It has now emerged that the Graff gift set was sold for $ 2 million to a Dubai based businessman Umar Farooq.
As per Farooq, who claims to be a collector of exotic watches, he bought the set and the watch has a model of the Holy Kaaba built in it. Farooq claims that he was approached by Imran Khan’s former Asset Recovery Unit head Mirza Shahzad Akbar with regards to the purchase of ‘rare watch’ which had a market price of around $12 - 13 million.
Agreeing to a deal of $2 million, the watch was delivered to him by Farah Gogi.
The Toshakhana records show that the Graff set was worth around PKR 100.92 million. The watch alone was worth PKR 85 million, the pair of cufflinks were said to be worth Rs5.67 million, the pen’s worth is assessed to be Rs1.5 million and the gold and diamond ring for Rs8.75 million.
As per a report, in order to keep them Imran Khan paid about 20% of the assessed value of the gift set which comes to PKR 20.27 million which comes to $163.852.
If the USD and PKR exchange rates in 2018 are taken into account, the value of the watch set then was $815.581.1 and on its own the watch was worth around $ 686.924.2
Therefore, Imran Khan paid only $163.852 to retain the set and his profit as per Farooq’s claims comes to $1.84 million.