LAHORE (PR) - On April 6, a series of statements were made by members of the PML-N at a press conference held in Islamabad.

The accusations and claims made about HBG Holdings (‘HBG’) at this press conference, and subsequently reported in the media, are false, misleading and without merit.

The incorrect claims made at the PML-N press conference refer to an investment made by the Shaukat Khanum Memorial Hospital (SKMH) into a real estate development project in Muscat, Oman.

The actual facts of this investment are as follows:

g As is common with many hospitals and charitable organisations around the world, SKMH created an endowment investment fund in order to meet the long term funding requirements of the hospital.

g As part of a plan to diversify and broaden its long term investment portfolio, both internationally and by asset class, SKMH decided to invest $3 million into a real estate investment project in Oman. This investment was structured by HBG Holdings. HBG also invested into this project alongside a number of other institutional investors.

g Due to the financial crisis and sudden downturn in the global economy in 2008 the investment project was delayed.

g Because of further ongoing delays, a revised project timetable for developing the project and generating returns was discussed and agreed between all the parties to the transaction.

g In consideration of the charitable status of SKMH, the hospital was offered an early exit option with a 100% capital guarantee on its investment.

g SKMH decided to exercise this exit option and in accordance with this agreement its $3 million capital investment was returned to SKMH, in full.

g During the period of its investment in the project, SKMH received annual and independent audit reports about the project from a global ‘Big Four’ accounting firm.

g HBG and other investors subsequently exited the project in 2015.

HBG Holdings is a special situations private equity firm with approximately $3.5 billion of assets under management and invests on behalf of leading Gulf-based investors in various global asset classes around the world.

HBG Holdings has referred this matter to its legal advisors and reserves its rights to pursue this matter through legal action. HBG takes these false, misleading and inaccurate accusations and claims with the utmost seriousness and will vigorously defend its reputation against any defamatory statements made against it.