Investigation Report of the Joint Investigation Team, Panama Case Volume VI (Hill Metal Establishments/ Gifts) Joint investigarion Team Constituted by the Implementation Bench of te Supreme Court of Pakistan vide Order dated May 5.2017 ee a IR (VD/PCHO/7/2017 ISLAMAB)(Answers to Questions Raised by Honourable Supreme Court of Pakistan nits Order dated’S ‘May 2017 in ade of CMA No. 2939 of 2017 in Constitution Petition No, 29 of 2016¢te) HILL. METAL ESTABLISHMENT GM) ‘Tae Honourable Bench has directed he JT Wo probe following two (2) questions relied to Hl Metal Establishment (HME):~ |) How ci hill Meal Faabishnent (HME) come into existence? Where did is working capital come for? ii) Where do the fge suns runing into millions gited by Respendeat No, 7 to Respondent No. opin rat ‘ackground of the question |, This Report dal withthe subject of Hills Motus Establishment which wasted into ‘he Panama Case proceetings a lr stge wien the issue of hundreds of milo rupee gifts from Respondent No, 7to Respondent No. 1 wer Being discussd twas olimed tit this was success eoncem and is generating huge amount of profs ou of which he sends eran sums to Respondent No 1 by way of gifts. 2. Being very petnen, Pasa 79 fom to sepuat delaratin of Justice Ejaz Aba Khan in the CP 29 of 206 is quote he ‘The record(s completely silent on the question how and when Hil Meals stablshent was se up by Respondent Na 7, whe are its shareholders, wh was ‘the source of funds which were nse 0 st 4p tis Business and why such huge amounts of money are being cvculated trough the said compar thas aie not len explained whether or not KespondertNo.S who 1 the reipent ofthese nds has any irc, indie aver oF covert nexus o conection with he sid compan. In today's world of efhore companies, coumy directors and elaborate devs to hide and camouflage financial razzacsons, as has been seem in ths ens, vet cvidence i seldom found. However, there are tele signs thaythe posiiliy of legal. beneficial or equitable interests in financial resources or Receipt and we of fnancil benefits sone such sgn. Therefore owing 0 adit receipt of usin excess of R840 Millon benveen 2011 102015 by Respondent [Nod from Responient No.7, the posbiliy of @benelil interest of Respondent [Nain assets astenbly held inthe name of Respondent No 7 camot Be rele ou Aso corollary, i's found that there is any such interes of Respondent No! in ll Metals soblihoent, hie fale to declare the same nthe Nomination Papers and Tax Returns could tect the provisions of Articles 62 and 63 of the Canton for qualification of Respondent No.1” (26 to S28 Justice Ba Ut Hasan), 3, Relevant Para from Court Jugrent into the mater is reproduced below, hlighting questions relating to HME: “By a majority of 3 102 (Asif Saved Khem Khasa and Gulzar Aled) dissenting, who hrave given separate declarations and dections, we hold that te questions bow dd Galf ‘Steel Mil come ino beng; what et ts sale; what happened to it lait; where ad lus sale proceeds end up: how dil they veach Jeddah, Qotar and the UK. whether respondents No. 7 and in view ftir ender ae had the means in the earnest possess and purchase the flats; whether sudden appearance ofthe eters of ama Bin assim Bin Jaber A-Thant ls @ myth oF realty; how Beare shares erated ino He at; who, in foc, 5 he rel and beefcal owner of Mis Nelsen Enterprises limited an esol Lined, how did Hil Metal Esablshment come Into existence; whee di the ‘money for Flagship Investment Linited and other companies set uptaken over by responen No.8 come from, and where did the Working Capital for such companies come {from and where do the huge sums runing into milion gifted by respondent No. 7 10 respondent No. I dvop in fom, which go to the heart af the mater and eed to be anowered. 4. The int two questions a itriked, Thetis question is lo elated, being inked tothe claimed inoue of HME, The first 0 questions are, therefore, report upon cumultvely and below afer whic he hid question isaddresed“Methodology of Investigations - HME 5S Recording Statemens, With regard © HME, JIT recorded the statnents of folowing: Respondent No Respondent No Respondent No 4. MeRebman Mali © MrShahba Sarit 6 Reques for Mutual Leral Assistance (MLAMo Government of SA The JT equstd the government of KSA on 31 May 2005 to provide documents regarding ASCL and HMB. 7. Documents produced / acquired by JIT 4. Respandent No 7 In his appearance before the JIT on 3 June, be peace the Following atonal documents, aot filed with the Honorable Supreme Court of Paki, forthe Rist ine (1) Beef Answer to the Question How di Hil Metal Establishes: come into ‘existence? Where di he working capt! come fom} mexure A) Copy ofthe Agreement dated March 20, 2005 between ASCO and AL Town. amex B) (©) Copy ofthe Pay Ones in favor of ASCO. Anecure CL 4) Loan Agreement No. 2131 dated 3 snus, 2010 with Saud Indust Development Fund, Annexure D) (5) Loan Agrosment No, 2131 dated 2 July 2012 with Sau Indust Development Fund damexare E, (6) Working Cspitel Loen Agreement dated 1 Apil | 2014 wit National Commercial Bank (NCB) Back mexure ()—anking Facility Agieemest dated 18 June 2013 with Bak Muscat 6(9) Brief answer to “where do the huge sums running into milion ged by espondent No, Tt respondent No.1 drop a Goa™ Anneeare COL ‘Soursed Documents, The expression “sourced documen!” whenever mployed in thi Seton refers to documents which have been obtained by the JT 1 tt oft investigntions trough employing the services of consulta aw Fm (GhemiesInarationl Juice Chainer) engnged forthe purpose. The eens on and process though which a documeat refered to a a “soured docinet” ws lined by the sai law fim i set out fn 4 eter dated 30-62017 which is appended herewith as Amecure [The ITT respetly efe the Honourable ‘Supreme Cour the sid ewer so ast we note ofthe yource and uu ofthe “sourced document, In this cone it may be noted tat aw fim scented to ‘he JT that docaments have been obined from a nunber ef open an confidential souress an tht the documents ar copies of erga and thir contents ave been propery and extensively verified. In is analysis the JT welts dese documents os bing of authentic whilst seknowloding that their ect and formal scmisbity and evidentiay value would be subject to applicable law and the faker process mentioned in the sid ltr (1) Ait afc Est: General Overview (Annexure D @) Mill Metals Establishment -Soures of Funds, AnmexureK) @) Dro Promissory Not - Unsigned (Annexe Ly @) Hil Metals Financial Facts (Faaacils for July 2011) aril Genemt Overview. Anmesre (5) Transfer of Funds of SAR7S0,00- by Respondent No to Respondent No. Anmesure N) (6) Transfer of Funds of SARSOOG0/. by Respondent No to HME Aunexare 0} (7) Tass Newuz Sharif (Annexure PL (8) Hill Metals Management Report for the Quarter ended 31-3-2010, Annexure 01 (9) Amending Agreements Anesure RI (00) Alda Au Bureau Report Amesure (11) Copy oft signed eter fom ALR Bank Annexure(12) ‘Hl Mota Establishment Receipts and Payments Aceount fem July 1, 2009 0 August 17,2010. Amesure DL Evidence collected trom Banks Records, Records obtined om Respondent Nout bank coun in Pakistan Annexure 1) ‘vldenc collected by JT from Jia Dubs (1) Tad Livense CFZ dnmesare W 2) Naveaz Shai? CPZ job eter mmesure XD) (2) Employment Contact Novae Sharif Anmexure ¥ (4) ployment Cantact Amended Nava Sharif Annexure Z) Flow of Major ranstions in th accounts of Mian Nawaz Sharif & Marjan Nawaz Annexure AA Flow of tansictons along with declared gifs end postion of properties purchased Anesure BB dents re the Honour 2 Court in ation o IME or ‘Respondent No.7 In he pleings of the Respondent No. Tan No.8 before the Honourable Supreme Court, HME is aver betty tough Parngraph 15 of CMA No. 432 062017 in the following eons “In 2006 he Respondent No.7 set wp anew sel manftring busines in eda, Saud Arabia by wilizing the sale proceeds ofthe Asa Ste! Company Limited. The annual cashflow and related earnings from this buines have ‘enabled the Respondent No. 710 send remitances 0 his father ia Poksan Reference may Ky be made to an andr’ erica: placed Kereta Annet - 0. The purpose of hse remitances has been torch fate rom any “Financial coma ven Ws al ine iment plies. as Bon the noe of the Respondent No.7 that hs father has ase be sf remiss ‘by Respondent No. 7 to equitably srenatben the iancal pasion o his sister, Respondent No.6." “The oly document produced before tbe Honounble Supreme Cout of Paka (Conourable Cou) in supp of the ove sateen! by the Respondett No.7 and with eg to the source of faning for eablshng HIME was Asso F 10 ee(CMA No. 432 of 2017, being a photocopy ofa Sale and Purchase Agreement ded 2053.20 (SPA) between Al Aziz Steel Company Limited (ASCL) and Al-nafag Steal Products Company Linted (Purchaser! (Ammexure In considering the question of establishment of HME itis petnent » note he conten tht sling up HME was a projet ose up a see mil which, by its mare, roguired very substan al capa expenditure accompanied by cnsretion tnd commissioning of « moderately large end complex indus! fli. Such 8 Droject is both expensive and time consuming besides reusing specific sills and cxpetse, The initial stagss of seting up HME inladed without limitation the cision of lind forthe sel mil and abour colony, procaemes, ection and ‘comminsioning of he plant nd machinery followed by commercial operons, 9. Documents No. There the J with 4 Atthetime of his appearanee for ecording his statement befor the JT, Respondent No.7 produce the following documents (1) Ate yped and unsigned response fo the above mentioned tee queries ofthe Honourable Cout Anmexure Al. This response to the eent that it relates toto he fist two queries is reproduced below Mats met) nt ens fing fran te flog as (a Spe fing 4. (8) Sv mtg fe ent and ies acs. (©) Sau ahaa Bete Fn! IOP, 9 ESE Goverent Develpe Rca Tet Cnao on Sn Ae age omer Bo he gon (2 Onna hat ai 2 The fant joie ty he Samar wre sed fom sale ress of Abe Soel Cong. ated 0. A800 ar alin 203 by of Seen of 2 Mar 205 itoen ASCO tte Tony Grp of Coupee ASA greener dame) 4. Theta mea of Se raced ne S210 saan eae! e USD 1682 win Pay (ras new of SCD a aed lo anata nd Sa tnd Bt Payor ma ae nun in wor 32008 nats "Te es ad contin fie SA ad snitch eat wh ean) nd sate Renae Ne 7 wi spo he mare af a ployed © tw HME el wl ‘ainda se ow toner he vere of he expaioa porate te fs seine of amr 5 ofCMA No, 820217 asooer80 sazms niais boonies mis use (ote sation 4. SIDP sont Poe on of R194 lion (SD 39) ar estes Loe “pens Ane he er dort ag 5 ‘Wting Cag Coon of ME bee second yong nk one tt ‘R35 ton ft st ‘Sea tn Natl Cement ‘Stloznaton ‘Phas oom wr sn fr rig yp fein” @) Loan Agreement No. 2131 dated 3 January 2010 wits Send Indus evelopment Fund (SIDF) (Annexure @) Loan Agreement No. 2131 dated 2 Jaly 2012 with IDF. (Ammesure Bd, (4) Working Capital Loan Agieoment satod 1 April 2014 wih Nation (Comes Bank (NCB) Anmesare Fa, (9) Banking Focity Agreement dated 18 June 2019. with Bank Masat Aamexare Go, 10, Statement of Res vith respect to HME 4. The summary of statements ad replies ofthe Respondent No, 7 being ination 10 the abovementioned dumnents and as recorded by the JT fr the Honourable Cost uc append herewith ax mesure DD, b. A summary ofthe substance ofthe hey stamens made and replies given by him before the JT, germane to he Gt wo quis under consideration i given below: (1) Ta the soe sours of the “Sponsor funding” prion ofthe finds iid For sting p and establishing HME was the sale pocoods of theses and properties f ASCI. covered by the SPA, which assets and progenies wee nde over tothe Puchaser in March 2005. (2) Thatthe emir net sale rocands were cv bythe Respond No.7 for is cle booed the asount was SAR 63.100 milion, "pale ad inal note sgn dott at Amex A@) The decision to soll ASCI was his grand father's and neither be nor ober family members (who he Iter adie had an atest and sare is HME) were oon om isle (4) Tate conceived af th ies and emberked upon the projet forseting wp of HME as sta mill afer the sale of ASCL. () That the land segue for snd on whieh the itis of ASCL were erected a ot up ws barren vgrcultsrlland converted or permit especialy as «4 cneession bythe Kingdom of Saudi Arabia tobe employed fr indus tse which ws purchased te relatively low pie bythe Respondent No.7. © will be noted hat, except for afew claborsons and devintins (and subjost some materi contradictions thet came in replies to questions ffom te JIT) the statements ofthe Respondent No. 7 broly follow the contest and conus of the Information given and position se out inthe unsigned document submited by hin ‘before the IT i the document sponded herewith ag Ammexare A, 1, Statements Not and 8 funding of dies 1 the content ofthe queries under examiaation its peetinen to mention tht the IT alo questioned the Respondents No.1 and 8 in relation to HME? ‘The sid Respondents denied having, drely o inde, provided any funding to HME wheter {ertsextablishmont or for working capital requirements. 