K-Electric Scandal Reported By Wall Street Journal – Thank To Shareef Brothers!

Wall Street Journal Reported The Involvement of Shareef Brothers in K-Electric Scandal
Courtesy: Dawn

Better late than never. It’s been a few days since the K-Electric scandal was concorded by Wall Street Journal (WSJ). Perhaps, I was waiting for the response from the Pakistani Media and obviously my Shareef boys. I thought my boys might have become more experienced on the crime field. Why not? They have been playing this series for a long time. It’s a big crime stadium, the cricket of corruption is full on, here comes the Shareef brothers as opening batsmen, and there is a sixer. The referee called it a wrong move; the boys cried injustice; and the nation laughed.

I am not good at cricket, and when it comes to cricket of corruption, I got no balls to even understand the game precisely. We should be proud of our Shareef boys. Why? They have brought several Olympic gold medals for our country. I am sorry, I am just trying to cheer you. I know, it is disgusting, disruptive, and destructive: abbreviations of the Capital D.

The Karachi Electric Supply Cooperation (KESC) was a better acronym and we all are familiar with it – KE is so new and as just like Arif Naqvi’s speeches, KE is doing a business that focuses on the well-being of the middle-class. And, for the returns? They don’t have to care about it, it is a consequence of a business and it happens. Now, we know how? That’s why my PM says, “Oyeeeeeee, wapis kar!”

Wall Street Journal Reported The Involvement of Shareef Brothers in K-Electric Scandal
Courtesy: The Last Blog

Let’s Have A Recap Of The K-Electric Scandal Story

Enough of nuances and fun, let’s be serious for my courageous Nelson Mandela like Shareef Boys. So, what happened in the K-Electric scandal case pointed out by Wall Street Journal? N-Leagues government is so favored to privatization, because obviously they ruin every government organization by hiring their fans and followers. I am a follower of N-league and trust me I am jobless. What a pity! Well, let’s focus. The privatization of KE occurred because it was not able to return profits. I don’t have any objection to the privatization, because obviously I love to pay bills that are high on my pocket. That’s the only way I avoid cigarettes and Zaitoon ka Tail: No money, no drugs. Still, the way it happened is ridiculous. Am I being unethical? Oh please!

The Culprits

  1. Arif Naqvi.
  2. My dearest Shareef boys: Nawaz Shareef and Shahbaz Shareef.
  3. Abraaj Group: The international business group of Arif Naqvi.

The Renaissance Of Business That Led To K-Electric Scandal

Arif Naqvi started a business group, Abraaj Group, that attracted several investors worldwide. His intentions appeared pure and he called upon the good for people, especially when he asked for the fundraising for the healthcare to open hospitals in the developing countries to provide low cost healthcare to the middle-class and lower-class people. Amazing, isn’t it? Well, let’s unveil the facts as reported by the Wall Street Journal.

The investors claimed that 660 million USD were transferred from Abraaj group to its own bank accounts. However, that’s not it. The investors, based on the revealed documentation, claimed that around 200 million USD were transferred from Abraaj to the accounts of Mr. Naqvi and his solicit people. Overall, the investors reached the conclusion that Abraaj used their funds for unauthorized purposes. For instance, he raised around 1 billion USD to facilitate healthcare in developing countries. After investigation by the investors, they alleged that Mr. Naqvi withdrew hundreds of millions of dollars from healthcare funds and aimed to use for his own business purposes.

Post-KE Privatization: Naqvi Reshaped His Brand Image By Sorting the Fund Issue

Like any other corporate scandal, the refurbishing of the brand image is a crucial measure, and Naqvi did the same. He joined Air Arabia, a Middle-East Airline company, as a Non-Executive Director in 2007. He borrowed the loans from this company to compensate the missing funds and regain the trust.

Privatization Of KE: Golden Opportunity For Arif Naqvi

In 2005, KESC (now KE) was privatized, and major shares were sold to Arif Naqvi. The years following 2015, Naqvi restructured his image as businessman who is the champion of poor people. These are not my words. That’s exactly what business world said as per the analysis of Wall Street Journal. However, how the purchased happened is another story, and that’s the K-Electric scandal.

K-Electric Scandal

Now, that you are truly aware of what Arif Naqvi is and what he had done in the past, the picture must be clear before you. Thanks to Wall Street Journal for investigating the email correspondence, which is a nightmare for me as a citizen. At one hand, the Naqvi said, after the purchase of KE:

“We invested in a utility company (KE) in Karachi in Pakistan eight years ago. It is a country not known for transparency. It is a country where, in government, you are often asked for either favors, or money or whatever. We went in and we did everything by the book. We avoided every single point where you would have had to come into contact with government.”

It is what he said in Milken Institute in 2017. Now you know why I said he re-branded his image after KE purchase. Firstly, he defamed the country he invested and secondly, he glorified himself as a person who follows the book of law. What an actor! Well, in 2017, he invited Nawaz Shareef to World Economic Forum in Switzerland, and obviously, he was not in touch with him at all. You got my sarcasm! Furthermore, let’s have a brief look at this picture, he was surely not in touch with Nawaz Shareef.

Wall Street Journal Reported The Involvement of Shareef Brothers in K-Electric Scandal
Courtesy: Wall Street Journal

Emails that Proves K-Electric Scandal

In the first email, he said the document is “explosive in wrong hand,” because obviously, it was $20,000,000 contract deal for personal gains and ought to be confidential. In the second email, he explained how the money should be distributed, “election funds kitty.” And, it goes on. Let’s have a look at the emails.

Wall Street Journal Reported The Involvement of Shareef Brothers in K-Electric Scandal
Courtesy: Wall Street Journal
Wall Street Journal Reported The Involvement of Shareef Brothers in K-Electric Scandal
Courtesy: Wall Street Journal

Whaat? Blessings? Oh please, my Shareef boys are so generous, why wouldn’t they have sent their blessings for such a great cause: KE Scandal.

Overall, it is a face-off to a nation with such a dacoity by their elected people. In LUMS (Lahore University of Management Sciences), Mr. Naqvi said in the commencement speech:

“what people will remember is who you are and how you deal with them.”

Exactly, that’s what it is in this situation of K-Electric scandal and it shamed the nation because an international platform, Wall Street Journal unveiled it.  My shareef boys will be remembered for robbery, deviance, and wrongdoings, and Arif Naqvi is no exception. Let’s hope that justice is served to the starving nation of Pakistan. Let’s wait for the bright dawn that would shine away all the pain and misery of the dark night that has lasted for so long. Let’s cross our fingers to see end to such dacoity in Naya Pakistan. Besides, be careful with your KE meters, and check the units every day. You think it is a joke? Well, good for you!