Hostile Takeovers and Fake Philanthropy - the Dark History of Iqbal Moledina and his Group of Companies

 By Inara Ahmed

The Ismaili community of Canada is known to be one of the most philanthropic and respected religious communities in the world. We are known for their fundraising efforts in supporting many worthy causes around the world. At a deep level, the Ismaili community possesses a deep concern for the vulnerable and needy.

 

But once in a while, we hear of wolves in sheep's clothing that exploits their affiliation to certain groups and put up false fronts - only for personal gain and greed.

Iqbal Moledina from IAM Hospitality Group and Hands-On Capital Investment is one of those individuals whose history is tainted with unethical practices and predatory business behavior - a disgraceful and dishonorable example, a bad apple, in our community.

A great example of this predatory behavior is Iqbal Moledina’s predatory and hostile takeover of the Pembroke Residence in Toronto (also known as the Knights Inn Hotel), when he forcefully preyed on the widow of a very beloved member of our community: Mehboob Dewji.

 

Mehboob (Mike) Dewji was a well-known member of the Ismaili community in Canada, who was known to be kind-hearted and very charitable. He was known for his drive and entrepreneurial spirit, which led him to turn a small real estate business into a full-service hotel known as Pembrook Residences or Knights Inn Hotel. His wife Munira was his companion and involved in the day-to-day operations of the business. Iqbal Moledina, invested in this company as he saw an opportunity in the brand that Mike and Munira had built. 

 

 

One day, Mike, tragically passed away behind the wheel of his car in downtown Toronto, and our community lost a beloved member. 

 

 

This is where the wolf presented his true character. Iqbal Moledina did not wait for a second and initiated a hostile takeover of Mike’s estate to recover his investment, and in the process, hurt Mike’s widow Munira and their dependents. The Knights Inn hotel was ordered by the Court to go into receivership, and Iqbal Moledina completed his hostile takeover. 

 

 

Let this be a warning to us all, so we can protect our community and look after loved ones. Let us remember to never do business with those driven by greed only and those who lack basic human decency and ethics.

CC: 

The Aga Khan Foundation

The Aga Khan Museum Toronto