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2008-04-12 India-Pakistan
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India finally settles £1million Nizam dispute with Pakistan
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India has opted for an out-of-court settlement with Pakistan and the heirs of the Nizam or ruler of Hyderabad State, once the worlds richest man, to resolve a piquant six-decade old dispute over a million pounds.
The money, which has lay in a London bank account since 1948, has since grown to around £30 million. Known as the 'Hyderabad Funds Case, the dispute centres around £1,007,940 and nine shillings that were transferred in 1948 from the Nizam of Hyderabad to Habib Ibrahim Rahimtoola, the high commissioner to London of the newly-formed Pakistan.
As the Muslim ruler of Hyderabad, a south Indian principality, the Nizam was wavering over whether to join Pakistan or India. Meanwhile, his finance minister arbitrarily signed over the money to the Pakistan diplomatic account in the same bank in London.
A cable sent by the Nizam, requesting the funds be transferred back was ignored, sparking legal action. Soon after the Indian army annexed land-locked Hyderabad, that today is the capital of Andhra Pradesh state.
In 1957, the case reached the House of Lords, which ruled that the account could only be unfrozen with the agreement of all involved parties. But Indias federal cabinet has now approved an out-of-court settlement with Pakistan and the Nizams descendents within 18 months, federal science and technology minister Kapil Sibal announced yesterday.
We decided to restart the negotiation process with Pakistan to know how much the private beneficiary should get and what would be the distribution between the two governments Mr Sibal declared.
The case is further complicated by the late Nizam having sired over 100 illegitimate children from 86 mistresses who may lay claim to the fortune as rightful beneficiaries. But the Nizams grandson, now living in Istanbul in a small apartment after having lost most of his family fortune in India and Australia, is likely to be one of the main parties in the negotiations.
The Nizams surviving 173-piece jewel collection, that is periodically displayed at various museums across India includes the legendary 187.75 carat Jacob diamond, the worlds fifth-largest diamond which is valued at over £100 million.
The seventh and last Nizam found the duck-egg-sized diamond hidden in his fathers slippers and used it as a paperweight. The dazzling display also includes strings of rare grey pearls, broaches, buckles and sarpechs or turban ornaments worn by Indian princes as a mark of high distinction, studded with rubies, emeralds and diamonds. One paisley-shaped serpech is encrusted with six large Colombian emeralds set amidst a gaggle of diamonds which alone weigh more than 300 carats.
The collection, which covers the period spanning the 18th and early 20th centuries was considered so large at the time of Indias independence in 1947 that it was believed its pearls alone could cover the pavements of Londons Piccadilly Circus. But the master of this wealth was a miser who dressed like a tramp wearing crumpled pyjamas and a tattered fez and ate his meals off a tin plate. 
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Posted by john frum 2008-04-12 09:51||
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