sharif Brothers Corruption story exposed once again as Wall Street Journal published a story about 20 Million USD ‘Kickback’ received by Sharif Brothers in K-Electric deal.
Wall Street Journal has published a report that documents the journey of Private Equity Firm Abraaj owned by Pakistani Businessman Arif Naqvi from its inception to downfall.
The report documents how the Abraaj owner Arif Naqvi Raised billions from the likes of the Bill & Melinda Gates Foundation, Bank of America Corp. and the U.S. government and transferred the amount in his personal account.
Wall Street Journal among other lengthy details of Mr. Arif Naqvis games and frauds have reported that in the year 2016 Abraaj was trying to sell its stakes in K-Electric Ltd. To secure help and cooperation from the then Prime Minister Nawaz Sharif and his Brother Shehbaz Sharif, Mr. Arif Naqvi had offered $20 million to businessman Navaid Malik for his help.
For the sale to finalize the approval of Government was required as it owned a stake in K-Electric.
To quote the response of Shehbaz Sharif as stated in Wall Street Journal
“ Shehbaz was willing to give a strong endorsement of the deal to Chinese bidders.”
It was important for Mr. Shehbaz to share details with his brother Nawaz Sharif and get his blessings. Equally, it was important to get instruction from the then Prime Minister Nawaz Sharif on how the money be distributed
“ a portion to charity” or a portion to the election fund Kitty”
The report also claims that :
When Mr. Naqvi emailed Mr. Lodhi about the $20 million contracts for Mr. Malik in June 2016, he wrote, “This document is explosive in the wrong hands.” Abraaj and K-Electric shouldn’t be named in the document, he wrote: “Keep it generic.”
However, Mr. Naqvi denies being any part to the conversation between any government or political parties.
in October 2016, Abraaj would have sold its majority stake in K-Electric to a China’s state-controlled Shanghai Electric Power Co. for $1.77 billion but was delayed due to regulatory hurdles.
In July 2017, Pakistan’s Supreme Court removed Prime Minister Sharif from office and Electric still hasn’t been sold.
Shehbaz Sharif, Nawaz Sharif and Abraaj co-founder Arif Naqvi have denied their involvement in corruption.