A private company owned by President Asif Ali Zardari and his son Bilawal Zardari purchased 2,460 Kanals (307 acres) of prime land in Islamabad in March 2009.
Valued at a CDA price of over Rs 2 billion, for a mere Rs 62 million, proving after a long wait that a 1997 NAB reference against Zardari for the same deal was justified, but had to be dropped then for lack of some missing links.
The deal which Zardari was accused of in 1997, was thus completed this March, 15 years later, after a complex process of legal cases, suits and counter-suits, between a person once declared by the then government as a front man of Asif Ali Zardari, another person believed to be closely associated with the president and a private company that is jointly owned by the president, his son and a few others.
Documents and legal papers, including the sale deed and court judgments given by the PCO-led Islamabad High Court, available with The News, prove that a Karachi-based private company, Park Lane Estates (Pvt) Ltd, purchased almost 2,500 Kanals of land near Sangjani from Faisal Sakhi Butt, who himself purchased the land from a Pakistani-American living in Houston, USA, named Muhammad Nasir Khan, for merely Rs 62 million. Nasir Khan was the original purchaser of this land in 1994 and was declared to be the front man of Zardari in the Ehtesab Bureau reference filed against him in 1997.
The latest officially CDA-assessed price of similar land, adjacent to the land in question, is Rs 850,000 per Kanal. If the Park Lane land is assessed on the basis of the rate fixed by the CDA, its market valuewould be around Rs 2 billion for the entire lot. A big chunk of land, adjacent to the presidentís land, is being acquired by the CDA at this rate although Zardari and his company got it for only Rs 25,000 per Kanal, a magic deal by all standards.
However, what is important to note is the fact that all the legal requirements were met in the purchase and transfer of this land to Park Lane Estates Pvt Ltd.
According to the Form-A Annual Return of this company, its share capital, as reflected in the SECP record, shows it has 120,000 shares of which Asif Ali Zardari and Bilawal Ali Zardari own 30,000 shares each. Zardari is shown as a Director and his son as a member with four others who appear as members and debenture holders.
Another man closely associated with Zardari, Muhammad Iqbal Memon of Federal B Area Karachi, is not only the Chief Executive of the company but is also reflected as its director besides owning 30,000 shares. Three other persons with the same address as that of Iqbal Memon own the remaining 30,000 shares. Memon was himself a much wanted man after the dismissal of the second Benazir government.
Besides President Zardari and Muhammad Iqbal Memon, the other directors are Rahmatullah Habib, Muhammad Younus and Altaf Hussain. All these directors and Bilawal Ali Zardari own the total 120,000 shares of the company as on August 31, 2008.
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