12, Analsa by the JIT With regad 10 the chimed source of finding for exabishment, ‘commissioning and operations of HME as stel mil the J's analysis, comments and findings sucunder 4 Esabishment of ASC, ()Setine a of Ana Stl Mile Limited (Mr Mansa Naw Shri id to proce ipo! doses such asthe Memorandum ard Ati of Assocation, une of toans fom the baka, tbe financial statement, etc, which ae sei fo ascertain the sources that were wsed to setup this factry “ews, oweve alia adn wi rope eeu ire fh or 90 rte | ‘ne Reponen Ny tee epnteaiialsncding he Repost No 7 which ical eeu he ‘eaysielw, 5in 2001 He, however, while explaining the avait of funds foe sting up of the Avsin steel Gelory provided the following syproxiae figures of 2001 without ay documentary sport Yer ‘aut Tena aT “Kew hnaied Despite eps quis, thoesnd dation | dint give even sn orocnate aue BoM | Cost atascinay | USDOSS lin | Pucisedfaon ATA Joo | Patapepiat | USD wilion 930 Mion reat STSSameq10 1USD src tein 200) “01 | Casiaston USD O05 lilo | Undersea ‘ita “Toul eapendie is | Over USD 60 201 Milo las ew bine hoa Dole east and (©) Me Husain Nawaz Shai lied tht most of the inl funding far this projet was rude available by Mr. A-Than, The amounts ‘ovdod by Mi. AL-Thani for 2001 andthe lun hate mentioned fiom his unnamed fiend are as below: ‘Yar [Sourevofloat™ [Amount | Remar BOOT [Gaariadistamt | USDOSS Milton | Nodosumensa | rove, aes DHT — | Lae foot wae | USD OW ion provided Seu end et Teal SD Fas (While thee ie ne docametaryfccumtnaial evidenes to sbtantate the provision of fans by Mr. ALThaniané the Saul ‘end in 2001, even the loan arnunt calculated hypothetical, sill fle short of the amount spent in the year 2001 by USD 4.5 ili. 1 the unspecified amount of hundreds of thousands delay fa cost of andi nla than tis gp would fre nea,10 2) Teanortaton of Machines oJeddah, The clin dat the machinery for ASCL was ough om Du dot ot ole god at scoring his soment the mschinery fa Dubel was led on 30-60 tk, However hen th traf edt ws bit by Hsin Nawaz inthe same ameuo! of mony was for wo tuck land of maciey which owes tht citer ASCH. was never etablished o it was elise by rooney tir thn he one chimed. The sory of seting up ASCL om sera achiney fle This conch is proved by the pons of LAE gover to MLA forded by IT requesting for eonmstin of ‘hs tansporton. The UAE goverment he clearly nied any such tcnaportaton, Document tached wih olan i (Ol tell) of ST repr QmnershipofASCL, Although i as bern clane! tht he sole source of the “sponsor fending” potion of he finds sli for sing wp and eeishing LIME (or fir “singing it into exinees") was the ale plooeds of ASCL, the fotowing cor sity conta a mater, ndemine sis tance and etait version (1) The foundational basis for this claim isthe SPA and the terms and conditions thereof relating 10 the sale and purchase of the eset end propesies ofthe ASCL along with copes of thee cheques referenced shove, On thi basis itis claimed thst, a a result of the sanscton| content in the SPA, et snout of SAR 6310 nillion was rectved by Respondent No.7 for hs sole benefit, whose posses he inves as the “sponsor funding” portion of the funds rosuired to set yp HME as an portional ste! mil (2) However, dng the ecrting of stutemens of Respondents No.1, 7,8 ad Me, Shaibez Sharif an admission was made by eh o the sud individu to he effect ha Respondent No.7 was nthe sole and exclsie owner of ‘he ent itret and share in ASCL lasted, tothe extent of two thins of ‘the total shae and nterest in HIME, be was ding he sume efitvely as. ‘benami (or only ostensible owner} for and on beba of the bres of the Respondent No.1, Mi, Abbas Saif and Ms Rabia Shari, the danger ofthe otter brother of the Respondent No, 1 who were the real beneficial cower ofall infrest nd sate in ASCL to the exten of one-tirdesch, 2) This admission suggests ad indicates that, in wealiy and in substance, Respondent No, snd his two brothers ll ad an equal share in ASC. ‘which was held on their behalf ehrowgh their respective hide in the case ‘of Respondent No. and Mr. Shabez Shai. In view ofthis dnision the Respondent No, 7 was also quid bythe JI as to how could claim and {ustify being solely ented to the entire climed sale proceeds of ASC. ‘soe the sale proceeds would also have bee liable to have been sare pro rata aseondng tothe respective agred shares of the other two family rember, to which his reply way tat he was autorized 10 do sounder a power ofatomey document, However, ia site ofa request fr te same by the JIT, no such document to subtiiate this statement was produced betre the ST. (@)—Usles there isan express waiver by the other two amit benefit owners of ASCL, the consequence of this admission is that at most, Respondent No. 7 woul! have been ented only meth ofthe net proces fom he ae of ASCL Thi ifthe net proceeds are aosepted o be ‘SAR 63:10 milion, would amount SAR 21 milion. Ihe net proceeds ar taken tobe SAR 42.470 million, the onthe share of Respenent No 7 wold stunt to SAR 14.160 million In either cass, the net amount lb to the Respondent No, 7 fr funding te “sponse adits” poston ofthe monies utilized to st up and esalish HME as ste il reduces } igntcanly and eesuls in « muti contacion in the kim of the | Respendent No, 7 with read othe source of fund fer sting up of HME. “hielo thon gives tse tothe question wheter this potion vas finde Aries usted wuts an bythe other undisclosed sons (5) Notwithstanding th abovementioned fates and their consequences on the cro of the related clas and statment ofthe relevant Resp, secoing 10 the investigation of the JIT and the soured documents The caresson “suse dunent whenever poe i this Sein refs © dou wh ave bes aio the I prt fi aveaetins ough employing te evs of coal fm (ei2 bane by the IT, it opens hat the total net proceeds fom the sale of ‘ASCL pid by the Pueser unde the SPA was SAR 42470 milion eather than SAK 63.10 milion, Whilst the Respondent No. 7s malnained before the Honourable Court and the JIT tht he resived SAR 63.10 milion through the tre cheques mentioned i the unsigned document at Annexure A, the investigation of the JT and the soured documents sind yt shows that he Responders No, 7 has eaneaed the existence an Knowledge by him of thre furber egrcments and instaments a relation to the sale and transi of he asses of ASC. pursuant the SPA tote Pusha, (6) These documents conclusively esuilish that the net proceed actully recsived by the Respondent No, 7 were only SAR 42.470 mille. The fst ‘ofthese documents is an Amending Agreement dated 6-6-2005 amending the tems ofthe SPA which bears the signatures ofthe Respondert No, 76a ‘behalf of ASCL (the Selle under the SPA), which is st AmnesareR, The secon! document sa Mandate to Actas an Attorney in Fact lo dad 6-6 2005 (Atorey Mandate) which too Bears the signatures ofthe Respondent No, Ton behalf of ASCL), which sat Annexure Re; The thir ntument is & Mandate to Act as Escrow Ageat (Fserow Mandate) aio signed oa June-2005 by the Respondent No, 7 on behalf of ASCL which is at Annesure 2. (Upon & cumulative reading of the Preamble and Clauses 3 ant 4 of the Amending Agreement, i evden that, subsequent fo the exeeton of the SPA, the Respondent No, 7 (qa Selle) agred with the Purchase that the ‘vo pits shall jointly insrct he Faezow: get olding te vo cheques Tarninat ice Clonon) caper fr se eon The te oan pom eo wi met ‘leds soe docu wer oben! by thal ef eto nate tol 3106017 wich ‘Sappendé hereihs Anoc Th IT repetay selsth Ho b Coat the aid ter wo oh nt fou nots tore dmssnct™ conte, oye a at ev Fm scone Ae he TT ar doumese have brn chabed Eom tuber of open ad eof soure nd thal {Baume coisa gal an he cnet ae ben opr od exes wei alse heutT tcay feve dosnt o beng of shen we scowling ther dive td frm “isl ao evry rae woul jt pple adn iter proses ian in fa eter at Arex STi enpeson Sc is dened to nen ASCL rier thn Respandet No.7 as esse ast tle" ok tien SPA ng SCL nao WSF oe ow fheloes KSA,8 o b both dated 143-2005 and Bearing No, 18629 for SAR 21,235,009 and No 18620 also for SAR 21,235,000 to the Respondent No. 7. However, sigutcanly, with regard to the hid cheque Bearing No. 18717 for SAR. 20,630,000 datad 203.2005, Clause 3 of the Amending Agreement specially provides thatthe sume shall be released to the Selb and, in xcnge simultancouly the Slr will make avilable to he Parchaser a coiled cheque of equivalent value of SAR 20,630,000, Morave, the Escrow Mandate confirms tht the Bserow Agent dd indeed release all of tho cheques under and in accordance therewith. The Amending Agreement {Gin Cus 2) si the Adorney Mate conti tht ris and ile ia the assets and properties of ASCL covered by the SPA stood vated in th Puechasoron6-62005 “Thase source documents, i accepted, completly negate and eon he stance ofthe Respondent No, 7 with ego to the nel amount received by him from the sale of ASCL and hence, als the elaimed aout of fads that were available for investing in the esublishment of HIME as the “sponsor funding”, These thre documents sso contradict the stitemeat of the Respondeat No, 7 before the JIT to the effet hat the ase and properties of ASCL covered by the SPA were handed ove fo the Pareaser in March 2005, Moreover, these tee documents rove as inorweet and risleaing the statment of the Respondent No. 7 before the JT to the ect thst exept forthe SPA pradvced by in, there was no other documents relating to the sale of ASCL, besides the fic: that the Respondent No.7 witha view fo overstating dhe net proceeds esived tom the sale of the assets and properties of ASCL covered by the SPA, eliberaely conceited the enisenes of the Amending Agreement, the ‘Aitorey Mandste and the Essrow Mandate even though all hue of whi boa is signature ln this context it to prinnt hat the Respondent No.7 was unable © produce before the JIT the relevant books of acount and bark account statements showing the setual amounts credited in his favour ors eeived by im on acount of the sale proceeds actualy pid bythe Parelaser tthe Seller under the SPA. Additionally itis relevant to underscore tat the copy‘ofthe SPA provided fo the JIT was ether the orginal no compete copy hereof in 8s much se Sohodule 5 (fered on Clnuse 1.1 of th SPA and which sels out dts of the “Asst” to be sold and transfered unde the SPA) and Schedule 7 (fered tin Clause 15.1 ofthe SPA end which ‘ot definitions employed inthe SPA) = which se obviously inka and ‘portant part ofthe SPA - have been withheld and acter produced boone the Honourable Court nor the JIT This ses fer suspicions end undermines the eeibiliy ofthe version and statements ofthe Respondent No.7 vis-vs the SPA. itstems and inpemenaton ofthe rasiction and manner and node of setlement of payments contemplated thria, Although it has ben clined tha he Source af the “eet” or “boro” portion of the fonds lized for seting up and extablishing HME (or “nig it into cexisteaco") was: (a) short tm funding fom fends and business assosiaes; (6) SIDF, NCB and other commercial banks in KSA, the following fictrs apes to seviously contact nd materially undermine thi im (1) No documentary proof o substan or quan the “short tem funding fiom frends and business assoeiaes” claimed to have been obulned end uilized in “bringing it info existence” or setng up and commision of [HIME ws ever produced before the JIT. No such document was produced ‘before the Honounble Cout during the bearing of CP 2/16 eter. ene, to tis extent the lain res «bare and unsubstantiated tere ofthe Respondent No, 7. However, some futer soured document ow light con tht aspect which is discussed usr below. @)— SADELann, As repurs eliance on uilzaton of funds received under loans from SIDF fr establishing and setting up of HME, the Respondent [No.7 has produced befor the JT following = (@) A Loan Agecment No. 231 dtd 31-2019 Anmexare Di which contemplates provision flan by SIDF of upto SR 98000000 “ssn Masinad Nowse Sharif Hl Met Industry for Metal Establishment” 4 sole peopitrsip escblishment and oraninad under the lows of KSA and eter on 1862005; nd | |©) A futher Loan Agreement Anmesure B) dated 27-2012 under ‘which SIDF has agreed to lend a fuer sum of SAR $90,000 to “Hussain Mohammad Nawaz Shari Hil Metal Induty for Met Establishment", thereby makes the total loan amount of SAR 149, 400,00, (©) Whilst ere i no fasher documentary proof provided by the Respondent No, 7 ofl dibursement an uiliztion othe loans contemplated in these two dosuments n Paragraph 15 of CMA 432, ‘he Respondons No, 7 and 8 submited that HME. was set up “in 2006" as “new tel mil, he prosmbl of both ofthe SIDF Loan ‘Agreement sate tht HME wat repsterad with the Commercial Registration of Jeddah on 16 Feb 2005, (6) Hn any event, whother dhe “new see mil” was se up in 2005 ot 2006, citer way, since the SIDF loans did not become arable to Respondent No.7 and HME uatl a lest some time in 2010 (as regards he fist loan of SAR 90000000) and unl fe Jay 2012 (as gad the sand loan of SAR 59,400,00), tis semen and lim is contradicted and nated by the documents rodvod by the Respondent No, 7 inselfbfore the IT (©) Tis aso perinent to mention thatthe signed originals of neither of the two SIDF Loan Agseement sefere to above was submited fo the TT The documents provided were mere uncecifed photocopies undercover ofthe unsigned document Ra (0) As sepads the soores of “working capital” funding for HME, the Respondent No. 7 has chmod thigh the unsigned document st ‘nnesare A) hat HIME ba, arongst others, access