10 new offshore firms of Sharif family found
27 January, 2018
Nawaz Sharif
Islamabad: Pakistan’s National Accountability Bureau (NAB) team has found more than 10 offshore companies owned by the Sharif family, officials said on Friday.
The NAB team had been designated to investigate Sharif family’s assets in London. The head of the team met the head of British National Crimes Agency before returning to Pakistan, while the other two members of the team were still in London.
NAB officials said the Sharif family owned eight companies apart from Mayfair Flats. British Company House has confirmed that Flagship Investment Ltd, Herstone Properties Ltd, Holding Ltd, Quint Eaton Place Two Ltd., Quint Ltd, Flagship Securities Ltd, Flagship Development Ltd and Hilton International Ltd also belong to Sharifs.
Ousted Prime Minister Nawaz Sharif and his family are facing NAB references for alleged corruption since he was disqualified in July last year.
In all, the NAB has in total filed three references against the Sharif family and another against former finance minister Ishaq Dar in the accountability court, in light of the Supreme Court’s orders in the Panama Papers case verdict of July 28.
The anti-graft body was given six weeks, from the date of the apex court’s order, to file the reference in an accountability court while the accountability court was granted six months to wrap up the proceedings.
The references against the Sharif family pertain to the Azizia Steel Mills and Hill Metals Establishment, their London properties, and over dozen offshore companies allegedly owned by the family.
Mr Sharif’s daughter Maryam Nawaz and Mohammed Safdar are only nominated in the London properties reference. At an earlier hearing, the court had approved Maryam Nawaz and Mohammed Safdar’s bail in the Avenfield properties case and ordered them to submit surety bonds worth Rs 5 million each.
Mr Safdar was also directed to take the court’s permission before leaving the country. The judge also provided a copy of the reference — spread over 53 volumes — to Maryam Nawaz and Mohammed Safdar.
NAB’s Rawalpindi branch prepared two references regarding the Azizia Steel Mills and Hill Metals Establishment, and the nearly dozen companies owned by the Sharif family.
NAB’s Lahore branch had prepared a reference on the Sharif family’s Avenfield apartments in London and another against finance minister Ishaq Dar for owning assets beyond his known sources of income.
If convicted, the accused may face up to 14 years imprisonment and lifelong disqualification from holding public office including the freezing of bank accounts and assets.
Meanwhile on Friday, an accountability court has conducted hearing of asset beyond income reference against former finance minister Ishaq Dar.
During the hearing headed by Justice Mohammad Bashir, two prosecution witnesses Mohammad Naeem, who works in Excise and Taxation department in Lahore, and banking expert Zafar Iqbal recorded their statements.
TAG(s):