UK ISMAILI Millionaires

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THE SUNRISE RADIO ASIAN RICH LIST 2004-03-28
Compiled by Philip Beresford

14. Shiraz Dharamshi TEJANI (dob 13/02/49) &Family
Industry
#100m
Another good year for Tejani, who represents the family that owns LPC Group
PLC, the UK's largest independent producer of disposable paper products.
Turnover increased in 2003 to #108m from #69m on a re-stated basis in 2002
following the de-merger of the group's pharmaceutical operation. Operating
profits reduced to #7.8m from #8.9m on a comparable basis, but did reflect
re-organisation and restructuring costs arising from the group's
acquisition activities. 2003 saw LPC continue to invest heavily in tissue
production at its sites in the UK and Sweden. LPC also expanded its
Leicester headquarters as the company looked to build on its acquisition of
three firms in 2002. With other assets, the family is worth #100 million.

18. Firoz KASSAM (dob 27/02/55)
Hotels
#90m
In October, Firoz Kassam had become so fed up with the fickle fans of
Oxford United, promotion pace setters in Division Three, that he put up the
club for sale for #1. He had spent #50m on the club in four years,
including a new 12,450-seater stadium named in his honour. In the event,
Kassam withdrew his sale plan, but it showed just how deep his pockets had
been in developing the club. At the same time he announced he was investing
#4m in a new multiplex cinema on the site after Warner Village had
withdrawn from the site. Kassam who was given land off Grenoble Road,
Greater Leys for the cinema by Oxford City Council in 2000 in return for
rescuing Oxford United from bankruptcy said: "It's not rocket science
running a cinema. I shall prove wrong anyone who says I can't run it. I
don't want to lose money here as I am doing at the football club and at the
hotel. I shall also run the health and fitness club and am investing #3m of
my own money in that." Kassam's money comes from the hotel trade. Arriving
in London as a 19-year old from Tanzania, planning to study, he worked in
an Earl's Court takeaway before moving into a bed and breakfast place where
he made the beds and cleaned the rooms. >From this difficult start he has
become a leading player in the London hotel market, though in the early
1990s he nearly went under with high borrowings when the banks pulled the
rug from under his feet and he lost all his hotels bar one his giant Kings
Cross hotel. Today it is still his main money making machine and Firoka
(Kings Cross) made #1.3m profit in 2002 and has #53.2m of net assets. We
can add another #25m of net assets in Firoka City and Firoka (Heythrop
Park). After allowing for Oxford United spending and past salaries, we
value Kassam at #90m. We assume he owns all of the parent companies which
are Guernsey-based. He would have been much richer but for that Oxford
United spending.

28. Firoz TEJANI (dob 27/12/44) &Family
Finance
#65m
The Tejani family led by Firoz Tejani, is a major player in the foreign
exchange and currency changing business. The main family-owned firm,
London-based Lelyn Holdings, made over #6.1m profit on #642m sales in the
year to February 2003. With a solid balance sheets, the business is worth
perhaps #65m in the current climate despite a healthy profit and sales
increase. We value the Tejani family at that level. The family gives
generously to charities.
47. Gulshan BHATIA (dob 02/04/33) &Family
Hotels
#37m
Gulshen Bhatia is a widow from Tanzania, who invested her life savings in a
small London hotel 15 years ago. A series of deals left her with Great
Western Hotel next to Paddington Station. She has even found time to raise
a family of four children as well. The Great Western has been hugely
refurbished and Paddington is becoming a fashionable area. The Bhatias have
two main companies, Muirgold and London Plaza, which have nearly #35m of
net assets in 2001 and 2002. We add #2m for property and other assets to
the Bhatia family.

77. Nurdin (dob 13/01/33) &Nick (dob 27/12/59) JIVRAJ
Hotels
#25.00m
Tanzanian Nurdin Jivraj had already built up a property portfolio when he
arrived in London in 1971. With his son Nick, Jivraj started with one hotel
and built up the London Hotels Group which they sold in 1988. They then
took over Buckingham International, a quoted hotels group and the shares
soared to value the business at #100m by 1990. Buckingham ran into trouble
but the Jivrajs have made a comeback with Accommodata, their new hotels
group. It made #3.6m profit in 2002. We value the Jivrajs at #25m.

