Company:Khanani and Kalia Int.
| Type | Private Limited |
|---|---|
| Industry | Money Exchange |
| Founded | July 1983 |
| Founder | Hanif S. Kalia Khanani brothers |
| Defunct | 2008 |
| Headquarters | Karachi, Pakistan |
| Products | Financial services |
| Revenue |  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 Government of Pakistan as part of the Pakistan Forex Scam Case. The company was investigated by the Pakistani 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 welfare activist. Its corporate office was in Karachi and its international marketing and commercial services head office in Pakistan. It also had 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 the company to shut down all its branches.[2]
On 5 March 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
- Altaf Khanani, related money launderer
References
- ↑ "How $1m of your money helped trap the world's most wanted money launderer". ABC News website. 5 February 2018. http://www.abc.net.au/news/2018-02-05/the-billion-dollar-bust/9383890. Retrieved 16 May 2019.
- ↑ "Kalia group chairman arrested". Dawn (newspaper). 29 November 2008. http://archives.dawn.com/archives/38897. Retrieved 16 May 2019.
- ↑ "Hawala case: Khanani and Kalia acquitted". The Express Tribune (newspaper). March 5, 2011. http://tribune.com.pk/story/127530/forex-scam-court-acquits-8-due-to-lack-of-evidence/. Retrieved 16 May 2019.
- ↑ "Khanani and Kalia: Acquittal being investigated by SHC (Sindh High Court)". KHABRAIN.INFO website. March 14, 2011. Archived from the original on 16 March 2011. https://archive.is/20110316135446/http://www.khabrain.info/2011/03/khanani-and-kalia-acquittal-being-investigated-by-shc-34506/. Retrieved 16 May 2019.
- ↑ "Khanani and Kalia case – Judge asks FIA DG to submit evidence". PakistanToday (newspaper). March 10, 2011. http://www.pakistantoday.com.pk/2011/03/10/news/national/khanani-and-kalia-case-judge-asks-fia-dg-to-submit-evidence-record/. Retrieved 16 May 2019.
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