to faci of ‘SAR 35 million fm AI-Rahi Bank. However, daring the course of investigation JT discovered thatthe sui loan was sactioned in (ii® ° i 2008 Annexure H) a according ta source document (nnexure Di(oeing copy ofa signe ltr om Al-Rai Bank) adress to HME, this feity was eanesod on or around 27-10-2009 and the security therefre being charged on: (i) Felony land # 9709 in Seat; snd (i) resident eas, the impression bing given of avai in AL Haren Dist was released of working capita through above mentioned loan i seletive nation to geaeae & {alse poteption, Accoingly, tout this extent ile ot misleading ingrosion ‘bs ben sought to be coated by the Respondent No, 7 wth regard tothe available sources of “working capital” for project uch a an ‘operations sel ill, which rquites lange amounts of working capital to sustain tl | ‘Non Provision of Audited Financll Statements of HME, @ o xs goue 19 of CMA 906. Thi ina “Slane of Cash ‘Eaig'3} Decenber 2010 o 31 Desenba 2016" whch the Bg ave ben ace fr rps “Sie nce teen ‘A cade and ssf sures of auentieevidonce reading the source and quant of equity atl debt aca employe to et up ‘xabish and operate HME isthe audited financial staements of HME. These would ls be relevant in veying the coins of the response and replies ofthe Respondent No.7 including the contents fof and pasion depicted through the wasigaed statement at Annexure A ‘The audited financial statements would also shod ight on the quant sooce of iia funds and seta debt end eaityposons nd the seta projet cost end aed mat. is undavible that the audited financial statements of HIME are indeed prepared and exit as these ae rofemed to in the document appended by Respondents No, 7 ahd No, 8 at Annexure Q to CMA 432/64, The est Net Pot Af Te the Yes s/© o ” SIDF loan agreements alo specifically reqs HME to ainin However, insite of repented requests bythe JT, the Respondent No.7 fil and destined to produce eee tae copos ofthe same before the JT The JT as a negaive inference from wh ila, ‘which appears intentional with the objeto avoiding the complete truth fom ting discovered by the JIT regarding the source and ‘quan off, ats, ailies and seal profitability of and ivdends declared by HIME, The absence of end fare © produce the audited fnaeial statements of HME may also kod to undemnining the credibility of the other Tinted. formation regarding ‘he souce of funés, assets, labilies and actu! roitbility of HME farished by the Respondent No, 7 or No, § ‘before the Hanourabie Coto th IT ‘The aud financial saements woud also have evade ctl ed ue gost of ting up of HME and then cabled vreaion of ‘wheter te climed sources of nds were inded even scien to completely fund such sting up and establishment of si mil. a this context, based on a source document Anmexane J, the cuititon com of $9, 101 square meter of indus land in hunsah Distt, Jeddah was SAR 1.1 millon, enoter 1, 750 quae, ett of land was acquired forthe abou eolony costo ‘SAR 0277 millon, the ens of just one “shredder” for Jesh was ‘SAR 10 allio, This doesnot include cost of evil works and cost ‘of oter plant, equipme, machinery sud vile. fal the oat mentioned in this document are aecpted nd taken in eeount these far excend the finds chimed 10 have been avaiable 10 Respondent No. 710 st up HME, 6m aditon to the above, dng its investigations the JIT has also olsined two farther sourced documents which td to father undermine and corti the statements and stance of the concerned Respondents visdvs the sou of funds18 | employed to et up and porate HME. Each of these documents and its inpiatons vive the queions ofthe Honourable Court and the stance of the concemed Respondent is given below. tal Eta (0) Appended as Annexure this unsigned document shows tht {@) Daring the period 21-9-2009 and 25-11-2008 HME received funds amoveting to SAR 59,999,860 milion (or US 15,999.98 milion) in nine separate tranches from one Me Sooo Shei (©) There is reference fo a "MD NCR's Account™ which dung the period 5102009 to 1622010 shows movement of SAR 236456,14 (oc USS 9,72, 797) inthis account, (©) Artot mount of SAR 38,269,000 (or US$ 10216400) recived by [HME as SIDF Loen dsbusemens. 2) With pat tothe amount of SAR $9,999,860 milion or US$ 15,999,963 illion ted to have been resived fram Me. Saeed Shik: (8) The Respondent No. 7 didnot mention this during ny of his appoarnces befine the JIT. Mr. Saeed Sheikh scoring to fnvestigiton ofthe JT is the matomal uncle of Mr Jaw Kiya ‘According to furter investigation by the JT into te mates reported in the “Rehman Malik Report” and satemen: of Javed kiyeni made Before JIT, this same individual was involved fa sending substantia amounts n traveler cheques fo Me, Javed Kiya from outside Pakistan trough a personal courier (Mr Phil Bsr), which were deposited snd converted into United Stes Doll Beater Cetieates and gusto and handed ove io Sta amily 1 Model town, In ation Inge amounts were deposi in fake sccouns” opesed the names of Salman Zia, Asghar Ali and Motammad Rigwan, These deposi in “ake accounts” were then employed as cllteral to mse Joan for the companies of Shai say.() This ia very substntil amount of finding and its tems are nos ‘entry clear. However, it appears that this “oan” i linked to nother source document in (ie, Gunanty datod 169-2009 at (Goarany) spare isued by Respondent No, 7 jn favour of| Colebrook Invesinens Limited (Colebrook) incorpaated and ‘visting undo the ws of St. Vincent & the Grenadines. 1 appens ‘hat this "Guaranty" may have been issued by Respondert No, 7 to Colebronk t scute the amount of US $ 15,999,963 acvancad to HME possibly by the (onnamei) owner of Cook, A. relied cure document connected 10 the Guaranty is a Convertible Promissory Nate also dated 169-2009 of US $ 100%,000, at Anes L. The “Guaranty” provides option for conversion of oan fata eaity of HME or equvalont by the owner of Coletook, The Balance Sheet of HME: as of 31-7-201|(anoter source docuen, at Aimesure M shor a “converibl borrowing SAR 60,000,000 whic s may wel edhe same transcton ‘Mb .NOw's Account (1) With regu to the "MD NCB's Account” which during the period 510- @ o 2009 to 16-2010 shows movement of SAR 36,456,741 (or US $9,721, 797) inthis acount, when the Respondent No.7 was gueiel about de same, he dened knowlege thereof However, according to the JT's investigation, this spparenty refers to Respondent No, 7s personal bank account with NCB which is also wsed 0 injct funds (f unknown and undisclosed source) ino HME by Respondent No. suse and Respon In the context ofthe “source of funds” for establishing or operating HME,2» link tween Respondent No. personally aud funding of HOE and its operations. 2) The fint of those documents, st Anneeure Nis (an unsigned) copy of instructions date 20-92010 issued by Respondent No.1 to the “Private enkng” section of AL Raj Bank, Job in terms of which he Respondent No, 1s insting “immediate” transfer of an amount of SAR 750,000, fom bis account No, 462 608013344552 tothe acount of Respondent No. also mintsined with Al Raji Bank (8) This second related source document, at Anmeure O isan nsgned) copy ofinsrtion dated 29-2010 issued by Respondent No.7 to ALRsi Bank insrutngtansfer of SAR 750,000 from the acsount of Responient No.7 tothe azount of HME intsined with AL Raji Bak, (4) These two documents if accepted, establish a direct nexus and nk Between HME and the Respondent No. 1 in which Respondent No.7 is being cmployed at 4 condult, This not only undermines, aod contadicts the slalemens nd stance ofthe concerned Respondent with reyect to he “soure of funds” fo establish and operate HME: but is also relent in the context ofthe missive temitances made by HMB (or Respenest No.7) 10 Respondent No, 1 during the paiod 2009, which aspects discussed whilst vresing the third of the thre queves being examined and dressed in this Section, ‘Receipts & Payments Account (1) Another source document ot damexure Ui the "Reovpts & Payments “Account” Of HME forte peo 17-2009 w 17-2010, This document ‘contin a table bearing the beading “Punds Retuned” and which, aongt cet, contin the following esis: '2 (@) Baty showing payment of SAR 903,834 to Fukstani Consalaney Flom, Sdat Hyder Morhed, Assosats for SAP License & Malnnanos?. (b) Baty showing payment of £ 6000 to FlapsipIavestmens Limited vith coments “On Dice's Current Accu" (©) Entcy showing payment SAR 1,912,500 to “Hassan” with comment nds (©) Eauy showing payment of SAR 1,875,000 to HDS (Owned by Alt Dar son in aw of Respondent No [and son of Respondent No 10) with comment ads" (©) Buy showing payment of SAR 560,000 to HDS with comment “Inds (0) Baty showing payment of SAR 3, 752, 300 (or US $ 1.00.13) 0 cra. (2) These entre, if aecepa elo the statements and elins of the concemed Respondents in remost of not having any nexus with HME as the enses show that HME has bortowed or otherwise recived funds which i hs repaid (ring the period to whieh the ble relates) from the personal ‘secount of Respondents No, 7 and 8 besides Flagship Invesmects Limited (ity owned by Respondent No, 8) end the amounts during the rately rit period covered by this document 18) Moreover, the reference to “CF” inhi dcament Showing that an amount of SAR 3,752, 30 (or US $100,613) us been reumed orp tit oy HME dicing 1-7-2009 to 17-8-2010 is also signin, The rfrence by CR" in the view ofthe IT likly areterence to Capital FZ (abel A Free Zone eatiy) owned by Hassan Nawaz Shai, egading which the honaourele Juice Ij ul Absa had ised his conceens and id directed the JIT to cll evidence with regards to its business ative and rle in ‘sansa of fads to diferent enites controled by Respondent & ITT uring is ivestigaton found out hat the Chaiman ofthe bor of Capit FZE was Mian Nawaz Sharif Respondent No 1). Faom de pyro of SAR BIRAM fr SAP, appa tht HME Ya oa a he vps! Fie softs SAP ohn te lan weld oun) ae provid® o o 2 (Copies ofthe following documents a certified by the Jal Ai Tree Zane ‘Auaosty which have been obtsined by the IT as art of is ivestigaton re appended hee: (@) —Enployment eter of Nawaz Sai AnmenureX (©) Frployment Contact of Nawar Shaif with Capital FZE. nnesure ¥ (©) Bmployment Contact Amendment of Nawaz Sttif wit Copital PE Annexure Z ‘The above document of Capital FZE and along with xcopy of be eden visu Anmesare P foe he United Arab Fiztesisued to Respondent No. | forthe period 2008/2015 and which dasrbes him a the China ofthe Bead of Biers of Capital FZ slong with the employment agreemenis snd amendinets theo which show that Respngent No vas pa» salary of AED 10.00 per month by Capital FZ all cumulatively taken (along withthe ens in “Receipts & Payments Accoun” of HLAE) prove and etal () That HME, Capital #28, Flagship vestments Limited an HDS are laked and associated, (©) The Respondents No, 1, 24 snd 10 each ar interconnected, they ave cominon busines interests which re undisclosed (©) The Respondent No. 1 has dest indirect, overt and covert sociation with and interest in businesses and ets which have rot heen dear or acknowledged in Pakistan by the Respondent No, and hat (©) Respondent No, 1, Capital FZ and HME ar netinked and have nexus with each ther. Alt ofthe freasing, conteadits he statements ofthe Respondents No. 1,7 a 8 ia thi gar, | |» 13, Stance of dents No, 1, No. 7 and No. 8 before the Courts lances to Respondent No. 1 throu [Respondent No? ‘4 Inthe pleadings ofthe Respondent No.7 and No.8 before the Honourable Supreme Cot this aspect is ls covered, abit ely in Paragraph 15 of CMA Mo. 432 of 2017, which as been reprodeod shove The sed pupae pts emitances or “pis” was to fe the Respondent No, I fom any final onsen, given his {alte involvement in polis, Essay, he stance taken was that i 2006 the Respondent No, 7 set up HME and tha the annual cash lw and eained earings ftom this business hve enabled the Respondent No.7 soul emitanes to his father in Pakistan Adar Audie Bureau. In support ofthis insend ofthe complete audit Faancia alerments of HMB, a0 called “Statement of Cash Balanoes and Net Pits fer “Tax of HME for the your 201.2014" prepared by Aldar Audit Buca (Abdullah Alsi & Co) dated 19-12017 (HME Cash and Profit Sitement) Anwexure S, “Tae HME Cash and Prot Statement is misleadingly refed fo in Paragraph 15 of (CMA 22/17 a8 an “auditor's ceca", which in scual fet simply and only “tracey” figures inthe audited nancial statements of HME fo the etal 2010 to 2014, The HME Cash and Profit Sttement (at page 134 of CMA 432/17) only ‘contin the claimed igure for “net prot for ta and eash and bank” lanes in each year. nthe unsigned statemost Annexure DD undercover of which vous documens were submited by the Respondent No.7 oth JT, a eply to the above question is ttso sven the materi prs of which are reproduced below: Te Gat onlge Fas sre 2-16 os Regn Na T= GINS) a a Me Eatin ny Regnedou Non) se J. Thefndsaserdby NNS MS wee gu opt nd rope fray MSs we Coan er i re re Yo 4. These nl om FNS tse eA nt "op fen ay, Ths ak wares by Fat ete aniston 100 9H KSA 5, Sa fabinest cx Se Mil in KSA hich eutcorss els Rifced Retr. The ‘Sols pate ain fas evinced by Certs ey Aa Ai Bae Aner on ‘Grrr Care Aes Rs ete enn ate ren cae: PlanAti analysis ofthe documents provided is depicted in the chart below f a ae (USS) (USS) i a NET ae 14 sn Nod w Re ‘Stating from yest 2010, Respondent No. i eeivng gis and remitnes fom his son Respondest No.7 and his business enity named Mis fll Metals Estblishnent (HME) ffom Saudi Arabia. Up to May 2017, Respondent No. received Faro 1.267 milion and US$ 10.148 milion from Respondnt No & LIME. The Rupee equivalent ofthese foreign curency resis, come to around [R166 billion In aon these, Respondent No, 7 sso made reitanees of round R869 228 million o, his sister, Respondent No.6 (Mr. Mariam Safdar (MS) ‘ion HME in 208 end 2000as As per statement of Respondent No.7 submited atthe Honorable Suprem> Court of Pakistan, the amounts were transferred hy hen to Respodnt No.l as 0 fice his father fom any financial constants, given his fulltime involvement i polities However te srtny of Respondent NL, bank records in Pakitan, wale that more than 70% af the gifs received by Respondent No.l, were in tur. ited to Respondent No as gifts. Moreover substantial amount of Rs.10 milion was ive as donation to PML (9) in 2013. Further, hey amounts slot, 25% ofthe gts received ftom Responfent No ‘were withizawn in es by respondent No ‘Comments, Major obserations reat’ to transactions i the bane asounts of Respondent No.1 and Respondent No are given belong (1) Around 88% of total et prot eamed by MUS HME daring 201012015 was sen to MNS trough gifts snd remittances indicating hs else assiation or ‘beneficial nts inthe compry, @) A tot amour of Re165 million was sent by Respondear No to Respondent No. a gifts and emitaness from 2010 il May 2017. Out of this amount, 5822-725 million wee gited by Respondes: No.l © Respondent Nos dung the same period (Annexure V2. Apparently Respondent No, 6 used the gis resived to seyute land. The decared land holding of Respondent No.6 increased fiom nero in 2010 to Re.804424 million in 2016 a8 pe her tox resin ed with FBR. (0) Red ilion were eansfored fom PMN) account o Responnt No.1 08 1-Jun-2013, Considerations against this payment were nat avaiable on recon @) The amounts of gts rosived by Respondent No significa fee 2012-13 (6) TiN the year 2012-13, the gits roxived by Respondent No fom Respondent No & HME were declare s its wheres, the sae amounts were termed a remitances afer the year 2013-14 in tax rtums of Respondent No! sere sssimed charged as Prime Minis, (6) Declared gis were aio wed wo repay the outs tthe peson who gid those amounts i. fom Respondent No. (RS24.851M) to Reset No.t a from Respondent No. (8.194604) to Respondent NO. jesse6 (The debiled pate of tansactions ia bank aeounts of Responcent No.1 sud Respondent No. along wit doclaod ifs and position of properties chased i explained in ow cart at Annexure 4 & BB, 15, Analisis byJIT, ‘The aaljis and comments ofthe TT on the ove areas uu: | Contrary tothe avemens of the Regpondent No, 7 at Para 15 of CMA 432/17, which atte the “snnusl cash fows” and "retained earings” ron HIME asthe sourse of funds enabling the remitancs to Reypondent No.1, the supporting cvidence produced (Le. HME Cath snd Prot Statement) is neither te as flows noe te retained earings position of HME asta, as reqs by the Respondent [No.7 the accounting fim bas simply “raced” the yearly figures relating to net | oft alr tx” and oath and bank balances” tte respective year ens Inthe hscace of dettied Snatcial statements dieosing, other vil information onthe bral nd nancial viability including its ability by having suticient blancs inthe “retined earings”, mere yearend cash and bank balance ave insufien (and Jncevant) to aocurtly establish and verify the fet whether, ivough remittances of the ons stare ofthe availble eash of HME in any given yea as gift o Respondent No, I thee was encugh working capital eft to sustain operate the ual business of HME. 1 Similaiy, the “yey nt prof afer ti cotinly not a subsite forthe “ye er dspunerent y resineé coming” positon of » business eniy. The “retained eaming postion” reflects the cumulative postion ofthe undisbuted profits et ofthe acumulted losses, if ny, a8 of = particular date. A business cannot distribute pfs to the owners unless there is # balance availble hee. The HME Cash and Profit Statemes in other words, simply doesnot contin al ofthe necessary and slevant information and figures to enable due and proper verification of fet The ‘information i incomplete and int forthe prpot for which it has ostesibly been submited, ‘6 Its peninent to aote that while Respondent No. has shows these semitunces were received a5 gilts ftom his son Respondent No, the records obned from Respondent No. bank scouts in Pakisun Annexure F) revealed hat the aboven remitances included the payments made from the acounts of HME; » business iy as oppoied to Respondent No, 7 personaly. Respondent No.7, was unable o produce any banking ect or reevant dcuments ofthe sourve at KSA, which may shed light on the so called huge gis given to Respondent No. Starting fom yet 2010, Respondent No.! is resiving ifs and temitarces fom bis son Respondent No.7 sal his business ent i. HIME from KSA. U 10 May 2017, Respondent No.treotved Eu 1.267 milion and US$ 10.18 milion fom Respondent No.7 sid HME. The Rapes equivalent of thse foreign eurency recs, come to around Ra.166 billion, nation, 4 these, Respondent No. 7 so made remitnces of around Rs 68.228 milion to, hit sister, Responeat No.6 fom HME in 2008 and 2008 ‘As pe latemet of Respondent No in CMA. 432/17 the amounts were gifted by im to Response Not 080 fee his fer from any frail constants, given his fl time involvement in polis. However the scrainy of Responds No, tank records in Pakistan, revealed tat more tan 70% of the gis resived by Respondent No., were in tw gited to Respondent No6 as gifts. Moreover @ sofas asoust of R.100 million was given as donation to PMI, (Nin 2013. Moreover, proximately 25% ofthe “il ecelved from Respondent Ko.7 were withdrawn in cash by Respondent Not Most significantly, around 88% of ttl net profit eared by HIME during 2010 to 2015 was sited as “gis” to Respondent No.1 drety frm a bank count of [HME or tough Respondent No.7. Since 88% ofthe total et profit, ding the ix years from 20(0 to 2015 by HME was tans to Respondent No fi eft just 12% forthe purported sole owner ie. Respondent No 7, based inthe KSA ‘© rmsinlin an support his Hest and hut of his immediate family. This figure of 89% give rise toa strong presimption or inference tat in stance andi ely, the Respondent No. | as beneficial end propeetary interest in HME, This view s futher butresed and reinforced if conseraton aud weight is given to he souree ocuients: (a) at Anmexure being (an unsigned) copy of isreton dated 2 2010 ised by Respondent No 0 the “Private Banking” section of Al ji Bani Jeddah intr of which the Respondent No, 1 is insiting “immedi” rans of an amount of SAR 750,000 from his aecount No. 62 60801 3344552 tothe 1 jn str dei i th SID a ania sve propia" ue te a KSA. aa sccount of Respondent No, 7 alo ssitnned with A Raji Bank; etd (O) at Annexure O, being (a8 wosigned) copy of instruction date 209-2010 ssued by Respondent No. 710 Al Raji Bank istetng transfer of SAR 750,000 from the secoat of Respondent No. 70 the acount of HME nintsined with Al Ri Bank. ‘These two documents, ifaccepte,estelish a dieet nes and ink between HME ad the Respondent No. I in which Respondent No, 7 is being emplye os a ‘conduit and give much crodence 1 the view that the Respondeat No. 1 has significant beneficial intrest in HME and tat, contrary othe claimed positon, Respondent No, 7 is aot the ive and sole over of HME but » neninee or cotesible owner nly with itd ny, actual enacts in HME Aner source document bing the Management Rep of HIME. Annexure 0) for the quarter ended 3-3-2010 establishes tht “afer long. priod of sess and inthis quater rte frst, time, Accordingly, this ako creates dovbis about the cli profitability of HIME 0 sch as lve ast enable it to remit amount equa to Rs, 1,165.685 million over psi of sx years. Yet another Str which end throw the claimed source ofthe fun which wese rome gis to Respondent No.1 (Ge. pois of HME) into seins fubt ar, amongst others, the exposs restrictive covenants coatsined in the SIDF Loan ‘Agicement died 3-1-2010 expressly resi maximum dividend to "the lessor of 25% ofthe pd in capt” othe total repayment of installments during the sme fiscal yea”. An identical covensnt i also found in the second SIDF Loan strained pefomsnes” HME "Tinallyeame ut othe nl sxcess and [Agreement dated 27-2012, Moreover, even the maximum anmal capt ‘expenditure is ako capped by a covenant. Interns of Clause 9, HME 8 even rested fom creating any encumbrance on the revenue or assets of HWE without the prior approval of SIDF, 1 i axiomatic thatthe quantin of funds of HIME aimed to have been ‘got to Respondent No 1 woul, if ae result ndfalt by HME unk the SIDF Loan Agreements. Accordingly, this fctor to, tex eal int question the versity ofthe claimed source ofthe gis’ emited o Respondent No. {fram KSA. | total amount of Rs 1,165 million wat sont by Respondent No to Respondent [Nod as gilts and remittances ftom 2010 1) May 2017, Out of tis amout, [Rs.822.725 milion were gited By Respondent No.1 to Respondent No.6 during the same period. Anparenly, Respondent No, 6 use the gifs received to asi an2» ‘The dered Ind holding of Respondent No ineresed fam zero in 2010 to 804424 milion in 2016 a pr or ta reas ied with FR, Duig 2008 200, an mount of R 69.28 nilion was il reited by HME wo Respondent N06 5 milion were tated from PML) acento Respndent No os 104. 2013 an consideration sith pynnt werent vale on econ ‘The soins of gis received by Respondent No. sigan inne fe 2012-13. ' 1. Coneuslon, The evidence brought an record by the Respondent, at best, is selective, incomplete, partial and inconclusive to form en objeaive conlusion by JT onthe vray of the stance ake. In any ca if the SIDE Tos agreements ae taken a thei fae vale, Respondent No. 7 did nt produce any evidence or means establishing his personal capciy of mestng the SAR ‘904 M exuity requirement a his share in the sale proceds of Al Aziia Stel Company fl well short ofthis requirement 2, Despite repested requests, Respondent No. 7 did not produce the relevant corporates cords. is therefore not possible to sean ‘The legal sites of Hill Metals Esblishment (HME) whether i's a sole ropsitesip, partnership ar a company limited by share. “The sole beneficial satus of Husssin Nawaz Shari wheter he iste ely owner, tne rin case of inited company the oaly sharcolde. "The actual equity injected in HME and the banking records showing tate has the canst inet tha iy “Though, the SIDF loan agreements ley stilt tht HMI bas to yet is accounts July audited every yoar, the Respondet did not produce the aulite: Snail statement, repeatedly requested by JIT, In the absence of audited financial statements since establishment of HIME in 2006 o dit not possible quay sn place a monetary vale on. (1) Owners eit injeton, (2) Actual stats of borrowings from SIDF the projec finance. {@) Borrowing fom frend and husinssasoeaes (©) Berrosrngs fom National Commereis Bank, Saud Arabia. (9) _Bosowings from otter commercial bunks n San Arabia. (6) Operating results afer HME went into commercial operations0 t 3. Respondent No. 7, inthe igh of above, as found not to be frtcoming wi cut Aisclosue fo the sources and stl liao of the Fa nd cold ot thaefreextiblish he afl mane frie ownership of HME. 16. Simiaty as regards the gifs extended i is not possible to conclusively comment on the nancial hesth of HME ad its silty to extend sch lavish gM inthe absence of the relevant orpovatrbusiness and banking records. 17, "Theefne, inthe absence of suited franca statements since estblshment of HME tilt date tint posible to conchsively quantify and place & monetary vale on: | Owner's equity injeton and stats ofthe Retined Paminy’s from where the possibility of ending large moneiary gifts can be etblised- bs, Operating res fer HME wea into commercial operations . Aecouming tetiren and dislonure ofthe amount remit as gifts to Respondent No. | in the Snail statements, This i estes in terms of understnding the atu of remitanes, Whetier they were owner's shar of profit or shew @s an expose inthe books of accounts? I they were an expense eg, Pe or Cnision than in tat eae Respondent No. wh i tax payer in Pakistan would te able to athe applicable axes (1) Whether the cash Dons of the HME suppet the payments of gis Respondent No 1. (©) Whats the rettned exmings account balances suport the payments of gis to Respondent No. Land ar in compliance with dhe loan covenants entered into wih th lenders of BME, in particu, SIDE. & The pater and te manner in which these remitances were made by between 2010 tll May 2017 by Respondent No, 7 to Respondent No.1, prims fie cannot be characterize a git from sont ater. They keep coming at regul intra, at times on & monty bai, asi hey were a egularsouve of income, witout which, Respondent No, L would note able o masini bis velibood Respondent No 1 onthe other hand, recipient ofthese ostensible gis, great him "to fee hm frm any financial contains, given his fll time invovement in politics, uilzes these hey semitanes in making equally hey gs t his laughter ie, Respondent No. 6 who goes on t acquire huge land Hollings to “equitably strengthen he financial position”, (PPR BSSa During the six years 2010 1 2015, 23 remittances, agrepaing to US $ 8913,301 nilion were made The eanoal anos of remitanees bore no eorelation withthe ofits of HME in hat yeu. For example the Net Profit fo he Year 2010 was US 588,589 but the rmitance for that year was US § 1,718,500, Sinlaiy US 2.061416 were semited in the yea 2015 in whish HME incured «los of US 176.38. & On the basis the Alda Aust Buceu's Statement produoed by Respondent No 7 and the disclosure of Remittances Received inthe Tax Retums and the ens inthe bunk tatements of Respondent No, 1, it wansires tat almost 8% ofthe tla net profit made, daring the sk year fiom 2010 t 2015, by HME was rane to Respondent No, I Leaving just 12% rensining profits for the purported ale owner ic, Respondent No 7, based inthe KSA to maintain and suport his Muen ifestyle ‘and that of his immediate family. The sheer quastum of the profs going to Respondeat No.1 in atl effet sake bin the sgiicnt bestia owzerof the busines, ostensibly ovned by bis son ~ Response 7, praceally redo to the status of his Benamider a An Ane. | (OVAND 214) PSP, ead of 17 (AMER AZIZ) Ze. fe ccna, iayancey | aN see]ott QUESTION How did Hill Metals Establishment come into e: Where did the working capital come from? rence? 