107. Mohamed ESMAIL &Family (dob 21/12/44)
Food
#18.30m
Mohamed Esmail is managing director of SME Group, a holding company which
has subsidiaries in the fast food through Kentucky Fried Chicken franchises
and hotel business. The Harrow-based company was incorporated in 1988, and
is owned by Esmail and his family. We value the business at #15m in the
current climate with profits rising to #1.7m on #20.4m sales in the year to
March 2003. Six other smaller but separate restaurant companies have #3.3m
of net assets, taking the Esmail family to #18.3m.

120. Moez DAYA (dob 03/12/58)
Computers
#15.00m
Kenyan-born Daya is an engineering consultant and was director of telecoms
group Mobile Systems International. He was part of a team which put up
#100,000 to start the firm in 1990. In September 1996, a US investor paid
#36m for a 20% stake. The deal valued the company at #180m. In April 2000,
MSI was sold to Marconi for #391m. Daya had a 7% stake before all the
deals, and though it was diluted, should have collected perhaps #15m
after-tax for his shares.

142. Alnur (dob 18/01/55) &Yasmin (dob 04/03/55) DHANANI
Leisure
#12.50m
Alnur Dhanani is managing director of Amyn Hotels, a central London hotel
group. The company was started in 1972 and he owns the business with his
wife, Yasmin, who is also a director. Amyn showed #11.3m net assets in its
2002 accounts. Dhanani also owns another company, Venusstyle, with #1.19m
of net assets. It is safe to value the Dhananis at around #12m on the back
of these figures.

169. Asif Bhatia (dob 19/03/69)
Hotels
#9m
Asif Bhatia is a London hotelier who runs the London Plaza and in late 2002
he bought the Hyatt Regency in Birmingham. The son of Gulshen Bhatia
(q.v.), the freeholder of the Hilton at London Paddington, Bhatia merits
his own entry as he has his own hotel interests through Tradesup, a
London-based parent company. In the year to February 2002, Tradesup made
#475,000 profit on #5.23m sales. It has #12.3m net assets. Cautiously we
value the business and Bhatia at around #9m in the current difficult
climate for London hoteliers.

174. Sir Ben KINGSLEY (dob 31/12/43)
Media
#8.00m
Born Krishna Bhanji, the son of a Kenyan-Asian doctor from Salford and an
English mother, Sir Ben Kingsley struggled for years at the Royal
Shakespeare Company, before making his first film, Gandhi, in 1982. He won
an Oscar and never looked back. Now on the Hollywood A list after further
nominations for his roles in Bugsy and Sexy Beast, Kingsley keeps a low
personal profile. While there are no accounts or Hollywood figures on his
earnings, he should command seven figure sums for films and admits to
"doing rather well." With his large #3m Cotswold farm and other assets
doing 'rather well' should mean a #8m fortune. His latest film to be
released is an adaptation of Andre Dubus III's 1999 novel, House of Sand
and Fog. He has been nominated for a Golden Globe for best actor for his
part in the film. Kingsley became so immersed in the Iranian culture during
the filming of this latter film that he had his marriage resanctified in a
Persian ceremony in December, having first married his third wife Alexandra
Christmann, aged 28, last October. Kingsley met the stunning German
advertising executive at a Berlin restaurant.

247. Nazmu VIRANI &Family (dob 02/03/48)
Property
#5.00m
Born into a prosperous Ugandan Asian family, Nazmu Virani fell victim to
Idi Amin's terror and arrived in Britain in 1972 penniless and with a wife
and child. After a difficult few years when he built up a property
portfolio of shops, he reversed his interests into Control Securities in
1985. The BCCI affair hit him hard and he went to prison on fraud charges.
Since then he has bounced back via his new vehicle, Cygnet, which made
#776,000 profit in 2001-02. It has #7.3m net assets. Virani's stake and
other assets give him at least a #5m fortune.

247. Zahir (dob 06/11/55) &Shaffin (dob 27/12/56) DAMJI
Distribution
#5.00m
Tanzanian-born Zahir and Shaffin Damji are directors of Trackform, a
private garage and petrol retailer based in South West London. It was
incorporated in 1981. The 2001 accounts showed a #1.3m loss on #25.7m
sales. But Trackform has #4.6m net assets and we value the business on that
net asset figure. We add another #400,000 for other Damji interests
including Chateau Properties and Copperstone Properties, taking the family
to #5m.

275. Nazir &Shiraz JESSA (dob 15/04/41)
Industry
#4.50m
Father and son team, Nazir and Shiraz Jessa have built up IT e-tailer and
mail order company, Watford Electronics from humble beginnings in 1972 into
a major player in the IT sector. The business is owned by the Jessa family
and made just #159,000 profit on #16.4m sales in 2002. But it does have
#3.9m of assets and with the family's other assets such as Greyacre, a
#233,000 property company, the Jessas are worth #4.5m.

[ismailisuk]

Business in Vancouver, Feature 40 Under 40
Hanif Muljiani, President Owner, The Portables

"Idi Amin basically said get out or die."
Hanif Muljiani recalls the threat that spurred many Ismailis to leave Uganda and prompted his family to make its way to Vancouver. For nearly a year, Muljiani's family lived downtown, the six of them sharing a two-bedroom hotel suite. The family moved to South Vancouver and East Vancouver before Muljiani enrolled at the University of British Columbia .


After completing accounting studies, he landed at a leading chartered accounting firm, eager to get his CA designation and then get out.


Once that mission was accomplished, Muljiani became controller at The Portables , a Richmond-based firm making exhibits with $2 million in annual revenues, in 1991.
Four years later, he was promoted to general manager, responsible for the overall management of the company, including sales. Under his guidance, the company hired salespeople, opened offices and streamlined production.


In 2000, with revenues now up to $10 million, Muljiani raised $5 million and bought the company. As owner, he further diversified operations, adding what Muljiani dubbed "portable marketing solutions."


The company started offering labour to help with trade shows, and creative work for promotional pieces and promotional products. The company now does non-trade-related graphics, a division that has grown to $1.5 million in revenues annually and won over clients such as Estee Lauder and A&W .


The Portables launched an education division that trains salespeople to get the maximum returns from trade shows. That division now spins $500,000 in revenues each year. And an installation division provides the labour to set up and take down displays, bringing in $1.3 million a year in revenue.


Muljiani acknowledges that the changes have been challenging, but The Portables is now up to $12 million annually in revenues.


"Training our sales force has been an ongoing challenge, and it's never going to stop," he said.


Meanwhile, Muljiani acknowledges his roots when discussing his own success. The tight local Ismaili community includes Ballard Power Systems Inc. CEO Firoz Rasul and Xantrex Technology Inc. CEO Mossadiq Umedaly . "Your dad's in business, your uncle's in business. It's a mindset that is big on business, education and moving into professions."


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Rahim Jaffer, MP


Rahim Jaffer is a 30 year-old entrepreneur in the Old Strathcona district of Edmonton. His family came to Canada to escape persecution in Uganda. The government of Idi Amin confiscated their business and their home and sent them as penniless refugees to a new country. His family's experience has given Rahim a unique perspective on Canada. He sees how lucky we all are to live in one of the world's freest and richest nations.

Rahim gambled on a coffee bar and has made it into the success it is today. He is co- owner of a highly successful Timothy's franchise in the heart of Old Strathcona.

Rahim is active in his community and has been a member of the Old Strathcona Foundation and the Edmonton Chamber of Commerce. He has lived in Edmonton for 25 years, is fluently bilingual and has served as a legislative assistant in Ottawa. He also has a bachelor degree of Social Sciences from the University of Ottawa.

On June 2, 1997, Rahim was first elected to the House of Commons as the federal representative for Edmonton-Strathcona. He was re-elected on November 27, 2000 and is currently serving as the senior critic of National Revenue as well as deputy critic of Foreign Affairs. Earlier critic posts have included Industry, the Environment, Foreign Affairs Critic for Asia-Pacific, and the Chair of the Small Business Task Force. He has also been the Deputy Leader of the party for a short time. Additionally, Rahim works in Quebec to promote the Canadian Alliance message for national unity


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Moe Somani — International Business Entrepreneur

Hilfiger, Gap and Calvin Klein have all been named as possible suitors for the business Somani built in the New Millennium.


