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Funds invested in real estate used for cancer care: Shaukat Khanum Trust

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  • Invested $3m in endowment funds in real estate: SKMT. 
  • Endowment funds used to provide cancer care: spokesperson.
  • SKMT investments are audited by third parties, says spokesperson. 

LAHORE: Following controversy on Imran Khan’s comments in court, the management of Shaukat Khanum Memorial Trust (SKMT) clarified that they invested $3 million in an endowment fund in a real estate project in Oman so they can be used to provide quality cancer care, The News reported on Monday .

The clarification came in response to news items regarding the usage of SKMT funds in real estate by its founder Imran Khan. The SKMT said that its funds have never been misused or “diverted”, by its chairman, Imran Khan, or any other individual

An SKMT spokesperson said that all its funds, including those invested in its endowment fund, are used only to support its mission of providing world-class care to cancer patients.

“As is common for many charity organisations, SKMT created an endowment fund to provide financial security and to cater for expenses in the long term. This endowment fund is supervised by an investment committee, with all investments made by the fund upon the recommendations of this committee. The chairman does not, and has never, made investment decisions in isolation,” the spokesperson said. 

He added, “It is crucial to point out that only non-Zakat funds are invested in this manner, with all Zakat collected being utilised on direct patient care within the year in which it is collected.”

On investment in real estate, the spokesperson said: “In 2008, an amount of US$3 million was invested by the endowment fund in a real estate project in Oman. The investment allowed for an early exit, with a 100% capital guarantee on the investment. In 2015, SKMT exercised its early exit option and the entire amount of US$3 million was duly recovered.”

He added the trust has already shared details of this investment, and recovery of its funds with the public numerous times. Although the investment did not generate a profit in dollar terms, it certainly did in rupees, since the difference in exchange rate referred to in the article in question worked in favour of SKMT, he added.

The spokesperson added: “As with all other financial transactions, all investments made by SKMT and its Endowment Fund are duly audited and reported, with financial reports being made publicly available through the Shaukat Khanum website. Both the initial investment, and its subsequent return were reflected in the organisation’s financial reports, and continue to be publicly available.”

Complete data of all contributions are held and audited by autonomous third parties to guarantee compliance with all relevant laws, not only within Pakistan, but in all jurisdictions where funds are collected on behalf of the SKMT, or to support it.

The spokesperson said that over 30 years, the trust treated more than 45,000 to 50,000 cancer patients every year at SKMT hospitals in Lahore and Peshawar, most of whom would have been unable to access highly specialised cancer treatment elsewhere. It is strictly because of its strong clinical, administrative and governance systems that the SKMT became only the second institution in the world to gain Enterprise Accreditation from the US-based Joint Commission International in September 2022.

The spokesperson added that allegations aiming to sow doubt in their donor’s minds are equivalent to playing with patients’ lives.

The official added that the cost of providing cancer care is continuously on the rise, and despite brittle financial conditions, the management of SKMT is committed not only to providing state-of-the-art cancer treatment to all its patients but also to defending an excellent reputation for financial transparency.

The News reported on Sunday that the PTI Chairman Imran Khan admitted that he invested funds worth $3 million donated to the Shaukat Khanum Memorial Trust (SKMT) in a housing project.

The revelation was made during a hearing of an Rs10 billion defamation case filed against Defence Minister Khawaja Asif on Saturday. The former prime minister appeared in the court from his Lahore residence in Zaman Park via video link.

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Session of the National Assembly: Government Prioritising Youth Skill Development: Ch Salik Hussain

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The National Assembly was informed that the government is concentrating on developing the skills of young people in order to meet the demand for skilled workers in other countries. To this end, the government has inked agreements with several countries.

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PTA provides a significant update on Pakistan’s Starlink launch.

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Starlink applied for a license on February 24, 2022, and is currently in communication with the new regulatory body, according to a briefing given to the National Assembly Standing Committee on IT, which was chaired by Senator Palwasha Khan, the PTA Chairman.

Starlink needs to register with both the PSB and the Securities and Exchange Commission of Pakistan (SECP) before to starting its satellite services in Pakistan. According to the PTA Chairman, the body will proceed with further actions after the registration procedure is over.

Along with Starlink, Shanghai Space Technology is also making its debut in Pakistan, which should boost internet access and spur technical advancement in the nation.

The Pakistan Telecommunication Authority (PTA) has also made it plain that until it has government approval, it is unable to grant a license to Elon Musk’s satellite internet service, Starlink.

The chairman stated that Starlink has promised to adhere to government regulations and not circumvent the system.

The committee also chose to call a meeting of the Space and Upper Atmosphere Research Commission (SUPARCO) to take up the topic of space technology regulation. Additionally, the committee asked why the PTA is assigning its duties to other groups.

Prior to the launch of Starlink in Pakistan, Elon Musk, the CEO of SPACEX, stated that he was seeking permission from the Pakistani government.

According to information, Pakistani social media user Sanam Jamali and Elon Musk had a discussion on the launch of Starlink in Pakistan on the social media site X (previously Twitter).

Sanam asked Musk to launch Starlink in Pakistan, claiming that it might open the door to a better future by giving people access to the internet and chances to advance.

In response, Musk said that he is awaiting Pakistani official approval to introduce Starlink there. Through a massive network of satellites, SpaceX’s Starlink offers internet services.

Starlink

SpaceX, a private aircraft manufacturer and space transport services provider established by Elon Musk, is the developer of the Starlink satellite internet network. The constellation uses a network of thousands of tiny satellites in low Earth orbit (LEO) to deliver fast, dependable, and worldwide internet connectivity.

The way we access the internet could be completely changed by this cutting-edge technology, particularly in isolated and underdeveloped locations where conventional fiber-optic and cellular networks are scarce or nonexistent.

High-speed internet access with latency as low as 20 ms is what the Starlink constellation is intended to provide; this is on par with or even better than many current fiber-optic networks.

Every Starlink satellite includes a phased array antenna, which enables it to connect with numerous users at once, offering a flexible and high-capacity network. Fast and dependable internet connection is available to users from almost anywhere in the world with Starlink, which is an exciting advancement for digital inclusion and global connectedness.

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The government has dismissed the PTI’s request for a judicial panel probing the violence on May 9.

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The federal government’s negotiation team has completed a comprehensive written reply to the demands put out by PTI.

The statement addresses all points presented by PTI, including the rejection to establish a judicial panel for the events of May 9.

The administration highlighted that judicial commissions are constituted for issues not subject to judicial review, and cases pertaining to May 9 are currently being adjudicated in courts, with certain persons having been condemned by military tribunals.

PTI has consented to engage in negotiations with the Prime Minister’s committee. An in-camera session has been arranged at Parliament House to further deliberate on the topic.

The letter response requests comprehensive lists of missing persons and arrested individuals from PTI, inquiring how measures for their release may be implemented without adequate information. Furthermore, PTI’s assertions concerning fatalities during protests necessitate corroborative data.

The government committee intends to deliver the written response to National Assembly Speaker Ayaz Sadiq in the imminent future. The Speaker will determine whether to convene the fourth round of discussions upon receipt of the response.

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