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

Web Desk 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.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


Rupee gains massive recovery against US dollar after SBP relaxes rules for banks

KARACHI – The Pakistani rupee experienced a significant surge in its value in the open market against the dollar.

This surge came after a recent directive from the State Bank of Pakistan (SBP), allowing banks to purchase dollars at the interbank market rate for international card payments. The objective of this move was to narrow the exchange rate gap between the official and informal markets.

According to the Exchange Companies Association of Pakistan, the currency market witnessed the dollar being traded at Rs298, compared to its previous day’s closing rate of 311.

The SBP’s decision was influenced by the International Monetary Fund’s demand for Pakistan to stabilize its currency market before resuming a $6.5 billion bailout program.

In a circular, the central bank stated, “In response to the feedback received from various stakeholders, Authorized Dealers are now permitted to buy USD from the Interbank market to settle card-based cross border transactions with international payment schemes (IPS).”

Market analysts had predicted a decline in the value of the rupee following the implementation of these new guidelines.

Zafar Paracha, the General Secretary of the ECAP, expressed that the SBP’s decision was timely and appropriate. He anticipated that it would lead to a decrease of 20 to 25 rupees in the open market currency rate. Paracha also noted that aligning the rates in the official and informal markets would bolster remittance inflows.

Pracha further emphasized that significant disparities in rates between the official and informal markets encourage transactions outside of the official banking system.

Today's gold rates in Pakistan – June 1, 2023

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 229,000 on Thursday. The price of 10 grams of 24k gold was recorded at Rs197,620.   

Likewise, 10 grams of 22k gold were being traded for Rs181,150 while a single tola of 22-karat gold was being sold at Rs 211,290.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 229,000 PKR 2125
Karachi PKR 229,000 PKR 2125
Islamabad PKR 229,000 PKR 2125
Peshawar PKR 229,000 PKR 2125
Quetta PKR 229,000 PKR 2125
Sialkot PKR 229,000 PKR 2125
Attock PKR 229,000 PKR 2125
Gujranwala PKR 229,000 PKR 2125
Jehlum PKR 229,000 PKR 2125
Multan PKR 229,000 PKR 2125
Bahawalpur PKR 229,000 PKR 2125
Gujrat PKR 229,000 PKR 2125
Nawabshah PKR 229,000 PKR 2125
Chakwal PKR 229,000 PKR 2125
Hyderabad PKR 229,000 PKR 2125
Nowshehra PKR 229,000 PKR 2125
Sargodha PKR 229,000 PKR 2125
Faisalabad PKR 229,000 PKR 2125
Mirpur PKR 229,000 PKR 2125


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter