Farrukh V. Junaidy

Mr. Junaidy has 39 years diversified experience with strong background in financial & business management, strategic planning, budget administration, staff training & development, contract negotiation, audit coordination, policy & procedural development, risk management, tax planning & compliance, report preparation and public relations.

Mr. Junaidy is a Fellow Member of the Institute of Chartered Accountants of Pakistan (ICAP) and has served as the Vice President and Council Member of the ICAP. He possesses 15 years experience with KPMG Pakistan, including 6 year as Partner.

Financial advisory service

He has served in Financial Advisory Services arm of KPMG Pakistan and has diversified experience of handling assignments relating to share valuation, mergers and acquisitions, due diligence, corporate & financial restructuring, business process reorganization, etc.

Mr. Junaidy also remained involved on diversified consulting assignments. In particular, on project appraisals, their implementation and monitoring, development of business processes, diagnostic assignments for fraud detection, reorganizing business, diagnostic studies, implantation of internal controls and developing management reporting standards reorganization of Central Board of Revenue (Government of Pakistan). He has hands on experience of developing & implementing Business plans and renewed involved on assignments for identification of business risk and recommending safeguard against such risk. He also possesses ample experience of dealing with Government Authorities and Financial Institutions.

Corporate Finance

Under Corporate Finance Mr. Junaidy assist investors in identifying potential target companies for acquisition. These companies could either be going concerns where the shareholders intend to exit or distress companies looking for private equity. He also has experience of restructuring distressed companies through the combination of debt swapping and equity investment by lenders & investor.

He is currently involved in sales side advisory for a pharmaceutical company and a ceramics company. Besides he is also currently involved in restructuring an two wheeler automotive company.

Tax service

As partner, KPMG Pakistan for direct & indirect tax services, he was responsible for risk management for all tax client and remained country quality assurance partner for tax services. He served many local and foreign clients and represented them before various governmental authorities like Ministry of Finance, Ministry of Industries, Economic Co-ordination Committee, State Bank of Pakistan, Securities and Exchange Commission of Pakistan, Federal Board of Revenue, Board of Investments, Stock Exchange etc

He was one of the key members on the tax reform administration study, responsible for carrying out studies on fiscal statutes and was an associate to the Task force on Sales Tax constituted by Government of Pakistan in 1999 for this assignment.

Mr. Junaidy was instrumental in business development initiatives and took the lead in providing advisory services relating to Indirect Taxes. These include Sales Tax (VAT), Federal Excise Duty (FED) and Customs. It was on the basis of his initiatives that the firm was appointed to carry out investigative audits, under the aegis of Federal Board of Revenue, of large industrial units suspected of being involved in tax evasion.

Corporate advisory service

Mr. Junaidy also worked on major corporate restructuring assignments. He headed the corporate finance department for four years and was also involved on number of IPOs, in particular he was involved in IPO/Privatization of Pakistan International Airline, by public offering of 10% shares of the Company by the Government of Pakistan. As part of corporate advisory assignments he was involved in the share valuation of Sui Northern Gas (Pakistan largest gas distribution and marketing company). He was involved in private placement by an Omani investor in an industrial venture in Pakistan.

Due diligence

Mr. Junaidy was also involved on buyer side tax due diligence on behalf of Kuwaiti Investors bidding for acquisition of majority share and management of Pakistan State Oil besides a buyer side tax advisory when Unilever decided to globally spin off oil business. He was also involved in sell side tax advisory services for Emirates Bank and Societe’ Generale Bank and was actively involved in the merger of ANZ Grindlay Bank with Standard Chartered Bank.

Functioned as Group CFO

In the past, he also served as Group Chief Financial Officer of Large conglomerate. During this association he was instrumental in reorganization of group on the basis of industry segments and was involved in successful acquisition of various companies operating in cement and sugar sectors. Mr. Junaidy was actively involved in negotiation with the Bankers for renegotiating loans and convincing them to write off interest in respect of certain sick units acquired by the group. He successfully negotiated disputes in respect of claims by various local and international vendors against companies acquired by the group.

As Chief Executive Officer of cement units he was actively involved in plant expansion and modernization. He was also instrumental in implementing ERP (SAP) solution in the 13 group companies within 18 months as project leader and developed more than 100 power users during the process. Mr. Junaidy believes in providing structured working environment which provides proper authorities, responsibilities and accountabilities for each level of staff. He therefore introduced polices and procedure and delegation of authority manual for all group companies besides developing Standard Operating Procedures, defining detailed work flow.  

Besides this group Mr. Junaidy also worked as CFO & Company Secretary of another industrial group in one of its financial sector companies. In his capacity as the CFO he was member of the executive committee responsible for granting approval for the proposed investment. During his association with the group he was also involved in the successful take over of an automotive unit privatized by the government of Pakistan.

Dispute resolution

Mr. Junaidy has the distinction of being among the few qualified mediators in Pakistan an initiative undertaken by the Government as part of legal system reform under the judicial reform packages supported by the International Finance Corporation. The mediation process provides alternate dispute resolution for settlement of commercial disputes. He has to his credit some successful mediation both under the aegis of Karachi centre for dispute Resolution and otherwise. 

Professional achievements

Mr. Junaidy remained an elected member of the Council of the institute of Chartered Accountants of Pakistan for four years and remained its vice president for two years. He served as chairman examination committee ICAP for two years and has worked as member of Accounting & Auditing standard committee for Islamic Financial Instruments and standing committee on investigation, besides chairing Small & Medium Practice Committee

Representation on Board of Directors

PRAL 

In compliance with the government’s directive to bring more independent direction on the Board of Pakistan Revenue Automation Limited, a technology area of Federal Board of Revenue, Mr. Junaidy is appointed as independent director on the Board of PRAL where he also chair the audit committee.

KSE

He also served on the Board of directors of Karachi Stock Exchange as nominee of Securities & Exchange Commission of Pakistan and National Clearing Company of Pakistan as nominee of Karachi Stock Exchange, which provides a nationwide system for settlement of share transactions. He was chairman of audit committee in both these institutions besides being member of HR committee.

CSAPL

Mr. Junaidy is serving of Crescent Steel & Allied Products Limited since 2015 as independent director. He is currently chairing Audit committee and is also member of risk advisory committee.

Pak Qatar Group

Mr. Junaidy is also on the Board of Pak Qatar Family and General Takaful as an independent director where he chairs audit committee.

CDC Share Registrar 

He also served on the Board of CDC Share Registrar Services Limited as independent director.

PICG

Mr. Junaidy Successfully obtained the Certificate from Pakistan Institute of Corporate Governance in 2016.

Others

In the past Mr. Junaidy also served as Non-Executive and Executive Board Member on the Board of listed companies.

Professional contribution

Mr. Junaidy contributes articles in periodical journals and has also made different presentations at professional fora. Currently Mr. Junaidy is a senior partner the firm.