ISLAMABAD: The decision regarding investments made by the Shaukat Khanum Memorial Trust (SKMT) Endowment Fund in real estate options in Oman was not taken by Pakistan Tehreek-i-Insaf Chairman Imran Khan, but rather by the Investment Committee constituted by its board of governors.
According to statements issued – by Mr Khan’s lawyers and SKMT management – on Sunday in response to news items reported in sections of the press, no Zakat money was utilised in this transaction, which was “a matter of court record and an admitted position for more than a decade now… which was properly disclosed in SKMT’s audited financial statements available on the institution’s website”.
According to SKMT, its endowment fund invested $3 million in a real estate project in Oman in the year 2008. “The investment allowed for an early exit, with a 100pc capital guarantee on the investment. In 2015, SKMT exercised its early exit option and the entire amount of $3 million was duly recovered. Shaukat Khanum Memorial Trust has already shared full details of this investment, and full recovery of its funds, numerous times, with the public.”
The statement also noted that although the investment did not generate a profit for the trust in dollar terms, “it certainly did in rupee terms, since the difference in exchange rate … actually worked in favour of SKMT”.
Published in Dawn, January 23th, 2023