ISLAMABAD- The chairman of National Accountability Bureau (NAB) Justice (retd) Javed Iqbal has directed the bureau to launch an inquiry into 435 offshore companies established in Panama and British Virgin Islands by Pakistanis.
According to a communique issued on Tuesday, Iqbal ordered the accountability watchdog to investigate the matter ‘without any pressure or influence’.
He also directed the bureau to enlist the help of the Federal Bureau of Revenue (FBR), the State Bank of Pakistan (SBP), the Security and Exchange Commission of Pakistan (SECP) and the Federal Investigation Agency (FIA) to collect relevant information regarding these offshore firms.
Among those who own offshore firms include Pakistan Tehreek-e-Insaf’s (PTI) leader Aleem Khan who is said to own a company named HEXAM in British Virgin Island, registered in 2004.
Moreover, former FBR chief Abdullah Yousafi’s family also has about six offshore companies established in the British Virgin Islands and Panama including two companies named Green Deal Management and Green-Wood Investment.
Shahid Abdullah and Shayan Abdullah have three companies called Green Wood Investors, Sheree Investment and Green Deal Management whereas Usman Yousaf’s company’s name is Marlborough.
Scores of other Pakistani businessman, bureaucrats, bankers, as well as others were also identified to have been managing offshore assets, in an efforts to conceal stash of wealth.
In April last year, the ICIJ ( International Consortium of Investigative Journalists) had laid bare the owners of offshore firms shaking the political set-up of many countries including Pakistan.
https://en.dailypakistan.com.pk/pakistan/nab-chief-orders-to-accelerate-pending-inquiries-for-recovery-of-embezzled-rs900-billion/
According to Panama Leaks, over 400 Pakistanis were identified to have offshore companies.
The revelation led to the filing of a petition by multiple political parties in the supreme court calling for investigations into the business dealings of the then ruling Sharif family.
As the top court started hearing the case, Sharif family submitted multiple documents in a bid to substantiate its claims that there was no dishonesty involved in setting up offshore firms, however, the top court formulated a six-member Joint Investigation Team that unearthed a firm Capital FZE in United Arab Emirates, managed by Hassan Nawaz, for which the premier Nawaz Sharif had acquired an iqama (foreign work permit) not mentioned in his assets details before the Election Commission of Pakistan.
The non-disclosure led to the life-time disqualification of the Pakistan Muslim League President.
Moreover, the Secretary-General of Pakistan Tehreek-e-Insaf Jahangir Tareen was also disqualified by the apex court for concealing his offshore firm, on a petition filed by Pakistan Muslim League Nawaz leader Haneef Abbasi.
During the hearing of the Panama case and even after Nawaz Sharif’s disqualification, one of the petitioners — Sirajul Haq, Jamaat-e-Islami chief — has been demanding to try all those who have offshore companies abroad.
