Draft:Alkaram Holdings Private Limited

The Alkaram Holdings (pvt) Ltd., also known as Alkaram Holdings is a conglomerate company based in Lahore, Pakistan. It is reportedly owned by former Chairman of the Pakistan Cricket Board (PCB), Khalid Mahmood Gondal. Although Khalid denies having any connection with the company.

Muhammad Bilal Hussain is the Chairman of Alkaram Holdings. The conglomerate was founded in 1978.

Chairpersons and Key People

Muhammad Bilal Hussain is the Chairman of Alkaram Holdings. He was appointed the chairman after he showed he has majority ownership of the company i.e: more than 51%. He has been the chairman of the company since it was founded in 1978 but is said to be a mere front-man or a "acting chairperson" as the allegations that Khalid Mahmood is the true owner of the company circulated. Khalid has since that day denied any connections with the company.

Business Ventures

Among its notable investments, Alkaram Holdings holds shares in Mei Kong, a renowned restaurant chain with a strong presence across Punjab. Boasting more than 8 branches.

It also owns a majority stake in the popular Lahore-based restaurants Yi Fang Raya and Yi Fang Falcon.

Alkaram Holdings is also a notable player in the real estate sector, reportedly owning more than 413 acres of agricultural land in Multan.

It also has one third ownership in a hospital in Lahore, Heart and Medical Center.

Alkaram Holdings was also the owner of a Rice Mill "Alkaram Rice and General Mills" which later on defaulted on its bank loans and was then dissolved.

Controversies

Alkaram Holdings (Pvt) Ltd. has been embroiled in controversy due to allegations of corruption. These allegations are particularly notable in connection with Khalid Mahmood, who is a former member of the Board of Finance WAPDA and Ombudsman of Punjab, Pakistan. Allegations suggest Mahmood's involvement in corrupt practices amounting to 740 million Pakistani rupees, with links to his alleged indirect ownership of Alkaram Holdings (Pvt) Ltd. Khalid Mahmood has consistently denied any connection to Alkaram Holdings (Pvt) Ltd., refuting allegations of corruption and illicit involvement with the conglomerate. However, these claims have prompted legal and regulatory scrutiny, with investigations aimed at uncovering the truth behind the allegations and holding accountable those involved in any unlawful activities.

The Court Order

In 2019, a significant civil case was filed against Alkaram Holdings (Pvt) Ltd., alleging involvement in corruption cases. These allegations prompted legal scrutiny and raised questions about the conglomerate's conduct and integrity. In response to the civil case, the high court issued an order requiring Alkaram Holdings (Pvt) Ltd. to disclose its total net assets to the public by 2021. This transparency measure was aimed at fostering accountability and ensuring that the conglomerate's financial status was made public knowledge. Alkaram Holdings (Pvt) Ltd. was obligated to comply with the court order and provide comprehensive details regarding its total net assets by the stipulated deadline. This action was intended to address concerns raised by the civil case and promote transparency within the conglomerate's operations. In response to the court order for transparency, Alkaram Holdings (Pvt) Ltd. released a publication in 2021 disclosing its total net assets to the public. The publication stated that the conglomerate's assets amounted to PKR 1,872,246,000.