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Rana Sanaullah calls Panama Papers 'satanic leaks,' says its an attempt to derail Pakistani economy

01:01 PM | 5 Apr, 2016
Rana Sanaullah calls Panama Papers 'satanic leaks,' says its an attempt to derail Pakistani economy
LAHORE (Staff Report) - While Prime Minister Nawaz Sharif's son Hussain Nawaz has accepted ownership of offshore companies as exposed in Panama Papers, Punjab Law Minister Rana Sanaullah has termed the huge documents leak as 'satanic leaks.'

Talking to newsmen in Lahore, Rana said that few 'satans' are trying to create a fuss over the Panama Papers but the balloon has been punctured already. The Panama Papers leak is an attempt to derail the economic progress of Pakistan, he further added.

Contrary to Rana's ironic stance,  on the same issue, Hussain Nawaz -the son of Prime Minister Nawaz Sharif- on Monday said that he openly accepts the ownership of all of his offshore companies, further adding that none of his businesses abroad are illegal.

To a question, he said that he never denied ownership of his businesses abroad and former President Pervez Musharraf also investigated into his companies but found nothing irregular.

Interestingly, when former Home Minister and senior Pakistan People’s Party (PPP) leader Senator Rehman Malik was asked about allegations leveled against him in the documents leak, he termed Panama Papers a conspiracy of Indian intelligence agency RAW (Research and Analysis Wing) to involve him in a controversy.

Responding a query, he, however, also accepted that he owned Petrofine FZC oil company, further adding that it was not involved in any shady business. It was a United Arab Emirates (UAE) firm and worked in accordance with the local laws, he explained.

According to documents shared by the International Consortium of Investigative Journalists, Pakistan’s two-time Prime Minister and Chairperson of Pakistan People’s Party (PPP) Benazir Bhutto -who was assassinated by Taliban in 2007- was also among the clients of Mossack Fonseca (MF) along with her close aide Senator Rehman Malik and nephew Hassan Ali Jaffery Bhutto.

The leak said that Bhutto and her partners paid huge bribes to then Iraqi government -led by President Saddam Hussain- in 2000 to win oil contracts for their Sharjah based company Petrofine FZC and later established a company named Petroline International Incorporation in British Virgin Islands in 2001.

Mossack Fonseca’s (MF) records suggest that Benazir Bhutto’s second company, Petroline International Incorporation, was refused to be accepted as client by the law firm for being a politically sensitive group.

In 2005, an investigation into United Nation’s oil-for-food program in Iraq revealed that Bhutto’s firm paid US$ 2 million to President Saddam Hussain and in return they earned oil contracts of worth US$115-145 million. The probe was led by former head of US federal reserves Paul Volker.

In the later year, 2006, Pakistan’s National Accountability Bureau (NAB) also claimed that Petrofine FZC was owned by Benazir Bhutto but she and her party, PPP, strongly dismissed the charges and called it an political conspiracy against them.

Mossack Fonseca also revealed that Pakistan’s incumbent Prime Minister Nawaz Sharif, his sons Hussain Nawaz and Hasan Nawaz, and daughter Mariam Safdar set up at least four offshore companies in British Virgin Islands (BVI). These companies owned at least six upmarket properties overlooking London’s Hyde Park.

Sharif family mortgaged four of these properties to the Deutsche Bank (Suisse) SA for a loan of GBP 7 million and the Bank of Scotland part financed the purchase of two other apartments.

Ali Zain is a member of the staff at Daily Pakistan Global. He earned BS Communication Studies degree from University of the Punjab. His thesis titled "Cultural Continuity and Mass Media: An analysis of leading online newspapers of Pakistan" has been published as a book in Germany. He has also translated David Mathews' book "The Ecology of Democracy" into Urdu. He tweets at @alimaan.

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 1, 2024

Pakistani rupee remains stable against US dollar in the open market on March 1, 2024 (Friday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.32 for buying and 282.35 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 353 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.4.

Today’s currency exchange rates in Pakistan – March 1, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.32 282.35
Euro EUR 302 305
UK Pound Sterling GBP 353 356
U.A.E Dirham AED 76.15 76.85
Saudi Riyal SAR 74.4 75.2
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 172.43 174.43
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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