Faisal Vawda calls ex-DG ISI Faiz Hameed ‘mastermind’ of £190 million Al-Qadir Trust case

Web Desk 06:41 PM | 24 May, 2023
Faisal Vawda calls ex-DG ISI Faiz Hameed ‘mastermind’ of £190 million Al-Qadir Trust case
Source: File Photo

ISLAMABAD – Former Pakistan Tehreek-e-Insaf (PTI) leader Faisal Vawda on Wednesday termed former DG ISI Lt Gen (retd) Faiz Hameed the mastermind of the £190 million Al-Qadir Trust case that also involved PTI Chairman Imran Khan and others.

The former minister for water resources hurled allegations at the ex-spymaster while talking to media after recording his statement in the case to the National Accountability Bureau. He claimed that Hameed was major beneficiary in the case.

Vawda said he was member of the then Imran Khan’s cabinet when the transaction was made, adding that he was the first minister to predict that the anti-graft watchdog would make a case in this regard.

A sealed envelope was put forth before the cabinet members and the matter was concluded in haste, he shared details of the meeting, adding that it was presented despite it was not included in the agenda of the meeting.  

He said that he would not hold an “important business personality” responsible in the case. He said biggest corrupt in the case was made by the former DG ISI but no one was taking his name.

Vawda also accused Faiz Hameed of helping former adviser to Prime Minister on Accountability and Interior Shahzad Akbar and others in fleeing the country. He said he was ousted from the party over giving advice to Imran Khan.

Imran Khan, his wife Bushra Bibi and other PTI leaders are facing an NAB inquiry initiated to probe a settlement between the Imran Khan-led government and the property tycoon, which reportedly caused a loss to the tune of £190 million to the national kitty.

A day earlier, the former prime minister also appeared before the NAB team which grilled him for more than two hours in the Al-Qadir Trust case.

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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


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