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MQM founder Altaf Hussain loses properties case to ex-loyalists in UK

04:05 PM | 13 Mar, 2023
MQM founder Altaf Hussain loses properties case to ex-loyalists in UK
Source: Representational Photo

LONDON – Muttahida Qaumi Movement MQM founder Altaf Hussain, once a feared politician in Pakistan, has lost multiple properties in a legal fight with former loyalists in a UK high court.

Altaf, who is living in exile in Britain for decades, lost his London properties case to MQM-Pakistan (MQM-P) leaders after a series of hearings as his ex-allies claimed properties to the tune of 10 million sterlings.

The case, which continued for years, was brought by MQM-P leader Syed Aminul Haque.

The British court remarked that Muttahida Qaumi Movement-Pakistan is the real party and its current members are the real beneficiaries of the trusts which managed these properties. In its verdict, Insolvency and Companies Judge Clive Jones ruled that in August 2016 Altaf Hussain stepped down from any role with MQM-Pakistan.

In their argument, MQM-Pakistan leaders maintained that Altaf Hussain had no leadership role in party for the last seven years.

It was believed that If Altaf loses the legal tussle; the controversial politician will be left with nothing.

During the proceedings, he apprised the court that the properties were purchased with the use of funds given by MQM stalwarts and workers. Hussain, who keeps a low profile, was spotted in previous court hearings recording evidence in the case but now faced a huge blow as he is going through a financial crunch.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 20 Feb 2024

Pakistani currency remained largely stable against US dollar and other currencies in the open market on February 20, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.05 for buying and 282.1 for selling.

On Tuesday, Euro stands at 301 for buying and 304 for selling while British Pound rate stands at 352.4 for buying, and 355.4 for selling.

UAE Dirham AED hovers at 76.55 whereas the Saudi Riyal saw slight increase, with new rates at 74.2.

Today’s currency exchange rates in Pakistan - 20 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.05 282.1
Euro EUR 301 304
UK Pound Sterling GBP 352.4 355.4
U.A.E Dirham AED 76.55 77.25
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 180 182
Bahrain Dinar BHD 743.12 751.12
Canadian Dollar CAD 206.5 208.5
China Yuan CNY 38.84 39.24
Danish Krone DKK 40.24 40.64
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.48 3.59
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 906.33 915.33
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 170.1 172.1
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.75 733.75
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 207
Swedish Korona SEK 26.85 27.15
Swiss Franc CHF 315.64 318.14
Thai Bhat THB 7.93 8.08

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