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Ishaq Dar’s son responds after being named in ICIJ’s Pandora Papers

12:16 PM | 4 Oct, 2021
Ishaq Dar’s son responds after being named in ICIJ’s Pandora Papers

LONDON – Labeled the expansive exposé of financial secrecy after the release of ICIJ’s Panama Papers in 2016", the 'Pandora Papers' revealed names of around 700 Pakistanis including Ali Dar – the son of former finance minister Ishaq Dar.

After being featured in the latest expose, Dar, who is currently n Middle East, issued a detailed note about the offshore companies.

In a statement on his official Twitter, Dar confirmed that he already replied to the Pakistani journalist who was part of the investigative team. “I had replied with a detailed account of companies when Umar Cheema had sent me an email in relation to the Pandora Papers investigation”, he said.

Narrating his side of the story, Dar said the companies are absolutely legal and were made for legal purposes. I have settled in the Emirates since graduation and have been running my legitimate businesses.

The statement further reads that he [Ali] has never been a ‘tax resident’ in Pakistan nor been involved in any professional, employment, or business activities.

Being settled in the UAE where there has never been any taxation, there was no question of any tax haven, he said while adding that there has never been any need for a ‘secrecy haven’ as his businesses are bonafide with complete disclosure to UAE authorities.

The two offshore companies registered in the British Virgin Islands (BVI) were done solely for the purpose of ease of registration, lowest corporate incorporation fee, and annual renewal charges”, it added.

On the other hand, Federal Information Minister Chaudhry Fawad Hussain said that the Pandora Papers have unfolded layers of corruption of ousted prime PM Nawaz Sharif and ex-president Asif Ali Zardari.

Ali Dar, son-in-law of Nawaz Sharif and son of Ishaq Dar, and that PPP leader Sharjeel Inam Memon had no status of their own and were the custodians of Sharif and Zardari’s ill-gotten money, he said.

Around 700 Pakistanis have been named in the report including Finance Minister Shaukat Tarin, Punjab minister Aleem Khan, PTI Senator Faisal Vawda, and PML-Q leader Monis Elahi. Furthermore, a number of retired public officials, bureaucrats, and businessmen are also mentioned in the report.

Daily Pakistan Global Web Desk

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Today Open Market Currency Rates in Pakistan - Pakistani Rupee to US Dollar, Euro, Pound, Riyal - 16 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 16, 2024 (Sunday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.5 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Currency Rates in Pakistan

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296 299
UK Pound Sterling GBP 349.7 353.25
U.A.E Dirham AED 74.8 75.6
Saudi Riyal SAR 72.8 73.55
Australian Dollar AUD 182 184
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204 206
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.3 59.9
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.4 26.7
Swiss Franc CHF 311.9 314.4
Thai Bhat THB 7.58 7.73

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