1. Hill Metals Establishment (HME) came into existence from funding from the following sources: a. Sponsor funding (HNS) . b. Short term funding from friends and business associates. c. Saudi Industrial Development Fund (SIDF), a KSA Government 7 Development Financial institution in Saudi Arabia. d. National Commercial Bank, Saudi Arabia, the largest commercial bank in the region. e, Other Commercial Banks in Saudi Arabia. 2. The funds provided by the Sponsor were sourced from the sale proceeds of Al-Azizia Steel Company Limited (ASCO). ASCO was sold in 2005 by way of Agreement on 20" March 2005 between [ASCO and the ALTuwarqi Group Of Companies, KSA. {Agreement Annexed) 3, The total amount of Sale proceeds were SR 63.100 million equivalent to USD 16.827 million. Pay orders in favor of ASCO are listed below and attached as Annexed.33 Saudi Hollandi Bank Pay order no. Date Amount (SR) leis 000018625 14.3.2005 21.235 000018630 14.3.2005 21.235 000018717 22.3.2005 20.630 63.100 Million |. |. The SIDF sanctioned a Project Loan of SR 149.4 million(USD 39 m) for HME as evidenced by the Loan Agreements Annexed. This loan was used for project funding, . Working Capital Loans of HME were sanctioned by the following Banks in Saudi Arabia. Bank Amount Al Rajhi Bank R35 million Dos Bank Muscat SR40 Million 2213 National Commercial Bank SR 102 Million 21 18) zoos ‘These loans were used for Working Capital Financia? ——Ase? | | SALE AND PURCHASE AGREEMENT | TRimrwwn anew sea iz! lg ty: een ion ange q ‘Tig Lat Homo tic hes) ‘a arteogegieti Re “Bresnabons. TOLL Brrwemt rein Ne i cs Piarenaatt wa » Ml ki rey » : Sabato “Sema” Al Aton Stel Company Listed, (ihe Selle) pete gompanytmiedby. aloo Sa i ean is I Seah 2031 eller isthe sce legal and beneficial owner ofthe Properties and Assets. AND AL Tutefag Stee! Product Comptny Limite, (ihe Prchasr) «private company Tinie by eapital, part of tho ALTunaleg! Grovp-of Compenios, Invorpocatec ‘ner the awe of Saul Arala whdte Head Ofc is at PO. Box 2705, Damas. 31461 ‘wueweas: “ ‘Tho Selle as agreed to sel and ho Purchaser as agreed to paras the Asses snd Proportion the tes and abject tothe conditions set ct in this agreement (®) Words and expressions used in tis agftement shall ave th meaning st uti ‘Schedule unless the conc otherwise equites, T'S AGREED as follows: 10 M SALE AND PURCHASE Subjet to and in aeoordanse wit ths wgrsment the Sle shal sell an transfe, fan the Purchaser shall pucias, the Properties end Assets with effet from Closing on corms tet the sme covenants shall be deemed to be given by the Sele on Closing in elation ota Properee and Asset set otin Schedule a PRICE ‘Th total price forthe Properties and Assets shall be SAR 63,100,000 (STATS. ‘THREE MULLION UNE HUNDRED THOUSAND SAUDI EYAL), les ile sun of SAR 200,000 (TWENTY MILLION SIX HUNDRED THIRTY ‘THOU: F RIYALS) representing th int Tranche drawn down und: theLoan Agreement. ‘The Purchaser shal, immediately upon signing this conc, deposit inthe view of payment SAR 42,479000 (FORTY TWO MILLION FOUR HUNDRED SEVENTY THOUSAND SAUDI RIVALS) by tvo extifed chaque of equal sonst tbe Eat Ag. Wiis one wa hse of he pte tgeomert, fuithet-oeer cheqe(e) for the amoutto30 3 3 et 3 a. 2 3. 4. 5. 36 ape ae i i 1 (TWENTY MILLION soc HUNDERD THIRTY. THOUSAND SAUDI RIVALS) stall be deposed with the Esorow Agent but sil oly becors ‘ayabe in the event ha the Loan Agretment isnot asignd tothe Purchase. ‘UNDERTAKINGS OF THE PARTIES The partion undertake to wba join pplication to the SIDF fo tho signmeat oft Loan Agreement to th Purchaser and it shal be the soe responsiblity of the Purchaser to follow up such application end comply with enwing fora, ‘Tha Seller shal, wherever necotery, provide reasonele assisnee to te Poreavar inthis gad. Inthe event she Loan Agreement ie excesefillystsiened tothe orcas, a to Seller and guarantors ae fly cleased ftom all obligations unr the Lom Agroomeny, then the ocow Agest call return, on Closing, te cota eque@) of SAR 20,636,00 (TWENTY MILLION SIX HUNDRED TART ‘THOUSAND SAUDIIVALS) in its posssion tothe Purchaser. Conequen, ‘ho Purchaser sll assure tho Ibis under the Loen Agreamett and ary “Hncumbrasces over the Assss and Propet in favour af the SIDP. Tithe vent thatthe Loun Agreement snot aignd for any reason whatoev; the Sellar sal then aks all esares ifs ere appropiate forth ost of the Proper and Asses flee fom all aaunbxances. Upon rcpt of evidews| tat he ites of mers eating othe Popes and Asses were transfered into the name ofthe Purebuser o is nomine, ltr of all Bxsunbanox, "scrow Ages sll then rem, on Cosng, to ie Salle, pajaea of Oe fi amount ofthe Purchase prise, ousting 1 SAR 6310000 DMGLLION ONE HUNDRED THOUSAND SAUDI 7 ‘The Selec and the Purchaser sal eolaborate i ll proostures nessury fr the transfor of the Asses and Propecia? ownership, and meet their respecte bigtions under this contract. “The Parse elie, hing bean ele te som by he Sele, ha reser approwal, pois ecidemens, Heese et, lng ta Tinie tbe aloeaion of poverby tb Saul est Company ed bul emissions fom the rlevat mania, pring to she Popes sl ‘sas vesed nthe Se. Howeve, th Pulse tl ia ssl den perce ie Axes nthe bse a linliey or esponsy of yn shal ise te Sle Sans ie te coosgunse of ny sito foe revatio ea ppv, poison nenets, eae ott the Prcar oy a ‘party thereoL 3) SUNT “Al vehicles belonging tothe Seller sul ot form part ofthis agreement and shal ‘enn toremaln he propery oft Seer ater Ching = “Th partes shall provide each other within weak of the signing of ke preset apeanan oh eraalon pened unmaisousy by Heke arhalaes wpprevirg the terms and conditions contained herein. 1 gga. : ( " €37 ke. Biro 20% te bberg g) ‘4, Gospic’ a Z se fiber sh mei of ese Seance ae da malta cts te dee} Prone ese sheeted 33H. ne fe 42 At Blosi jit tnpeovand Asi Sond eae mu So waRRvrins ano byminanrs Sgerieesi ane ie | ‘ai agemat, ‘ea Fn eB Sia Reta n . ae ctu ciate ESSct 20 oa 92. 93 200 38 cat ign D “Tnaitatder (OPS est fa en a hy rNsuRaNce Riammateaicier sees) TIRE Yoy RE “The Selle shal, continu in fose ead comply wit al any policies of inauraaoe in respect of te Compeay"s business and sets ntl (end ncn) the Closing date ‘rte thereafer the Purchaser shall be reiponible fbr Insurance cover of the Propecia and Ase FORCE MAJRURE ‘For the purposs of thie Contrast, Yeree mjowre™ sll meen th patos sal ot be lable for delay In pesforming ot fr fe to perform tei cligaion the sity ot fur reals fom ay oft following: () Acts of God, (i) outbreak of fonifites, dot cul dsturbane, at of teresa i) the nto ny goveeameat or fathony(neading revocation of any lees or conse), () S, explosion, ‘Hood, fag ot be weather, (7) aly cause or eeumatane whatsoever beyond the Tenvonable coal of nak party. “Th Pates ust promi afb each ober of he occurence of one ofthe above sss or eves, [FURTHER ASSURANCES agrees to perform (or procure the pecformance of) al ther fsa hinga end exensta and daliver or procure th exeesion and delivery of) Sich further dosumets, 18 may be reguled by ln or a may be necesttry ot easonbly required 10 implement ond give effet to this agreement for the ‘parpoce of venting inthe Purchaser hail beef ofthe Propeie, Asta gts od benetite to be tratsfired to the Inter (aciuing the exenuton of ll dds find documents, prociiag the convening of all menngs, tho aiving ofall ‘necessary walvers and consets andthe pusiag of ll eslutions and otis exercising all powers nd rights avaiable oho) In the abscace of specie agroment ‘> the conray, each party hall be Fesponable for is own costs and expensas incurred in giving efont tothe provisions of clause 9.1 “Bxeopt as olbernise provided in tho agreement, each of the Seller aad the Prclaser shall be respeniblo for its cwa cox, charges and other enpnses orelsstlon efor regisratenfes) inated In esata witht ‘GeSerttice, pepaation, entering Into and completion of hs agreement ant the (tier Transastan Docu. NOTICES “Except ab othwite provided in ern provisions ofthe Agrosmlt © inthe Tac Suadl arabia any noice rood under hie Agreement is sofclen if & tee wating and tent by sans of communication ebabling the sender > tablish thatthe notce vas indeed dalveed to the rcplet ot the ae fodicated atthe beginning ofthe Agreement or at any otber adress wich the Teter ny communicte in nocordace wit this subsectionnett te wy td soy Socata iat (IO caren Simca Fs oe 4.0 CONFLICT WITH OTHER AGREEMENT 25 DEC ae (GQ % | In the event of aay conflict between this sgreement and any other | Tlathg the Proposed Tramusios Gachdng any Lael Ageemed), 28 SSS ‘grea! sal prov os nema he pes oi comet wes (9) Such other egrenmontexprstly sales tht i (or ay pet of it) overies this agocmeat in any respect and the Seller andthe Purchaser ee eer | tls pates to that oder agreement or otherwise expressly agree ia wing that uch ther agreement shall overide this agreement ata respect or oy Thecontary is cxprealy provided elatwheein bs agreement, 120. ENTIRE AGREEMENT 121 Thin agreement an the oller Taazation Docozents set ox th ante ogres | te understanding btn th pares i ripest of he sls and purchase oft ‘ropa andasoin This agrocmnt supersedes all prior agrozmens, ‘ndestandings or rangement, Ii agreed that: (9 No pany bas entered Into this agement or xy otter Transaction | Doctment in rlienoe upon, nr ball any party ve any cli or remedy in reopect of may efnement, representation, waranty, undertaking, sssurancs; collateral contactor other provision mado by or on bea of fany other pasy othe tan those expresly set out or refered to inthis agreement or eny other Trensuion Dou rd ©) Except sor any ibility which e pasty has under in respet of any beac | ‘ofthe agrnment or any of the elec Treasacion Documeus, 00 pars | Shall owe any éty of eae or have any lsbiity in to or ater to ay ‘lier party ‘respect of rising ou! of, or in any way relating to te Proposed Transaction i 122. This claae 12 shall sot ela any Hiabilty for, or remedy im reqpest ‘rodolentisepresectaton 130 WAIVERS, RIGHTS AND REMEDIES 15.1 Ne fllce oe dalay by the Pras in exorcsing any sight or emey provided by law or under or pias this agreement or any of he Treserion Doounenss ‘all jpair such right or remedy or operator be constued as walver ct ‘avetion of or prelude ds xarao at any subsequent ime and no single ce Dail exeeiae of any sh ight or rmedy sal prelude any futher exes cf FRorthe everise of any the es. 132 The rights and remedis of the Panis under or pursuant to this egrsment ant cxereaed ay ften as they consiges appropriete and arin addon to ther | —e ‘under or parnnt to the other Tranetion Documents ae oumltve, say bo ‘respective rights and remedies unde ger lw.a8 133 The rights end remedies of the Putebaser under tis agreement aall not t, aMlected, and the lables of the Seller under this agreemeat shall not ba M1 142 Ma x 40 egg oer teats CERER Syssaby hon Bain Lager £2 tanramer tonne) Ssh ay : ‘released, discharge or impaired, by () Closing, (i) any investigation ade ints the airs of the Seller or any knowindge bed or gined of any sul airs by ‘or on bebaf of the Purchaser (eeep, in repest ofthe Warrates oy) Gi) sabjectto compliance withthe notice requirements inthe expiry of ey a pared pressed by law in relation to a Clan, ox (iv) any event ot mate ‘woes, other than a specific and duly authorised written walver or ease by ‘Purch, GENERAL, ‘Notwithtaning Closing: (0) Bact provslon ofthis agreement end the ote Transaction Dosumens nx porfired ator before Closing ut which aains eapebla of perfomance, (©The Warretog and (© AD covenants, indempies end oler undertakings and assures Contin in or entered into purwst to tis agreamest or to othe ‘Tramaction Documents, Salon in ful fre and eet and (ect shes expressly provided. ‘his agrement may bo exzcted in any uskrof pes ud bythe pares tot com seperate costar each of which san evga but all of which tea {ope sal onsiare oo and he sae asiomer [No amendment, vatiton or waver of his agreement (or of any ofthe oth: ‘rarsaction Doeument) sal be vlid unless in waiting and daly ececated ty cron behalf of all of te pris fot, Ths exrcesion variation sill neds xy ‘ataton, supplement, delstion or replecemeat howsoever effeted, Unies capesly agreed, no yaaton shall eoastinte a general waiver of ny povsea ofthe ngreoment oral t affect ary sigs, cblgtins or labilies under o= pvt thi agrenrnent which ave ares narud upto tho dts of vrition ‘od the ight aad obligations under or pusuat to this epreement sll remain fil force and effect, except and only to the exe ta they are specifically varied. Enc of he provisions ofthis sgroumeat and the otha Tranecton Dosunents it fSeveala, If aay such provision ie Seld tobe or bacomes ileal invalid ce ‘woenfreeble in any easpect under te ew of my dition, (9 Soe as itis illegal, invalid or unenforcebl, i shal be given uo eff. tnd shal be deemed a0 be included ia ths agreomsnt or the reeves “Travacion Document bat tall not fet onal tho legality, vali ‘of eaforesiliy in that jurisdiction of aay other provisions of this agreement of the relovan: ranscton Document (or of the provisions of this agreement of thet other Tramscion Document In any ote jartdition), and Ye ee" | | |aL Ve CP ae oe a a ial as er Ws \ ‘Be ear emotes . Poh Surin or} 5 URE “Te panies stall uso ll egntleeodesvors to repae it witha wl and Enfreabc subst provision or provision sation to an) feleaut compet uty but diftring om te replaced provision at lide es posi and te efi of wiih i as los oh inetd ee ‘ofthe ilege iva or uneafrenha provision. 