Moe Somani, born in Kampala, Uganda, keeps a low profile in Vancouver, Canada, but he has definitely hit the big time in the business world. Over the past few years, clothing giants Hilfiger, Gap and Calvin Klein. have all been named as possible suitors for an international clothing empire that Somani built, now worth as much as £393 million. Somani refuses to give interviews, but with that kind of interest in Somani's European-based clothing empire, Millennium Jeans International, it's going to be hard staying out of the limelight.


The success of Millennium Jeans International since its founding, in 1997, has landed Somani, who owns 100% of this privately held company's shares--an enviable spot on the Rich Retail 1000, at No. 110 with a net worth of £366 million.


In August 2001, Millennium Jeans International announced the launch of a strategic review with advisers about selling all or part of the company. Industry analysts suggest Gap, Hilfiger and Klein. were all interested. The announcement "signals the completion of the first stage of our strategic review and is a clear and visible step in maximizing value for Somani." Industry watchers suggest the IPO is a way to lure potential bidders who didn't want the whole company, which has assets in North America, European Union, Africa, Latin America and Asia.


Millennium Jeans International got its start when Somani, a York Scholar who also has a BBA and an IT Technology Degree opened Millennium Jeans, a small retail clothing store in Vancouver, Canada. The business grew steadily, with Millennium Jeans its best-known store in Canada.

In 1997, Somani traveled to Asia to design his own brand name label, and rapidly expanded. In early 2000, an undisclosed U.S.-based marketing firm purchased Millennium Jean's stake, but when the firm got into financial difficulties, Somani took the stake back. Somani renamed the company Millennium Jeans International in 2000 and took it internationally, eventually opening stores in more than 32 countries. Somani has been on a tear since, with more than 350 private label counter titles to his name worldwide.

The future ownership of Millennium Jeans International is up in the air, but Somani, as 100% controlling shareholder, is bound to come out of any sale with hundreds of millions in hand.

So far at least, analysts see the Millennium Jeans International story as a win-win situation. Somani recently sold part of his company to International Clothing retailer Tommy Hilfiger for an estimated £75 million. At the time of sale, Somani was planning to open a retail store in every major city world wide, instead of supplying his brand to big box retailers. Somani convinced Hilfiger to buy into his concept in order to gain favorable market share, and the deal was struck. Where you now see a Hilfiger retail store, it was initially a proposed Millennium Jeans International Store.

Somani also a successful high-tech entrepreneur has other business interests which include Digital Software Solutions for the Online Gaming Industry, land based casinos in Europe and on cruise ships in the Baltic sea and in the Mediterranean, restaurants and bottled water companies in Europe and Asia, and private label clothing factories in China. Those close to him say he never talks about his success, and is a humble and approachable person who loves to share his extensive knowledge with others. Given he's only 39, don't expect him to rest on his laurels.

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Plush closes up and sues resort owners
By IAN MYLCHREEST
BUSINESS PRESS

The Summerlin nightclub Plush has closed it doors and sued its landlord for over $25 million. The suit alleges that promises made to the club were not kept and that it was obstructed in trying to market itself to Summerlin residents.

The club claims that it was promised that it would have extensive signage in rooms and throughout the property to advertise the club. The suit also claims the corridor outside the club was supposed to be let to retail tenants who never matieralized. That allegedly hurt the club's traffic flow.

Plush also alleges that it was promised a marquis on Rampart Boulevard.

The owners did not apparently apply to the City of Las Vegas for the planning permission although a representative of the resort told the Business Press in an earlier interview that Summerlin would only permit one marquis for the property and that had gone to the Rampart Casino.

Plush spokesperson Kim Koury said the Rampart had allowed Plush to advertise some events on its marquis and that those had sold out. For the most part, however, the landlord cut off attempts to advertise and market the club.

She also denied that Summerlin was a less than promising nightclub location. "We were the only club in Summerlin," she added indignantly.

