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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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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 18 May 2024 Forex Rates

Pakistani currency rates against US Dollar and other currencies on May 18, 2024 (Saturday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 18 May 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegians Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Bhat THB 7.57 7.72

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