150 INTERPRETATION 151. Words and expressions used in this urement shal have th means stout in ‘Schedule unles the contest rogues others 152 The Schedules comprise sahedules so ths agrenmoat axd Zorn part of this agresnast 160 GOVERNING LAW, JURISDICTION AND SERVICE OF PROCESS 16.1 This agreement and tho ralatinship between the partis shal be govered by, and interpreted in aceordanee with the avs of Saudi Arabia. 162 Bach of the partes agrees thatthe Bond of Grievances in Saudi Aria i, subject ‘0 chuse 1633 t0 fave exclusive [uristioton to seleeny disputes (aeluding - hms for sei-off and counterlns) which may aise in connection wih the ‘retin, validly, effec, iteration or performance of, or the Ingel ‘lationships evtablished by, the agreemeat or otherwise ersing in connection ‘vith ths agreement, and for such purposes ievoeslyexbnt to the jredction ofthe Board of Grievances 163 The Seller frevocsly vnives] any cbestions to the jurisition of any cout ‘fired tin this las. 16:4 Tho Sller irrevocably ages tata judgment or order of any cout referred to in ‘his clus in connection with this agreement in conclsive and binding on it and suay be enforced agains iin th cours of any oterurisditon. 165 The Sele icevoesbly consents to service of proces or any ater dosueats in ‘onneston wih proceedings in any cout by fuse transmissos, person ervoe,dalvery st any addres apeced in thin agreament or aay cter usual ‘addes, mail o in any other mane pected bythe lw of the place of service fl ‘rhe lew of the relation bre proeedings a nto [AS WITNESS tis agreement ia bon signed on bel ofthe parties th day aud year fiat ame sore tee sou y sommytfraaonal] wow, ~ GBetLa eee Comfy} oncnaseR) ee rate Se, fas | do. | BENE ReaudZage- Wins ' Ar Haag Saas Mein | Teemtntee Bg? 2268 Igcoatinten 71 YE% 1214 | Shtsee Searsat © 0 © © i a2 SCHEDULE 1 ‘SELLA WARRANTIES PART A: GeneraCommereat "Toe SELLER, THE PROPERTIRS AND ASSETS Authorlsations, val obligations, ing and consents “The Saler has obtained all corporate ethoitions and (ther tha to th enteat relevant tothe Condition) alate applicable govenmenzal, story, reglatoy oF other consent, licences, auhorstoes, waivers or exemptions reqUled Ta ‘empower io enter into and peor ts oligation under il fgremeat ty ‘lhe Transaction Documact o which isa pry. ‘This agreement andthe Transaction Documents which are to be entered into by the Selor wi, when exceted,conatite valid i binding obligations ofthe Seller, Ent into and pevomance byt Salle ofthis greet sdr sy Tanecton Documents o which tia pry wil ot vou cout wie provisions et 4s memorandum and arte ofeszciion,crtifiate of incorpo, bls, ox equvale:consttonal doce in each revs juin fn any ay ‘at wold erly avec eet iyo eter Ino oper chiigations under this agreement anor any Trackin Doct to whi i 8 pac Subject to fuliment of the Conitins, star etry ito this agreement nor ent Ino, an implementation of the PropowdTeasactin wil: (esl in voltion or breach of any eppliable laws or regulon in any ‘love jursition; (GAmoun to a violation or defi with respect to any statute, regulator, ‘order, dooes or jagment of any cout or aay ovement o epson? seuthorty in any jurisdiction. ‘Detall ofthe Sele ‘Th Se i vali noo xine nd lyre atthe lve a jutdoon ef orpraton Inte ne oft Sle, a il power Satta ess ected ones ‘x nay ond ‘Sry tema aon Lege ie sa a Hoste eka sue fon@ o o @ / Vo. Iie avetnfaner ats La 43 © ‘Real Estas GaNaeA, {@) The Properties comprise all the Innd and buildings owned, leased, and ete ns et Eon (©) The infomation in eapet of the Properties set our in Schedule 480g comple nad seatas. -Posstssrox an occuraTioN ‘The Seller isin possesion of all the Propatio, end no other persons ino: ‘ctu or confinaly entitled to posession, cczupation, use ot contol of ay ofthe Properties exept the mortgAgspledge of Saudi Tadustial Daveopmor: ond (SIDE) over the Properties and Asses of te company under is Lot ‘Agreement ted 22 March 2004 withthe Sele. ome Th Sl pl mate io pwc ie, whe regu, ben pececed by rgttion or oer dgenet-a he apropris abl rei wits bes quit fit aval, All origina deeds und docarens nasser ts prov ite aren the pnsion oP ‘Saul Trust Development Fund asd wil be banded over on Casing, unless ‘he Lown Agreemest taken over bythe Purchase, ‘There Is np Easumbrance In or over or aetng ay ofthe Propertis or Asses ctr than the merigage and notes ld by the Suudi Industria! Devlopmen: ‘Fan whic sal be dlchurged or susie on or before Closing ‘he Salaried nicl om of dvi sss hatch fe red nara sfc ae, ite sat egipm ets Poper coon seb ae feted ay esis wEhsdcgee Jet Santa3044 © 2, ‘BUSINESS ASSETS 21 Omerstip “The Propet, Aso Plant aod Machinery) to which the provisions of Parts B of tis Schedule end Schedule 5 respectively shal apply is the absolute propery ofthe Selle tnd is es fom all acunbranoe ad ey oka right exercisable by tied pats), | 122 Ronesion and chi party felis [All ofthe aes ofthe busineses carted on bythe Solar ere in the porsasion or und ‘the contol of the Sellen, and thre ae no ekounstances whiah might result i the expropriation of any mich nets by any Goveramenta ti. 23° Conlidon All he plat, machinery, end equpmeat used by the Seller are fn x good sao of repair and are not absnete, '3, LITIGATION AND INVESTIGATIONS ‘The Seller is not claimant oF defendant in or otherwise party to any Stinson, ‘abivation or anisisttive proseding which ae in progrest or Uzetaned or peng by oregint or concerning It oF ey ofthe Asst of tho Salle, ‘Seana 09s egy ot 60 ad Nlacrefisrstaer, hse45, © SCHEDULE 2 ‘PURCHASER WARRANTIES “The Porchse io validly incorporated, i existence an duly rgitered under te Ls ts jraditon ard hus Bll power to conduc is businesses conducted athe date ‘The Pacchaser hes cbtine ll oxporteauthorston and (other han to te extent ‘elevent tothe Condition) all fber applicable governmental stttoy, rexultry of ‘Ghor consents, eens, mibrstion, waivers o& exemptions required to empower to enter ito. and perform ite obligations under tis agreement end any oer ‘Transaction Docanient to which itis (ris proposes to be) ape. oy cro gt ey icone re tenanngiag Nt ‘eh i = a te46 ® SCHEDULES CLOSING ARRANGEMENTS (Closing Obigatons 10 Joint Obligations ‘Tho Pasties shall ake all necesery steps to obtain roglshe Petisins/eermissons from he relevant governmental autores, (0) Duy executed testers of tile into the ame ofthe Puce, and ©) Theta deeds ot out in Shout relating to he Propet 2.9 Purehasor Obigstions 2.1. ‘The Porcser in eooolance wih Clause 2 of thie Agresmane ensure tat fl ‘symant is pad othe Seller in ho bask acoant of Seller's hols. 22 Dativer or proeuo th heres delivered othe Sele (or made able to te Seller's satsfcton) a sopy of resolution af the board authorising tho exeeton of en he perfornance oft lations unde his agreement and each of he “rasatin Docurets to bo excaody 3.0 Seer Ob¥ations At closing the Seller sal ensure sooth banding over ofits properties and assets © the Purchaser, a fom “ii ite tod malin ese Gy aco « Ug Sea1 : SCHEDULE 4 rRorERTES Land ‘An area of 252500 square meters ts get out inthe atached crus inal by the partes. 1 ‘Balldigsand Structures actoy Shed = Steff Accommodation Supervisor Accommodation . Generator Room Welgh Bris & Control Room erGiem tte Ee tolncbet Gprent~ at inditotpe hart bai Me heande Smo dpa jg i lt 221235000 80 18 ey) 7 »> SIX HUNDRED THIRTY THOU: 220630000 .00 ee RIVALS. Z,St 5 C eA 7 C22 (ene Tu he Name of Altah The Morciful, The Beneficent LOAN AGREEMENT NO, 2131 : Onthis Pay og Gomespoading tote OY dao — it Fary Sault dustrial Development Fund, | Hussain Mohammad Niwas sharif fait Modern Industry "for "Metal sad fepiacaaast oreanzadoe, eabished | Batabllsheneat, tac Gusting under she avs mad cegunions of | ee roprietorship Establnhet& orgisize fe Kingdom of Sandi Arabia, barges | ese ‘he Laws and Regulations othe F-OBOX 4148, sath 1114, represented in| Adee i] Steg ion ee a ag i] baat a saat ‘et a ' ‘aud registered in the Commercia! ‘Registra f ‘Namd-of Siguacory: of Jeddah b No: (4930183714) | F ‘Mr; Hoiammed $, ALDobaib Date; 0105/1461, | || elite eatin | |e | : (MERA toned Nees I Paka any i {St Per Poseport Ne.:(8X512398)) ; ; osdow «Peleus Owner | A | econ fied ws“ THE FUND? Seles w hasiaer ws “TB RORROWER pst au Low, SM O00,08 Only Ninety Mion Suu Riya. Dreidewn Tension Date 29722811 ane ofthe Project: Modern Indesty fo Metal Wscblthanent Pores ote Projet: Stee Bilas Loumon oft Poy hanoraHedtral Chy-Sonch of oda eee p oeBSSUEIT cos Pe, isan | nana — 3,000.000 = 00000 2000 $000 00 i | 000000 | ao ~ 12.0400 a 000.033 oo COVENANTS; 1-Maxinuss Rent Suu: Anauat SE-5S00810 (Only Three Niiontve Hundred Thosend Ria, -Woricng Capital Ratio: Not les than i ¥ (Ove) 101 (One) Period: Throughout the lie ofthe loan. ‘3-Linilies to Tangle Net Worth Ra ‘3 (Three) to 1 (One) Period: Thrvgtont fot mera than: the ie of he loan, “¢Miexinvem Dividends: The Leer of 1)25% of palin Capita, oD) Ths total payne of osellnene during the. me eal ea ‘Maximum Copia Bxpenditne: Annual 58. 60668 (Only Si Mion Five Handed Thousand Riyals), Operation Date: Quarter 10H. (3° Quarter 200961) y Special Covenants» fl nt edn a ht raga nl «B Phe harronerwaditle Wo eatly with he stsodards of Saad Arabag Sten Qrmlenton (8400) and regurenens of the Prdeny oF Meroe et Exvirowneens HOE temve specs > The Become enfin tat dos beers de projet and eter elated sre be cer tnt etme enth ae a teSe ate a unneeded ng 2, Pert ayaa EIU re SIF wits ens om SEC ine of ‘ibe easter epee “ra at ie wre poe 8 eit be Kay ‘ull resources forthe projet innpleteentation, iu Por Cth lsburseman gat the impor sel ‘hm sue jt score, the Borrower shuld in rer the ste fasta © Teco 3 dabrcors spn he eae wd tl wet, acing“ scan ean ante Ga cot, ope of ward pense Ae sneton ofthe SUD. SE ia 0% fhe en th Brrr 1 ploy ‘sapeceuesd Production section of te SID katy quaifed and: Misomce Mngt aud Marg © amber etn Ft SIDE es wth ist ead fr speidetions t 7. Bhior t aibursoment of te fe 20% ofthe ta SIDE indetrial safety roglvmcate na cvineuse stare amy wt 9 fon i aadards othe matcton 5 fie orem! ofthe al 0% of Lona the parses rte lake a Iefemory ove he Uarovers as Auris and prepare Reheekage eee ang ‘si pe deerptin, ser muta nod erga be tay ance ns nena | Borvowar andthe Fuad Cedi esetant f sould reese peor sb!lose LBs) hs teredctn of th agreement wl considera an atepral part NOWIT1S HENEDY AGREED a fier - (vet eons an npearaninon a a mi ino tages nt tt in wy SS ear sw ny ay oe a 0) Bela eS emanated ., _Drtvwn Termination Date sttod un page 1) Soth dees inclusive ca co SERS a eee neg ee @) Skee tae tsnpe cenacsmamstion 8) Sen ee naetisie cbr ‘ein ttltnmt eg hess em canes Sas g, Gavilan cere Gg eee OS SA pega omelet niente wel tint lr tt uso et tp re St oe a SSRIS Rabun aetna asl aie Coa §. AGREEMENT {lpia aujet othe ferns and comin fie AgremantteFa agree oe he Boone ages to boron. a agape pcp aout of pe br oot exoeling ‘evinu Lonn etd co page. Tee me elgaton on he Pun pat ose the ‘mou fd oo ues to tems conc ego souvent ve been compliad a "i hi egress the ie a 0 aya the a btm wi ie Lorre dle Fd» eld coon ts tnepte neableSae Tordde He Ing etn! sch seated ste “i Came. DRAWDOWN (0 Diabavnet vil nue on ee ew conga Be Bowe fe Ao, erst ond pin wns Wi Fos dbo pla! Find dlls ete at he cos ed by te Dror ar sali. (The overuse cs ae of ean mst ne doi ioe ean oa oe ed ojo oh din ws Doom pr ies eb tre ese elven he me! sa he oped eine © Bc ingle a te Fu cai be ie a trey ye Bao er fin Fano he oa ur he vn coer nb tay gon th ene Da a ng uc Noon # ela ned te Inn Hote Uae be Drews Terautn Do