Jehangir Tareen admits owning offshore company in children’s name

02:18 PM | 30 Apr, 2016
Jehangir Tareen admits owning offshore company in children’s name
ISLAMABAD (Web Desk) - Finally, PTI leader Jehangir Khan Tareen has admitted to having an offshore company registered in the name of his four children who own property in the UK and the offshore company linked with this property is managed through a trust.

Jehangir Tareen made the revelation while talking to a daily English newspaper at his residence on Friday. Tareen was the federal minister for industries and production in the cabinet of General (retd) Pervez Musharraf.

“I do not own any offshore company in my name,” Tareen said adding, “All my children are grown up and independent, so the ownership of UK’s foreign property and offshore company linked with it could not be declared under my name.”

On a question as to why his family was having offshore companies, Tareen replied it was must for the management of assets in the UK as serious problems regarding inheritance of the property could emerge in case of any untoward situation. “If same is not done through offshore companies being managed through a trust, a big money has to be paid in form of taxes to the UK government and the property has to be surrendered to the UK authorities because the laws regarding inheritance are different there,” Tareen explained.

Tareen said that his four children had property in UK and he had sent money outside the Pakistan through legal banking channels. He also provided two documents regarding transfer of money from Pakistan to UK. One document shows that Jehangir Tareen sent 200,000 pound on September 18, 2014 through HBL Corporate Center Lahore to his son, Ali Khan Tareen. The other document, however, shows that Tareen sent 250,000 pound on May 25, 2011 through the same channel to a company ‘Shiny View Limited.’ However, Tareen didn’t disclose exact location of property in UK and the name of offshore company in the name of his four children saying he could not recall name and that he would have to check.

Tareen said that an investment of Rs132,494,948 each for his son, Ali Khan Tareen, daughter Mehar Khan Tareen, daughter Seher Khan Tareen and daughter Maryam Khan Tareen was shown in their return for the tax year 2015 as ‘share in trust.’ The total amount shown for all the four children stands at Rs529,979,792. Tareen said that this entire amount (Rs529.97 million) was sent abroad through legal channel. He said he would provide evidence of money transfer and other details later, the News reported.

This first appeared in The News.