Furqan Hussain Financial Misconduct By Admin
Mr. Furqan Hussain of Quice Food Industries is a Pakistani citizen and resident who is suspected of failing to report an asset held in his name in his tax returns. The asset in question is a building in Dubai, which he is currently marketing and attempting to sell. If he is successful, he will receive income as a direct result of his holding of the asset which he has failed to disclose. He has also failed to disclose his trustee status, which legally entitles him to no benefits arising from the sale of the asset. Please find below the evidence of Mr. Hussain’s guilt in this matter.
Document 1 contains Mr. Furqan Hussain's scanned passport copy.
Document 2 is the official title deed for the asset in question. It was duly registered with the Dubai Land Department in the name of Okavango Holding Limited, a company that Mr. Hussain is an “owner” of (see Doc 3).
Document 3 is a certificate of incumbency for the aforementioned Okavango Holding Limited, the company whose name the building is registered in. It lists Mr. Hussain as a director, secretary and shareholder. Therefore, Mr. Hussain would be entitled to any profits accrued by the legitimate business dealings of Okavango Holding Limited. However, as the evidence will show, Okavango Holding Limited is merely holding it in fiduciary capacity as trust (see Doc 7).
Document 4 is a valuation certificate for the building in question issued by the Dubai Land Department in 2020. It sets the value of the asset at AED 50 million. Mr. Hussain is aware of this valuation, and thus his failure to report the asset to the Federal Board of Revenue should be construed as a deliberate attempt at tax evasion and fraud.
Document 5 contains a document signed by Mr. Hussain conferring power of attorney to Mr. Uzair Razi, who is the other director in Okavango Holding Limited (as seen in Exhibit C). This is an acknowledgement from Mr. Hussain that Mr. Razi is legally authorized to act on behalf of Mr Hussain. In other words, Mr. Hussain is liable for any actions carried out by Okavango Holding Limited with respect to the asset in question, as the only two individuals legally capable of carrying out any such actions are Mr. Hussain himself and Mr. Razi (whom Mr. Hussain has acknowledged as his legal representative).
Document 6 contains an updated version of the power of attorney authorization in Doc 6. Whereas Doc 6 was notarized by the Dubai Courts on the 1st of October 2017, Doc 7 was notarized by the Dubai Courts on the 28th of October 2019.
Document 7 contains an official cease and desist notice issued by the legal counsel of Bucephalus Holding Limited to Mr. Hussain on the 28th of June 2024. Okavango Holding Limited (then known as JAB Mosiastone Developments Limited) had signed a trustee agreement with Bucephalus Holding Limited, but Mr. Hussain's intent to sell the building in question is a direct violation of this trustee agreement (which is also enclosed in Exhibit G at the bottom, below the Arabic translation of the cease and desist notice). This trustee agreement was signed by Mr. Uzair Razi on the 23rd of October 2017, which was after Mr. Hussain had conferred his power of attorney upon Mr. Razi. This meant that Mr. Razi was acting on behalf of Mr. Hussain, making Mr. Hussain liable for all breaches of this agreement. Clause 2.1 of the trustee agreement clearly states that Bucephalus Holding Limited is the only principal and beneficial owner of the building in question, and as such, Mr. Hussain's efforts to sell the building through Okavango Holding Limited are illegal. Further, Clause 3 states that Okavango Holding Limited may only hold the building for such duration as Bucephalus Holding Limited requires, and therefore Mr. Hussain's refusal to sign the building over to Bucephalus Holding Limited despite repeated requests is also a breach of this agreement. Multiple Dubai Courts rulings have upheld the validity of this agreement and reaffirmed that Okavango Holding Limited is not the actual owner of the building, and as such cannot legally sell it. Despite having received these rulings and the cease and desist notice, Mr. Hussain continues to act as if he is the owner of the building.
Document 8 contains an order from the Securities and Exchange Commission of Pakistan in 2015 that obligates Mr. Furqan to pay a hefty fine in his capacity as a beneficial owner in Quice Food Industries. Not only does this prove his status as a businessman operating in Pakistan, but also demonstrates that he has a history of financial misconduct.
An FBR Complaint has been registered and an investigation is underway.