More problems arose for Plush when the resort objected to its using the J.W. Marriott name in advertising to identify the location. The club was told that Marriott did not want its name associated with drinking and nightlife but the suit alleges that was merely a pretext to thwart Plush.

Koury pointed out that the Irish pub at the resort routinely advertised but that establishment is owned and operated by the owners.

The hotel is owned by the Lalji family of Vancouver, B.C., which has extensive real estate holdings. Canadian Business magazine ranked the family number 46 on its list of the 100 richest Canadians and estimated its wealth at C$884 million.

The family bought the hotel out of the bankruptcy of "The Resort at Summerlin" for $80 million. It had cost $275 million to build.

Plush claims to have spent over $1 million to revamp the club, which occupied the space originally designed as a high-end restaurant.

The lawsuit seeks to recover damages for remodeling the club space and lost revenue.

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Azim Premji
© AP Photo/Gautam Singh
Age: 60
Fortune: self made
Source: Software


Country Of Citizenship: India
Residence: Bangalore, India, Asia & Australia
Industry: Technology
Marital Status: married, 2 children

Stanford University, Bachelor of Arts / Science


Owns 82% of NewYork-listed Wipro, India's third-largest software exporter. Is expanding operations outside Bangalore headquarters to other cities to combat employee attrition. Recent acquisitions: technology infrastructure consultancy cMango in California, Austrian chip design firm NewLogic and payment processing firm, mPower in New Jersey.

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August 9, 2002 (9:15 a.m. EDT) No. 95
CANADA ANNOUNCES NEW SPECIAL ENVOY FOR SUDAN

Bill Graham, Minister of Foreign Affairs, and Susan Whelan, Minister for International Cooperation, today announced that Senator Mobina Jaffer will act as Canada's Special Envoy to the Sudanese peace process. The position was previously held by Senator Lois Wilson.


"I am delighted that Senator Jaffer has accepted this position and that she will continue the important work of Senator Wilson in promoting peace in Sudan," said Minister Graham. "While Canada is encouraged by the new round of peace talks taking place in Kenya, it deplores recent attacks against civilians and humanitarian installations in Sudan, which only serve to undermine efforts to end the conflict there. We urge the parties involved to cease attacking civilian and humanitarian targets, and to fully engage in peaceful negotiations."


Canada strongly supports the formal peace process of the Inter-Governmental Authority on Development (IGAD), which has been mandated by the Organization for African Unity to lead efforts to end the civil war in Sudan. Senator Jaffer will represent Canada at the IGAD Partners Forum, which brings together donor countries from around the world who provide support for the IGAD peace process. Senator Jaffer will also monitor the human rights situation in Sudan and maintain a dialogue with Canadian civil society on the Sudanese peace process.


"Senator Jaffer's assignment comes at a crucial time," said Minister Whelan. "We must pursue the opportunities made possible by progress in the peace talks, not only to allow for a political settlement to this war, but also to ensure the distribution of critical humanitarian relief to thousands of Sudanese civilians affected by years of war and drought. The UN's Operation Lifeline Sudan must be given unfettered access to these people."


Both ministers thanked Senator Lois Wilson for her commitment and dedication to fostering peace in Sudan. In particular, they praised her ability to raise the profile of the IGAD peace process--both domestically and internationally--as well as her ability to provide new and innovative ideas to reinvigorate the talks.

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Abdul Ladha Science Centre
University Of British Columbia


Abdul Ladha holds an honors degree in Electrical Engineering and Mathematics from the University of British Columbia (UBC). In 1985, after completing his academic term at the university and the Tri-University Meson Facility (TRIUMF), a nuclear physics research laboratory, he founded the Dexton Computer Corporation, a technology provider dedicated to the installation and support of network systems. Today, he is recognized as one of the leading contributors to the institution he graduated from and is a lifetime Member of the President and Chancellor's Circle of the University of British Columbia.


Abdul Ladha Science Centre
University Of British Columbia

In 2004, in consideration of the extensive support and funding Abdul Ladha has provided to the University of British Columbia, the institution's board elected to name the latest science building the "Abdul Ladha Science Centre"

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Giving back to the roots of success

Firoz Rasul's career path is anything but typical.A couple of years ago, the Kenyan-born and British-educated engineer ended a 20-year business career in Canada as chairman of a B.C.-based company that is a world leader in fuel-cell technology.

