Pakistan

LAHORE – While the Panama Papers leaks, which exposed over 400 Pakistanis linked to offshore companies registered in tax havens some six months ago, still remain to be investigated, the latest publication by the International Consortium of Investigative Journalists (ICIJ) has named another 150 Pakistanis who own shady firms in Bahamas.


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The latest data leak carries 1.3 million files which provide names of directors and some owners of more than 175,000 Bahamian companies registered between 1990 and early 2016. Among them, around 150 Pakistanis were also identified as directors of nearly 70 companies.

Obaid Altaf Khanani, the son of Pakistan’s notorious money changer Altaf Khanani who is currently in the custody of US authorities on terror financing and money laundering charges, is on the top of the list.

Jamaat-e-Islami’s leader Professor Khurshid Ahmed is one of the prominent names in the leaks. However, while responding to the questions forwarded by an ICIJ partner journalist, he said he was not financially involved, but only served as an employee.

The Bahamas-based company linked to Professor Khurshid Ahmed was banned by the United Nations and the United States, after 9/11 attacks for suspicious dealing.

Popular Afghan businessman Ahmed Ratab Popel, who is also being investigated for narcotics smuggling and corruption, also used a Pakistani address to register a company in Bahamas. Popel is the cousin of former Afghan President Hamid Karzai and is also considered a close aide of Mullah Abdul Zaeef –Taliban regime’s former ambassador to Pakistan.

Lahore High Court judge Mohammed Farrukh Irfan’s again surfaced as a director of a Bahamas-based firm, after his name was mentioned in the Panama Papers leak. Irfan transferred his offshore company to his daughter, one year after he was sworn as LHC judge.

Samina Durrani, the mother-in-law of Punjab Chief Minister Shahbaz Sharif, also registered offshore firm in Bahamas, however, the ownership of the company has been kept anonymous due to certain unknown reasons.

Former Health Minister Naseer Khan’s son named Gibran also owns a Bahamian entity. His name was also mentioned in the Panama Papers.

Just like Panama Papers leaks, most of the Pakistanis owning shady companies in Bahamas are also businessmen. Their businesses range from financial services to steel mills, textile industry to insurance corporations, chemicals to security services, and construction to asset management.

Some prominent names included Raza, Hasnain, Rafique, Hyder, Imran, Aun and Sajjad of a single business family which has six offshore companies on Bahamas Leaks.

The owner of Captain PQ Chemical Industries and director of Standard Chartered Bank, Spenta Kandawalla, is also a director of the Bahamian firm.

Mohsin, Arshad, Amjad, Abid and Ahmed, Salim, Hamida, Enam, Shaukat, Shafqat, Sultan, Irshad, Yasmeen, Farhana, Danus and Naushad are other notable names of the businessmen.

The Bahamas Leaks also carried several international names as well, i.e. former EU Competition Commissioner Neelie Kroes, former Columbian minister for mines and energy Carlos Cabellero, the son of former Chilean dictator Augusto Pinochet, Argentina’s president Mauricio Macri and his father Francisco and brother Mariano, and UK foreign secretary Amber Rudd.

Full list* of Pakistanis mentioned in Bahamas Leaks: