Mansoor Ijaz has not satisfied judgement: BSI Lawyer

The attorney for Banca Sammarinese di Investimento (BSI) Mr. Peter Kurshan claims that his client has not received $1.47 million from Mr.Mansoor Ijaz and an enforcement action will commence shortly. Mr. Kurshan said; “given that he has not voluntarily satisfied the judgment in past two years we are forced to commence enforcement action.”

When asked if he has identified assets that he plans to go after to recoup the $1.47 million, Mr. Kurshan said he wouldn’t want to tip him (Mansoor Ijaz) off. A story in The News Bank allegations Mansoor Ijaz false today said:

“Efforts to malign Mansoor Ijaz, the star witness in this week’s Memogate hearing here in London, moved into high gear over the weekend with revelations that Pakistani origin American business tycoon Mansoor Ijaz had been accused of fraud by a European bank in an effort to recover loans made to his corporations in 2007.”

Let’s first address “business tycoon” – I have attached a consolidated financial statement submitted by Mansoor Ijaz in 2007. Even if you were to take Mr. Mansoor Ijaz on his words MansoorIjaz Consolidated Financial Statement   his net-worth is $15 million. If that made someone a “business tycoon” you would find so many in the US that you would need several phone directories to publish every name. But if you take a closer look, that $15 million seems questionable. You will notice Mr. Ijaz claims his apartment in New York City is worth more that $5.9 million. A search of public record puts it at $4.4 million. Only a million and a half more than what Mr. Ijaz estimates. But that’s fine. The market did go down somewhat. It is, however, the only tangible asset.

Mr. Ijaz further values the stocks of Crescent (CHR) and Eco Drive (ECO) at $2.5 million and $9.3 million respectively. Neither of these are publicly traded companies. A records serach of “C” corporations in the state of Delaware comes up empty. It doesn’t mean these corporations are not active as privately held entities; I just can’t find any evidence of their operation. You can also try to Google Eco Drive and Crescent Investment + Mansoor Ijaz.

Mr. Ijaz also claims to posses jewelry/art/heirloom worth $477k, furniture/electronics worth $225k.

Compare that to his liability of $4.4 million and do the math yourself. What do you think is the net present value(NPV)?  No matter how fantastical your imagination, you would shy away from describing this gentleman as a “business tycoon.”

To substantiate my report, I have also attached the judgement issued by the New York Supreme Court. MansoorIjaz Default Judgement BSI case

Although many people exaggerate their socio-economic status, it becomes problematic when one uses that perception to exercise political influence. This is the reason why  I will continue to research this “ultra wealthy man” during coffee and lunch breaks today and tomorrow.