He's devoted years to establishing cultural and religious projects across the country, most recently spearheading the effort to win the City of Toronto's approval to build a new, privately funded Ismaili centre and museum.

And last weekend, the naturalized Canadian was named president of one of the most prestigious universities in Pakistan.

But Mr. Rasul's uncommonly international résumé is likely to become more typical in the next decade as he leads numerous successful immigrants who have reached the apex of their careers, especially in Toronto and Vancouver, to look for innovative ways to give back to their roots.

"As this generation of immigrant professionals scales the peaks of professional success and feels the need for self-actualization, the path Rasul has paved will show them how they should be spending their time, talent and wealth," said Ashwin Joshi, director of the MBA program at the Schulich School of Business and a volunteer who helps raise money and awareness for international issues.

Those who are destined to follow in Mr. Rasul's footsteps are now spending time and money on local causes after building a 25-year professional reputation in the Western world, Mr. Joshi said.

"What is common is that most people come here with very little money and a strong educational background, and they work their way up to the top of the food chain," he said.

"Their focus is on making this country home first, and the concerns of their countries of origin take a back seat."

But Mr. Rasul, a devout Ismaili, said giving back to his society has been a fundamental part of his upbringing.

"My faith guided my values that I've grown up with and guided my decisions throughout my life, to take some part of my life to give back to society," he said in an interview from Pakistan this week.

Ismailis, a sect of Shia Muslims who follow the Aga Khan, number about 75,000 in Canada; half of them live in Toronto and around 15,000 in Vancouver.
Mr. Rasul, who was born in Nairobi in 1952, attended Aga Khan Foundation schools through to the end of high school.

In the early 1970s, he went to study industrial engineering at the University of Hertfordshire in England.

But he wanted to get a stronger grasp on how business was engineered, so he headed to Canada to get his MBA from McGill University.

After a stint at Black & Decker in England, Mr. Rasul returned to Canada and settled in Vancouver in 1981. He was named chairman of Ballard Power Systems in Burnaby, B.C., and he remained in the technology industry until his retirement in 2003.
Appointed president of Aga Khan University in Karachi last Saturday, Mr. Rasul says he finds it fitting to give back to the foundation that raised him. He will take up his post there on May 1.

"It's a unique opportunity at this point in my career to do something completely different and to work with an institution that is both young and achieved so much in its youth."

Founded in 1983 by the Aga Khan, spiritual leader of most Ismaili Muslims, the university teaches health sciences, nursing and early childhood education, with seven locations in the Middle East, South Asia and East Africa. It has been a partner in research with Toronto's Hospital for Sick Children, the University of British Columbia and the University of Alberta.

Mr. Rasul, who also speaks German and Swahili and can get by in Urdu, has served as chairman of Focus Humanitarian Assistance Canada, an international emergency relief agency; president of Aga Khan Foundation Canada, and a member of UBC's board of governors.

He has participated in several volunteer projects, including, most recently, the establishment of the Global Centre for Pluralism in Ottawa, and the Aga Khan Museum and the Ismaili Centre in Toronto on the site of the old Bata shoe headquarters. Sonja Bata, founder of the Bata Shoe Museum, showed up at the community council meeting and endorsed Mr. Rasul's project.

"It's pretty clear Canada has a much bigger role to play on the world stage, in that Canada has a great reservoir of talent, knowledge and capabilities that could be used for the benefit of societies around the world," Mr. Rasul said.
"I'm a good example of that in that I've chosen to take my knowledge that I developed here and applied it elsewhere for the benefit of society."

Mr. Joshi said this will be a well-trodden path, with cities like Toronto and Vancouver -- with their large concentrations of immigrant populations -- becoming "breeding grounds" for such well-heeled individuals.

"What numbers do is maximize the odds of professional success, but they also make life easier for professionals," Mr. Joshi said. "You don't stand out if you're walking on Bay Street in a suit and tie if you're a person of colour any more."