Shaukat Khanum trust denies misuse of funds

LAHORE: Reacting to a news item reported in sections of the press, the management of Shaukat Khanum Memorial Trust (SKMT) clarified on Sunday its funds have never been misused or “diverted”, for any reason, by its Chairman, Imran Khan, or by any other individual or entity.

The SKMT spokesperson stated all its funds, including those invested in its endowment fund. Are used only to support its mission, namely the provision of world-class care to cancer patients.

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The spokesperson said, “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 supervise 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 maintained, “It is crucial to point out that only non-Zakat funds are invest in this manner. With all Zakat collected utilize on direct patient care within the year in which it is collecte. In 2008, an amount of US$3 million 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 duly recovered.”

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The spokesperson said the SKMT has already shared full details of this investment. And full recovery of its funds, numerous times, with the public. It is relevant to mention that, although the investment did not generate a profit for the Trust in dollar terms. It certainly did in rupee terms, since the difference in exchange rate referred to in the article in question actually worked in favour of SKMT.