eh (later Note al ve seeded a ne Sie ofthe Fans cence ais sue sd lon he Banc a fv De Pu of sce oF Nees te Bal Noe") ‘tion rn he Fos proses vhs ggg nce ie estat he agen ‘Roe von st oe sare Ira, sed fh amv of Pal Notes Blog acne ad wits amin soneapoug pesca ef epee ataliment ca nats teased wer Cause 4 low SS = bwSree oT pa cal iy Nee fi Pout ‘sfeabing he poet usiean deer tc Fundacion ee hs 3. pa.vamits a one "ti benaden unadey ae fans ani in legal mowey’ cf Soult Arabin witha any deduction, ag Chae oe (Clause 8. CONDITIONS PRECEDENT ‘Te obligation oft Fn oak te Lon a ila ound i ajc the ous reset tot the Fund ohall have recived alo the low i ome oe wa a ae oy Sater ce wey Benet | see ene Seg aiaee anatase remeron, J Soaks Ihe foe and sues (1H At toe cE cokiaig th eg detuned Cee 31 above(1 Soc ther inert and document ck unt the Precis he Fund wayne (ID Ate ie oF xing ubegset dures reqpess “Th Borrower hl epresent,warantend are fan wit th and tat» + (A) Tepes and waa oun Clace lo ae ue nd ocr ng Sat roa cari ime asf ade hr de ed aera 1 it et a Aer wa of a pei Clas ow eve ik th iia Si oor ther cence nal consis shee vate cy eel i omtining ce weld a on edn then poproce iste ‘1 Te Basse al yun ot Fond wh such even he ea de sity of praet pendions ks fo sot th vga acting era .V) A require of hs sel condos mennea in be promable sil ea tthe specif Ju ited fa sh eto, (tus 9. REPRESENTATIONS, WARRANTIES AND AGREEMENTS ! Tee Borove: eyrpresens and wana nd ars ithe Rad loge” ~ (0 Te rs cated nd egw eto one iota ie Boeri se a poner fr, arn a uns ete mann a 5 heme ean sats ose ge wee fe prima ot tie mon, te Ord aca he eo eae Stet cece oa ay lw tne Sign Se Set tre nts nscale 21pm Pet ae hp oes eat ower sgh he Pre Deporte psec fens ona eae Senet (9/Te in, ry ad paae fisApec Cer ta orgs Dye Saranac sha ap sean ne Sterner Re or ea a te cae in tgs ee. at cee fic, orn a Sg ce wpe a Stn, wot ihe fcr ole Se ce as ‘inte wens ue pet creo fming w e onge ae et ep A 3 fat ceing he Dorover adept inte Fenda ‘ancl in Bers sae ay ee ane ring mn enpske ‘En ot ol node Fon mae ihe fans aut pinta uf Tag asia Stags my pe as ty ay ‘otal etl aba aos Aggy AKA ig SAMOA tab Eon in ce os sh ot Ser ple we ier te Sa Arbien Ly ou gale, i Dy a(Cauie 10. covENANTS $e lings the Lou al rene cut ccoan he BATONE ovens and epes th Si ‘cosa rata ‘elcid te Brower and st ‘ment of he epiei ‘aay ret mete (20 Acces te Book a agpesion on The Bocowse stall execs fun lesen Merigages [i Berner st ayant a Keep fei enone See by opel at Fk (win an Sefer of tee wont fe the de hee hans aah tal ene Se ‘eee om th a ch fat sa eet dag bye Fd 0 fae Sri daca cca a aN vo resort an scsoent, and 2p ite a ad rors Hea as cop fund execs ea apodeme din a ce nc Se hd ay cher prope ore fe Phen = Iemgtrs ove he property comp in ty, ‘Morgige Net irom tie ttn argued yah fond Melanin ot pean Couple wt ae mera Reisen sae! ret ciate Pc a lS nd mali en equ in een Pj snc ‘Agoenct be Order Nos sth stv contig wth th Pj) 0 ‘ond, cesees and deste of ey ein laon oe man {iition over te Baro ois ropes erasers (S)Lgutons The Dasower sal fem ti the Food a {ty intred fey gation ica or dat rete OTs rab {ie Borel ud crys wy an lashes nd gover Shue ar vi slo ote pc aid imposed spon ert pone a ‘ort the dary ich pmes woul theres ring and thereer hes th Fun soveromeral wei, gener sur agGi (7 iasueace mer ‘The Borrower shail cake oot aud pie nin tc ene i ean falc anna oot me pa as a a SS eu aussty ecy i PaTheatreig see cea io et. er Redden ym tata ae eee iow hots hte ute a ST er SSAct imac sepa rp psa tpt ante Fein ite ig tee ae aa Revie ‘Tie Bowowes sl oct cer cbligias in repece of les ov sent equi, ‘apes dui ay ail yes te Borer ngropaing to ore oan = Masinnm Rental Som anit es thease SEE a (910. eben "The Bonover stall ot (her tan «spo a he Mecge Deed and net tevin geen te Fd at ro rae yn hrs 1, BE her costes on ay oft prey rene a nea owned orhenaer spi o (10) Mexger “The Baronet sali not uns exbrwite const so by sho Fd (e) memes: zal wit elt eny person or eatpontin 0) el ee ani lense | igre of wens ya single asta ox by mnber of tanertony Wether ‘nope oe conoid th whos or soe prt of eject orfenespt ine nia soar of cig) dant, whee ow ome ee hava seasied ee). jee or astume ao aula ol af east ner abies of ey pts St capo, (Sasa Chsagee tthe Boowwer stall aot mai any usta ang inthe Project ns deste ia the, taj Dassen where wren oon of he Fad aa (12) Worttng Capes ~ ~ ‘Tie ower shal tal iar suet of someon of the Propet sao Cent nc of te Breve Care Late Baronrof tot ha te Woking Cpl Rat sede he boon. is Pape en Auer tr sal Seb tee ih gv sp scout ii pris one Theol ppl veysment ny cli r rowed moe omg A, ith (vee ene the di en he esate hoa be mae Gas 5 Sti i } 72 Yens nie Tonge Mex Bae < The Boron sl al ste enna of he em peo ot etna mua to To Laer Bono age Waonee ‘he Borower of ns saat than Leverage Rai sale on the in luction, Fo thie iret sheet antler PO cs Tale bat ape run ler canuteny eine BSE rouge arse ant pe cnet re es eel So aoe a 7 “Tangible Net Worth” ‘shall be nein fea et ae ae ee sini iin ae SS RIEL ene go geo $n af cate ea ass {nite cen so pee es fog a cae eh i lat 1 teow er we ich te See LS AP he ited sentence Wie etl ha ous and ening oe CB) Pre ot myo Clase one Fal Crt Now of \Gadbsnd Oe tet tt he sepognt moat fe such payment, ceotons i lost ay Herc yew of he Borumes Woe ee eels the aapegsic of (I) the Meshoun Dear (cated {Bcincion) of i psa capial ofthe Brewer aot Helos YE nd 2) 8 eau ealw any propo made Se ee : eleva Year vier Chis Sboves 15} Capi Espaadore - f ‘Te cpu expendres os he Boner is Rot geri! opeton of he Pct somtaees Ua ae Expense on the en Ym fe the year whch eed the Masan Capi: (6) Managers ‘The Bowe wl ara ines rnin mene evel eet othe Fen, . Wemmestety a rotaiy een eagle of Barone pas RAS SE AM ae ot ‘lanve 11, EVENTS OF DEFAGLY ‘constinting the Bocowe lb ste Getting fy of isp ee rh (5 FSi, elas emi, fe wing a 1 Def ye Boros he yen nes eof ppm pe fa | yy eee eo arate et© ty be Bares a rena ‘erin ot Order Note (Pe ry Sr Seth ot nay senor Fema a (Sodrate ite merci rad ©) eso ver ay aoa Oe Ne ne Oe No 9 ee Eon yen yee Men mt Agent orto documents sales rary (9) Ay nde mouey which be eromed ered ph ona ay tela tre se bedones da nd pay rs ates lod ead rayutlo porto tee eh inde ped ‘0 spleable pace pariod Meet dear pect as & ont te pct, sostve, idee ter tip) em ee eng its iby py aaanee, REE ae ae for th benef erates tte seated bak oc set os Eee pe ote guard of the a pe inn petod of 3. (6) Tele sa be {or oneal open of Poets ‘er ames hr te Operon De shone she iin Ta fhm edie ciguono bg Fn ine ces Pole Ne ee Sono sein fe wars ore hcg eon er Steed Sig aeeeteN tn nd cen ah eal ‘ot orate incarnate ae a Gane onl ay spur oe sons enter at ache hae by the Bene, ‘tose 2. FURISDICTION AND APPLICABLE LAW Page ea of ry prvi dram R28 desk Within perspepe Presa comin iinweopattn, dee a ES BA cna expec in emeton i the preperten, ‘. Iti ice a ve ir Anat he en rage Inelodig with tna ea Rn Deed | sage Deda the alte aoe 5 Ws athe Fond ay asta oss (7110 th event of conic betosoa te nti son Eos esos of hs Agroica he ies Nets or the Mortage Note ie aie ‘epee sow sll inal ase eval bu the Eas ‘ertion shale used ast io y fn83 aun, (Pevjeet Deseipton) Hill Modern industry for Metals Establishment, Zecca en SBI & tow fon profs Sul Ble wd amma pany Gi sug gOS ede chad eases sOASN sae iy ah ida ove by Title Dee No. 70% fad osha Ti ested cos ofthe geet ESSE FINANCEABLE PRowecr cost Saat Lad Sanson <— Bute & ct wor, 28000000 tose Perenton “00.00. Machinery 8 Ease, 104355000, Veh “4307000 Ofce Funture & quent json notre att = ay SR ProOpecig egenses ‘saga00. Coningensae| 4431000 TOTAL FINANCEABLE PRovecT cosr ‘0.0;000 NONFINANCEASLE cost SF Ao ‘700000 + TOTAL PROJECT cost ‘ea7oq000. * Sources of Finance . + SD= Te Loan e,0n0,600 Pid in Cbptat “ma.900,000 ° * Commer Loans 46700000. + ‘Total Sources 13700900 Z f lune SS Sov oe fnSignuory. Mr. Mohauined 5. ALDobalb Posiion * Diredéar General SIDE me ; Sigur: My frtusaks Mokena Newbies Pelion Projects Grase10 65 4 Ne Sie ER 57. (4 Tae. fan x ob sages re ~ ‘ CR Dea AED EEe “ey ‘SAUDI INDUSTRIAL DEVELOPMENT FUND (mn) Bee) Sy Reel Hip EAS sane te ct Eaten ihr = RSet ma cna 2 ii Sais ee AT pant ht i a ie (20) (obi. suspscr nous atan ay taki? Yancey es nao a2 tua ola *— Wesee past tim yo tenga aa vere am Regeln ohm yr ot enon NY gh sta Bea Oras Se asa a ipa gioh ls Sai ema rent evo ga dca ae Spi Pte ete hy Oe “ad osha ae Soro Hota Na hat et Boone at Pet :H Maden iy tr Melo, tal ya 2 el, jk ERSTE etc andaowens one sas ga wy tt ate ETE Butdnga Outs Les Prenton acne 6 uma inde a acne 8a [te ett cot ——— [ett Str Tem laen Sonar Lae ot ewe oS ro a.os ( 8 WLM Exh, ea ‘ope aa ! aie Co ata csr Ta ma Tae 7 | aaa = [aa 2 | Seed war EaiaaigaT |S} — a >See aa al i [ae a Sa Trea 1 Oa a a Fr farce 7 L-H Tt ae rise tt see ib feat eens eH He Set ee suaea ae — is ns Sr Sia Hse oe ett eae mais —a tear St te Ta te ane eee 4 thes a fr ta sete aN TEL ‘Sul Abia —[~T z Seatac At ta Sua Asa ieee eee eee 3 ices eee ae see eet =ece pisoeacas ea ‘se ieee eee [re rated Ger eat te IT eae — ett67 () SESE Fines eas nl Wao a Wan as ua ees oF ad Pgs Fi Eg #]e|e] © (3 Feit Ter Fett Toe CT Sen Pa een Ve [seta ‘Of Burier Faxes = a ings Fa ‘See ss68 aes Peet i eerste ans 2a rt Seema Het a “fal en of apne baton Barve Say um Sn EDD At tga sc th Find ad Funds su stl to mg dats eased nfl 1 AP sn Agen tn ii A A yf Cando ceuan wt txnin be ome ant nti yn ya ‘utorrent 2) Ama rg Movgng Yo ete oe esl Una 5 Ya on 8 Ga (Y ‘op ad stad ide ne na En ag 2) Maran merge opm reo aa AGE JY Nea LYN (Y Peony of Hr Panta Nawoe Stato Ae Joe ojo Sy 3 5 hen gl Fre ad moms 8000 mae Ran ce) hor J Oyo» Sl ly Bae St Etatay Jean (le Sond Na 180 asad yb dm) (eV TV/NPY gadiy Var ep te Saaz) ogee TORRADIE UNA. Gua Sau ope AVERYS (sperm aeg ra i Bod 0663 = —- 6 SAUDIMEOUSTRALDEVEMRWERTND =” RADDA “ ta dng utr of Fue an a a ae LY. la, sara tartare saxon De i dt vet “EE Rater ga ry ant 2 Maan of ed ttn we eth han th ¥ hd fina tan $4 ry ts reo A 3 Se + Bprruspaestmmrs chin ue tetas aera ere eis lat sg Sebnisea homme ep eee 4 He four rin 8 ena oo a fe oe adem Cal Spent R 8 illo ar arte shad Ma ara ie eu PRD NE 8. Pro emus tied anlar wy 5h 4 ag a hy ya a(t tan 30 a atl ua : Ptr tances rot tn Gage WN HHP WE ad a oe LA a fom be end ooo ganar end suh ar Om ay Toe a2 Y te Da ge gah Sites a Fe oly any gl Cig) ce oe aoe See femme is Pat chy on Sed Uy st 7. tind ethane nts ecto 16,21 gi Gl pec ooo a wo ale aa Spey fan tan wm ast rarn ny ant ORY ch de ye ‘dt Fo pe a e088 8 See, Ea tt che any Fad il ee Bet tome ce nae ey ena Fatt aS aural cry o sectn Tot come S38 nbsaotth i {Per ft poey woud abe ss an Ba” SSacd Ua Ga ce Sy wpa fechin ‘at ‘ns ton 2" Cao ash "Our 2736)™m &) ‘SAUDI ROUSTRUL DEVELOPMENT FUND GR DEAD ° “ etna: eh [shal amin ae en even! of dataut the Jp gy gh ce inal aay gs ft te dsbunanert fhe 60% oe (8 a nad a foe al on (ee) “ay 1905 oa oles wa te cal Ml GH AN ads Ga my rioianes ota Rago, 2 aN Me sme ty deg 18d at Tee tg reas Se ase Md maa Sranuoaeeoed = it ts 2.805 2 ie he a in a Ca aan te 7 ln amen a ae < som cry 25 aa, Las gut cient eh dt lettin SEE Bs aglh 4. Tb tn wt enh 8 cd dy as a mors a og ae tego Saw ora Sst aS in be aga ‘ringer secussespase sa ee OH MSW gah dam el sens . : ate yh ce Hod clan yy oa sl Sy ee eto re . Sar ey a Sy it Shape ee ee Tip Suen sean a te ad to Ss 2 te pn be ote at Sg mah,‘SAUDI INDUSTRIAL DEYELOPHENT FU) ° otto ‘isla ieon pose er wd 18 40) taf aly Sa ‘indng ogenent elmer fe Berower ant fe ia) i yfBe se ‘Sau ntl Deena Fund Te on eg al le lj Cat ed wu ‘eyemort lb hss dowd nde ha eng an boca Icy idea yourmrut wh i op aly yt nse es Spy del Bb Seal vrisargmge ee re hae ma oo On eat Be Sy toh ay ao Secor loo eat rar pa) Say Sieh sya US ‘Department to prepare ie Losn Decuraris, es ee tk ou to gpa park yd a a gh UES oe bmp pec OA ee yi St a on [o> 2 a ne = - aon See va use Gras acts sua elm, ay aeons rd ey My yale Barower lasJn the Name of Alu ‘The Mersful, The Beneficent Ca he (i (ind ty Bbally LOAN AGREEMENT NO.Q131) Consolidated nthe = 12 dayet Soba 14338, erraapng the Ont doyet duly 2012C1, breceory ‘Smudl fadustriat Dovalopment Fund, laveaz Shari, sreuen indastry or meta ‘pe ana rit, eit peat ans aaa eat wae nit a A hv heat) Riunerespret tiie & geet ter te Lams and Reguatins af ie "ios in Ripndh, Kingdom of Saudi Arsbin| Kingdom of audi Arabia, x OX 4143, Riyadh 11149, represented i | Addrees: .Oox «(104006 ) this Lan Agratment byt ‘Jedaah 21331 and registered inthe Commetsal Registration Name of Signstars: of Jel, ‘No (4030153714) ‘Mr, AWA. AkAyed Date O70U714268, ‘Posi «Diresor General - SIDE Sponnored by: Me Hossain Mobammnel Nawaz Shari Pakitan Natlonaisy Passport NOUBXSIZS9B2) Residence pert No 2177796071) [rate {Meats Omer erst ele 995° THE YUN, notoratsohgiasen as“ pa a ac ote om: 490400 (Oty One Hunde Fae Mion Se 1& Four Hundred Thousand Saudi Riyals). love Tet ae 263, a Tet tread fr Neal Ease ane oe: Beilin So Rebar & Wi aie, = Sy aCe a _Farinpmnatoms oo ee) &1571071493 15/08/1434 _3].f.n> 6,000) 18/10/1434 w[s[20 5,000,000 18704/1495_ ly b=) _7;800,000. 39/10/1435 _ u[gho —7:600,000. 