Articles of the year 2021

I have just seen a video of Professor Brian Brivati, the author of Icarus : The Life and Death of the Abraaj group. Indeed a gripping tale of the intricacies of international business dealings. Some aspects are indeed shocking especially the reference by Arab businessmen to the Pakistani, “He cannot be my partner. He brings me breakfast tea. How can I have a tea boy as my partner”, this is an extremely distasteful remark especially coming from Gulf Arabs who were notorious for diving for coins in Arabian ports and not pearls as they fondly “recollect.”

Arab and Indian and Pakistani businessmen do sit on white boards of WASP companies successfully and have grown well with their white partners. To bring colour into the equation for the downfall of Abraaj group is unfair and the motive is misdirected. The true reasons lie elsewhere. Arif Naqvi was doing well and his greatest achievement was to be accepted by Bill Gates and Warren Buffett as their partner in their charity. The downfall came with Zardari’s involvement with Naqvi into his wheeling and dealing. As we all know this connection with Zardari, Mr 10% is the kiss of death for an honest business group.

Gates and Buffett have years of successful business achievements with millions of followers and their ethics and morals are lauded and held aloft by millions of their followers. Naqvi may not have been partners of Buffett or Gates in their business deals but to be on their charity board is a good validation of his whiter than white reputation. He was not the brown tea boy but on Gates and Buffett boards. This was more than enough to make his credentials impeccable and acceptable in any society. When he was seen joining hands with Zardari, Buffett and Gates decided to dump him as they could not be seen consorting with a known criminal.

These two are the pillars of financial uprightness and they were forced to jettison Naqvi as he had been infected by the Zardari virus. That was the reason for his downfall, his association with Zardari. Naqvi could not resist the siren call of Zardari whose pathway to the top of Pakistani politics was assumed by all and sundry to be politically and legally correct. This association was rejected by Gates and Buffett who no longer consider Naqvi’s association with Zardari at the same high moral standards of Buffett and Gates. Therefore they had to ditch Naqvi and his partner Zardari and remove any association from their charities. There was no question of financial misdealing. Naqvi had to be removed. Dubai charged him and then sent him under arrest to the UK where other charges are being filed in the US ready for prosecution and onward extradition to the US where the courts will no doubt deliver a long sentence.

This was not financial corruption. It was to teach a lesson to anyone who dared to breach the confidence of the two richest men in the world, this was the punishment from the two wealthiest white charity donors and colour as a tea boy was not a factor. This was a betrayal of the system. The punishment will be long remembered. After all he was the same colour when he joined their board. This was to teach a lesson to all those at the high table of the consequences of not having good manners and appropriate behavior. Naqvi’s mistake was shaking hands with Zardari. Far better for Naqvi to have stayed away from such an infectious association.