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Funds invested in real estate used for cancer care: Shaukat Khanum Trust

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  • Invested $3m in endowment funds in real estate: SKMT. 
  • Endowment funds used to provide cancer care: spokesperson.
  • SKMT investments are audited by third parties, says spokesperson. 

LAHORE: Following controversy on Imran Khan’s comments in court, the management of Shaukat Khanum Memorial Trust (SKMT) clarified that they invested $3 million in an endowment fund in a real estate project in Oman so they can be used to provide quality cancer care, The News reported on Monday .

The clarification came in response to news items regarding the usage of SKMT funds in real estate by its founder Imran Khan. The SKMT said that its funds have never been misused or “diverted”, by its chairman, Imran Khan, or any other individual

An SKMT spokesperson said that all its funds, including those invested in its endowment fund, are used only to support its mission of providing world-class care to cancer patients.

“As is common for many charity organisations, SKMT created an endowment fund to provide financial security and to cater for expenses in the long term. This endowment fund is supervised by an investment committee, with all investments made by the fund upon the recommendations of this committee. The chairman does not, and has never, made investment decisions in isolation,” the spokesperson said. 

He added, “It is crucial to point out that only non-Zakat funds are invested in this manner, with all Zakat collected being utilised on direct patient care within the year in which it is collected.”

On investment in real estate, the spokesperson said: “In 2008, an amount of US$3 million was invested by the endowment fund in a real estate project in Oman. The investment allowed for an early exit, with a 100% capital guarantee on the investment. In 2015, SKMT exercised its early exit option and the entire amount of US$3 million was duly recovered.”

He added the trust has already shared details of this investment, and recovery of its funds with the public numerous times. Although the investment did not generate a profit in dollar terms, it certainly did in rupees, since the difference in exchange rate referred to in the article in question worked in favour of SKMT, he added.

The spokesperson added: “As with all other financial transactions, all investments made by SKMT and its Endowment Fund are duly audited and reported, with financial reports being made publicly available through the Shaukat Khanum website. Both the initial investment, and its subsequent return were reflected in the organisation’s financial reports, and continue to be publicly available.”

Complete data of all contributions are held and audited by autonomous third parties to guarantee compliance with all relevant laws, not only within Pakistan, but in all jurisdictions where funds are collected on behalf of the SKMT, or to support it.

The spokesperson said that over 30 years, the trust treated more than 45,000 to 50,000 cancer patients every year at SKMT hospitals in Lahore and Peshawar, most of whom would have been unable to access highly specialised cancer treatment elsewhere. It is strictly because of its strong clinical, administrative and governance systems that the SKMT became only the second institution in the world to gain Enterprise Accreditation from the US-based Joint Commission International in September 2022.

The spokesperson added that allegations aiming to sow doubt in their donor’s minds are equivalent to playing with patients’ lives.

The official added that the cost of providing cancer care is continuously on the rise, and despite brittle financial conditions, the management of SKMT is committed not only to providing state-of-the-art cancer treatment to all its patients but also to defending an excellent reputation for financial transparency.

The News reported on Sunday that the PTI Chairman Imran Khan admitted that he invested funds worth $3 million donated to the Shaukat Khanum Memorial Trust (SKMT) in a housing project.

The revelation was made during a hearing of an Rs10 billion defamation case filed against Defence Minister Khawaja Asif on Saturday. The former prime minister appeared in the court from his Lahore residence in Zaman Park via video link.

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Education

Students from Balochistani start their academic adventure in China.

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China is the destination of ten Gwadar Institute of Technology (GIT) students who are going there for school. They will be pursuing Associate Engineering Diplomas at Hebei Jiaotong Vocational and Technical College after being chosen for the Sino-Pak Dual Diploma Program.

These students had the privilege of seeing the Chinese Consul General in Karachi prior to their departure, where they were greeted with warmth and given support for their future ambitions.

These ten people, who are from Pasni, Turbat, Kech, Panjgur, Gwadar, and Surab, among other places, exemplify the talent and diversity of Balochistan.

The Government of Balochistan and the well-known Chinese corporation Tang are supporting this opportunity, which gives these youngsters a grant to help with their study overseas.

The children would want to express their sincere gratitude to the Pakistan Army and the Government of Balochistan for making this opportunity possible.

They are excited to take advantage of this opportunity to continue their studies and support Balochstan’s growth, especially through initiatives like the China-Pakistan Economic Corridor (CPEC).

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Latest News

Amid controversy surrounding judges’ letters, PM Sharif will meet with CJP Isa today.

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Today’s key meeting between Pakistan’s Chief Justice, Qazi Faez Isa, and Prime Minister Shehbaz Sharif is planned in the midst of ongoing discussions regarding a letter sent by six justices of the Islamabad High Court regarding outside meddling in court cases.

Azam Nazir Tarar, the minister of law, and Mansoor Usman Awan, the attorney general for Pakistan, are expected to accompany Prime Minister Sharif to the CJP meeting.

The meeting follows a full court session that CJP Isa called on Wednesday, with the express purpose of addressing issues brought up in a letter signed by six judges of the Islamabad High Court.

All of the participating judges carefully examined the letter’s contents during the session, analyzing both its constitutional and legal consequences. Discussions about the letter’s publication’s legal and constitutional ramifications were also included in the session.

All of the judges actively participated in the lengthy two hours and twelve minute discussion, offering their thoughts on the subject at hand.

According to sources, the top judge of Pakistan is expected to chair another full court meeting today. It is anticipated that this session would examine the letter’s contents in greater detail, with additional evaluation and discussion among the SC judges.

On Wednesday, the bar associations of the High Courts of Islamabad, Lahore, Sindh, and Balochistan urged that the CJP conduct a “transparent inquiry” into the matter and that those responsible for it face legal repercussions.

Its cabinet “strongly condemned the interference of one institution into the matters of another institution,” according to a press release from the IHCBA.

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Business

Changes in the US dollar’s value are directly correlated with variations in gold prices.

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The price of 24-karat gold in Pakistan increased by Rs1500 on Thursday, reaching Rs231,000 per tola. This was another jump in the price of gold in the country.

Dealers reported a comparable surge in the price of 10 grams of 24-karat gold, which is currently trading at Rs198,045 after rising by Rs1285. In addition, the cost of ten grams of 22-karat gold increased significantly, trading at Rs 181,541.

These fluctuations are strongly correlated with shifts in the US dollar’s value, demonstrating the tight connection between gold prices and exchange rates. This emphasizes how local gold markets are impacted by variables related to the global economy.

At Rs2,580, the price of 24-karat silver remains steady right now. The price of gold increased significantly on a global scale as well, rising by $14 to $2,214 per ounce.

It’s critical to understand that changes in the worldwide market can have a substantial impact on gold prices in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information regarding gold prices.

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