18/04/1436 «| >-|30\5 11,000,000: 4 as7ior1aze__»|7 [5 _ 11,000,000 fi 15/04/1437 _2<)i\iat 18,000,000. . Srnec qenoras7—_=\1E : i 1570071490101 16000,000 1" ss/10/1498 ‘(7/1 _17,000,000 | ~ 2 1570471499 = |r 7 13 19/10/1499 valchss 7,000, mo 1a 1370474440 inal 5 —Tisetersa10 fae at 2.400,005. arses1-Moximum Ret ‘SH 000,000 (Only Pour Min Sau Rye) Working Capital Rah: 1 One) (One) Povit, Throughout hele of thetono. ‘eLiabls to Tangible Ne ‘3 tbe) to 1 (Oe) Feri 4¢-xtoxinus Dividends The Lesser of 1) 25% of palin Capita ta Sun: Anna jo ss hans worth Rao: Not more than "Troughout helifeof the lan. ort) ett repaycn stents doing he sane Mtl ear :Maslavu Capital Expendt ture; Ane Sa 000,000 (Oaly Eight Milion Saud Riya) 6 Operation Dates 2 Quarter 163HT (2 Quarter 201367 ‘Toe borrower undertaks to subi Saito ‘Saud mata 2 The 2 The Marrower undertas Tietobe conducted ox govt tan (GASO), and regents ‘PeRonanent (PME) whaver apple lan a0 the ng and train of «aaah ementaion eel accept 19 SIDF> he sttdods of Sid Arabian Sta rr undertas t connly wi ea praideney of Meleobgy and or tua deigs tsb he prot ater Ee rent as.cont Any changes /ananinensi he anprvetemesuld ese ne IDE Meter dremel dl hag a iota dtuaenatt LEO i 1 SID tena ws th pea mance fy Retin LG. 2S Ede al vee ewe ain a er IDF goal oe ESD tobe ated wit extn pttog contra stun of BIE 4. The ‘Dorrovar to chp wih SID Andel. sey irene 1 estan iba STOP tsa brea fen 2% te on np lel a ere es Asoka ai ia, aerial wwonher and originy to be duly afgned’ by both tts Aaa afe w © « » © o pe or ‘i io ‘onto Clase ° ‘yn ant jet alanis fh ae the eae a usa are al tah ‘Mito amie on pas. Taegan at (1 Dhbuaeenr wi be sale fom eo ne ay th Hamer sal, reer ss 0 daw 3 agra go ene Pa a Wel Ren ay hi Spumating wt sn eg td : eee Sa chet Tay, ely Sue fy ya oe cae ete nto igang at oe et inn once be aeajr tgcam ieee Se as te pe ‘principal aioaat beninsed hese ant fore ssh Sac wos Mav Ne ona i i “ita ee ay op a aoe ee ea Oe Nena oie hens ane ‘Sette ent acs ean eat Sel seen ae ast babe oleae ake vrata pei an : (2) ohls eroret utncnist rt dst, wan canting fe gla fl pl oie ara ede Sain any ger al in tho lh pene. tad the hedlgs Deteln ono ft he pupase af eter coi wn shall wo Cte rn be 2. AGREESUNT : ob Fan high 1 rape om eee oni a ae erat odie nL i cl gy oe be se sr fils tho F's ued eso spt ho has i Ha of ck sexe on mot oe ei oe etme a lr pecan etn eo alee ne : Sg a iyi Po st ns a en Home ) a rn hl in a amon eg ne ing one ana ino te Fn os Tinon Dado a Su AE in to re No pen Sano emit Dok sn rc ue in tn ed ot isin Nl as Tr fief i tN aN sd lan en a onc va 6 hk emi Nat hs of Ft NO fc af a yg pany nese einen {Town become dusunder Clan boon mee(Clause REPAYDIEN The Barrowrer will eepay the mi c onion rete eta ge sith py nig ade se sen te Fal Nas aie arene tcganer man ae son a et oF the Loan cursus. pealaved by ye oF mR ‘hone 5. PREPAYMENT (PREMATURED PAYMENT’) xn ovre mt cpp ty oe eeu he ures wna ony : Sah {trun at cule iat pa al {on Cane 4 ave fut ne nouns (rd ue Deseo Pee sal sit ch nao sate no nes Ea Rep ‘Seed i of ch Into a Nt ty Rope an ny Na ots i a ee sl {EDIE te pps os al yo eda Nc hee pa ‘hus ENCOURAGING THE MIVATE SECTOR ‘The-Borroiver shuoll, during the cunstniction phase of tha project end- eat i eat pas ep of Ps an tone tng wi (1) fae ule cial pip er pre fl stants wheter ely fis core Wie pol ‘Spores St cana oy kar ole ecm he jet pial Oe ape so Sal Cano roe tush ecco ‘atta ie ae (oy ey al Su Cots Ass eve. ol ee tan sent (Classe 7. PAYMENTS, “All ppmets Ur oat by (he Dore sender sel ba adn fund and a gl ey of Saal Abia wot ay duct oF Wi ai ‘Office of te Fund or (i une Fund shall Groen time 19 tie 20 peri) Yo sia cee cipreedwh tea ctampwpc orf ee ad, ase 8. CONDITIONS PRECEDENT me cui oe on oN pond om mati re este! reco he Fol all ue sed a a i owing th Fm nd Sasa °F Corba pig is Agee Vadty 7 (A) Te sdf he Mortage Ni: by ted hy he Baer ice etn ple SNe © Sri Senenaicneesl any land concerned with the Project have bees ch chr fon 3 dean aig cl rm neg he Sauer wen tjeiantenadeyegee ae (iy tte tne of using sbsegen borer eee = ‘hs rover ll epee ware pe own withthe Fad l= (A) Teron sed wart tii alowed watt ssf tn al eke a a anmes e oy Ramses ent, emma ret of ah pst fC 1 do ov ish it gi ti af ing x thro oa sali co eel i : and fs coating or woald result frou dat ned to be mode; (cfs teen til prt tbe Pi wih eo Pal oO alstcyet peestereatines (09 Al eres of pl onion netbaed nh recite hal il {th ected ne oh eons aoe ‘Clams 9. REPRESENTATIONS, WARIANTIES AND AGREEMENTS, “The Borrower ashy reposts and warns to ani ses ee Fone fallin = (Teen esa nd pce sv nti aon i ein i aes ts tke cont ncaa ad ese tra omy psu lc em ey ss of tis Agron at he On Ns Je DORgEE Ne a a oy wld Sd Sigs of oe Batons a Rice en nnines wih nd pean uate Ora ee usin ands pses fe Ta Sl es ee) oF oo ‘pith cree mc et nia ca i ri, ar wt cn ess aes arrow sss wiht ving of nis as of tne oo. ign harnesses ea act stellate cei “oo peeseutly curtent or pening or vo the kxiowlodge ofthe es (9 A er ers aves yh hg ooh 0 cea ta oa ly ici rece emer anew ol near by to Sal Aras Money Agency SAMA} neading SAMA ive a= nay Sk A oc nn hn pri aed Shere oe Abia Law on Repos.‘Ciuse 10: COVENANTS: Sa on the Lan sil ern iy ay oer ni em he Boro crs odes at see a a eH (1) FaraisngFieunealSttemente ‘ch pari of ire mon othe dae here, joe mi Sime of tho apeaon of st meus debe by the Fu ‘elt from fo Fund such Cacor acl and oar inition wk ‘eri th fir aad Boal oon ft prfeat orth Baro ‘uy rm te ote gue (2) Acces to Baan Hapetion catia “The Bava sl esp poor ook wear and ae lu. FEI yn tt ne : Desh hor tine nt ie ee Le en a ee ts pans eee Al any or open rts a Prt (a) Suppeneatl Mortgae| ‘The Barower ll eset Fether morgage over te pipet comin Monge te om me oie eae by he Pum, @) Maiatenaaee of, Operntions, Cumptbaace with Laws ernie cam ee muon ahaa rt garmentare ieee igs aa Siatomigetomar = Her Ge aa ett ale a ea eae arian iae (Ligation: arom sl fost oly she Pod in wg nd tetir beo {Ey tea fey ty, ato adeno proceedings : (6) Tess -ozatat exon al py nl gyn al ean dil eee bua oe pot a ines poe os PORE tag i os tsRARE ' é 5 a (7) surance “he Boroner le ou wi ans ison nies wns eal Tinea teers in enieaose ‘ts ealinins sabes te Fd, Teles the Slicer lu te i ih se ‘owe and fs eae by th aed ih pes ir 9 prem ee sev rc ai ead Fd “apis. tne evel of ay toms of ony being eave nde ony ase WS 2 ae ee bch meal eagle te nig rntin terone ee e . lotic Sing coe ewes shall xt nce gains ia rope of leas eet Ba Meo le err eon ree Sunn Ses ted othe et (©) Over oblgaton “Too asronse sll a the ps ax providat 3 the More Oud aod ula ‘Tibewts women ot the Fu) cnt err aloha iene tyro cee lensed or te socotrese oh ayo Open. evento ass Maw ‘pints (11) Sabena Chane ‘the Bauer slot ane my tial hangs i the Preto desod i it ‘jen rpm wide wen coset of enc cating one mm enrmaee reports ater cement er ramp ales ieee scat ue a wey pac san -bredness for borrowed mowey besouning dae Tey uel yy onl ind yee rar ae wha bests me bw a saa Tepmpmentinenpestof th Lo); (14) Tot Laban o Tangible Net worth Rati es eer treeoean co comer ea at et eee~ 81 sen opine ‘arma gpan ge with penaly conning sips surety litittioy bur spac ‘nel fu ee ee ae inna tn tha elo eo (44) Divldends & othe ltipasans hide be dsl tg ing ts sei es he i tal at eli, py or om ay ie tor bts a sel ‘Marla cet he fay se = (4 ran vent of ea spd Hh Clase 1 bee ta a ym matteo pail Se te Eager Eebinceelatanes eee ‘neta weet Sst Oo (ota re a aon st Sota ar as te ee a ne 2 Sa a Po al Se a ene ie esta Steyn a Emaizanomdace (9a “The capital expenditures by the Havower a any-Snoweal i a i ici ene eto ee ae mies : (seg enone atinesininemrgcaspetamat retain ori ws Oo ame ia pct ei Ses der a a cme VENT OF FANE ; ge ae ee ain 9 a "a i i oy ee ‘he Yaron he ment on ao ty ello ee (0 Ra ear emt er "a GEWess iy ae; hs mes ee (2) Dota by We Houcowet fn te recformanse of susrornes of wy into 7 a ree oxo as ear ne mig teeonen te mince ae a ne ied wi # se 930 ale ad Seale thee psig st si ey eyo ome son bet rent enn el adr fawn So Ses hea ma hays yee oa eng oY a ten fn alge ec so eh elo land aan ne eA It i cau nny a ime tee rd atmo uae ci rts Wey Sr aor pl ce fa ace ac ager fh Pre sal ironic, (6 the Pris al tas tay i re edo it oho Opin Datesta 00 veins eve ok ma ems nina MA 1 cr tain Nee TEN fod an Nr os 8 OB al ‘se a a el et tal forth as a ero ead oe oman 2 ote rr laa cam ab sa ry iz wise el ofcnonie "sly ved te DATO. LELAW tess 12- JURISDICTION AND APPLICA sn apse, er Xs et MC tt a acai ar Se el ere eigen af Sand Ani The al tae Ores Md ce Orie Poh sega teh cect et ft concer eyo ep AN be deck by he Fue”. 113, MISCELLANEOUS cs reece Fc crm 2 il Sets (ne tar ee i ra ere re rh cased a at oy bent ater ees i ruc eo al so REREESA ecient mare soc en ae83 ‘ya psn pnp, whe sh guy at rhea ‘lie aha ean yee toponaeaeeee Cel a cae ee vest of eh nnn sul deve iisgeketoae Hay poe eye Hr a tm ao yi suictipnat cae Reeen eet cag bua 463) This Agrecracet shail be bindiny ypan-and shall exit thr Ihe benefit perigy= snl nosh te eng nna ‘Sip oboe ets ea (6) The Borower 10 py all cost aod expense Ia ecaneston. With : ss coi day arene oi ages On eh elie ‘nid wid xe the penne of be Monigage sd nd oso oo Fuel may esc roquo “ah (nied en ns a a ni ao ‘ue hss re Mat Nee oo esi le spl sg a asin ny ntpeaien‘The Darower inst expan of dr aang ryt prodae Sie lies, See Reb ‘Wire Hots wih anuel een 496000 tow, te fect eta pot of and mening ‘9 OSSD in ALK dest Cy oA onl hy Tike Deo No, (979) dat ‘ahsnaan, ‘Tvs ost o be poets a flo sBIANCEAOLEPRO.ECT COST nara scutes teen oem eaten Sera & Exome, Pre mang Cot Erect TOTAL PROVEGT COST ssvazso00 HOT FHANCEASLE COST tn add cansasson SDF Aral ‘wosnat0 [NET FINANCEABLE 416;800,000 Sourees of Fence 06 Tem ican sas “030 “pein cata «Soe exes “otal Soure EN OT Aa a TT Ta raPXPURATION.. “Whereas the Borrower and the Fund'arn patti ty (ie-es sate {aan of 8, 9,00, 090(Only Ninety Milo Saud Riyal to faance establish the Meech axp ; , Yaar the Borowar had rj sul the Fd. areed tient aad, $8 940400 (Only Fy Nae lon ur Hedre) Those Sed Rg dada ‘en he thr nig tae Seta ‘4200 (Only Ose tied Forty Mie Dillon 3 Your Handeed Thana ead Rial). ssp ‘Wheres the Bortoner lad repaid nx oun f SR, 000,000 (nly ise” say eng cig a Seen miter ersauneey ee (Gat One taal Fry Ive ion tear Treated tacead arene ax ‘Wr ie und ont ae fright sae tad yes fs Ln a ead age Agent ‘haradie the partes beri ign hi Conic Lonn Agremeniebeia at esos econ wl ths Conaiaed Tan Agree &EXUIBITS the ily of Riyadh she sum nt fete abe oe inSain eal ender, cuts doa pot or cbeeyes. ‘Styne ity of Ryoho 0 ty of > He comers ie sede ade a opm whey nla 2 Bo shat dt ee tt aint dante some lb na al ie i a Rp “ee gel HaeSigny? Mr, Aly AbAGed Pundon Dinsetor General SM? Sr Polen t Proje Owner~ 88 neo ielary — SA jozm ( ae Sirango: say. dono) wags ut 3a ie gal al pba a Se tg ee haw ia ae nee "Gadd KERB) | cyan | AL Achat eomnswaarst | eel tad (a (120) abyss | Yom Bion at wee 2 eganentinaes| ae | Seats | dace a eae | eae | wm onan | SE | ae a eas ina Ma et sansa | Meas . ‘wessidabrnitn | oon) . wae” |“ PN aE Lapua ensnsst aia ade | ne | RR | att | ae ay ta 9,000,000" o~ aE ee eal lese = set] sx | Sill | eogee | enuemnn | Gam | feaaet | AS ees Go siti | analytes | SET scat | pie tenet eateaist ‘yen cot | Slesnae | MLC | ete ioccs | varia | “mamas | oemtacen | dem eee Peseea | 3 | ecuanan| teas ours] nam crea SHEE cps] thea | ap nig aad Rigi] 0178/8) oS quia) abe | an acim exons | gS apenas | auth |g Sigal US| allio | Tene eles iedlorecata 4 inn eeQo. NcB FEY cto so ‘ . ech i a ecto Sr pugctemt soon decal. pa aka aaa oe iditator ames taal ge | rahe Plrcnegaes iene & Abaseasp ngs yin ET Ansaid ostinato 2 bt Rona gi na URE ip ésmcain nin. SESS pee oe Mya AION! gasp hoe AA apart g/m conn SRah st iyesclatneeg weet aetna mgt asia Fiske cael acute ie say Fraerder ene sceeh rete eA | hea igus ae ses ssimeaentanas30 ® . Ea ge eae rh, anata : | Spa ota lad ac AG 9 sh Ug Jaen Seo SS aa ee seca | SS eescate eS | a Seay ga J RY ae kK a A yy SA apie aaa eta es ena Sa Rea a ade ait angel sei ten euuenm daar ae ae | Sea eattars pe st nidecon sin lds cleaa yh ahal a eames inate eae ‘aid cnet Pere en att + wasnt oi sama So eee eee oy Soaeocaratatateae a ot Staonal XC gS yt yd J ha pn ld Lal yd (ei eetablony tian pyaatpinan oD aatense | agen 4 ‘ais aotaAb! Si laa ay ‘spas opm st sat92 &@ spon Yaa aaa gent ~ ibaa an emda [aor | Site atte hssbtny ce gag faa sina) 2a Ege ses aScrs 3 tan a sotetat Tatar da asa Hg Ja cn aa ta od a ES (Biel ogegacte Sad Ssaesc ald oeGe) ey a or Sects ” orth nt ‘pmo nn aoa io» sue was gS AN Ae a ty tap ad oS a | dtd ond ge ete BBQ tet lg Ja dal cg dy edd hg SR elhtaia iatan atatanearg eeue “Piece rata Pee i dt a ht gi uh al pe st oa Mae ee hry io Aspe nat tate Say sag Jl gn cn id a Sdeiettarsta solani aiiion 2| enya oda yl hah csectn tana detieee 3 Sad agdan Yaue tome ed eebe aind cynic anistaeterinny est SARACEN IT, ” ees ert trierdase Yl fad l g Lne | st vomits [20080900 Jae a aatimeseoonee eat lear gia ana La i : coat aca sae aia tad a at any AS 894 yu a 0s rane ed Dancearea oN Sinaia aay petit aa aga as ee eeu goi) Ae pee Og ed AL? 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