Khanani and Kalia Int.

Khanani and Kalia International
Private Limited
Industry Aiding
Founded July 1983
Founder Hanif Kalia
Khanani brothers
Defunct 2008
Headquarters Karachi, Pakistan
Products Financial services
Revenue Increase US$14–16 billion[1]
Parent Kalia Group
Website www.kkionline.com
KKI financial services
kaliagrouppk.com

Khanani and Kalia International (KKI) was one of the biggest foreign exchange companies in Pakistan until November 2008 when it was closed down by the Pakistan government as part of the Pakistan Forex Scam Case. The company was investigated by the Federal Investigation Agency and the State Bank of Pakistan revoked its license.

KKI was part of the Kalia Group of companies founded by Hanif Kalia and run by Hanif's younger brother Abdul Kalia. Its corporate head office was in Karachi and it had a franchise of branches all over Pakistan plus a number of branches overseas.

History

The company was founded in 1983, by Hanif Kalia, a well known businessman, educationalist and social welfarer. Its corporate office was in Karachi and its international marketing and commercial services head office in Pakistan. It also has an office in Mississauga, Ontario, Canada.

Pakistan Forex Scam Case

In November 2008, KKI became part of the Pakistan Forex Scam Case when the Pakistan government started investigations into the company and arrested its management team. In response the State Bank of Pakistan revoked KKI's license to operate its forex business forcing then company to shut down all its branches.[2]

On March 5, 2011, the directors of Khanani and Kalia International and four bankers were acquitted of all charges due to lack of evidence.[3] However the FIA complained about the acquittal and said it had provided enough evidence. In response the Supreme Court of Pakistan had an independent judge investigate the acquittal.[4][5]

Operations

KKI offered a number of services including currency exchange, home remittance, outward remittance and business administration. The company had branches in Karachi, Lahore and Islamabad, and a franchises networked all over Pakistan. The company also had foreign branches in London, Glasgow, Sydney, New York, Toronto, Montreal, Scarborough, Vancouver, Kuwait City, Bahrain, and Qatar.

KKI was part of the Kalia Group which also provided services including management consultancy, internal auditing, IT management, HR management, business administration, marketing, and R&D on behalf of clients.

See also

References

  1. ↑ "How $1m of your money helped trap the world's most wanted money launderer". 5 February 2018.
  2. ↑ "Kalia group chairman arrested". Dawn.com. November 29, 2008.
  3. ↑ "Hawala case: Khanani and Kalia acquitted". The Express Tribune. March 5, 2011.
  4. ↑ "Khanani and Kalia: Acquittal being investigated by SHC". khabrain. March 14, 2011. Archived from the original on March 16, 2011.
  5. ↑ "Khanani and Kalia case – Judge asks FIA DG to submit evidence". PakistanToday. March 10, 2011.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.