Panama Papers: Massive leak alleges PM Nawaz, sons and daughter among world leaders who use tax havens to hide their wealth

LAHORE (Web Desk) - Eleven million documents were leaked from one of the world's most secretive companies, Panamanian law firm Mossack Fonseca revealed that Prime Minister Nawaz Sharif, his sons Hussain and Hasan Nawaz, and daughter Mariam Safdar set up at least four offshore companies in British Virgin Islands (BVI).

Related - Exposed By Panama Papers: List of Pakistani politicians, businessmen and judges who own offshore companies

These companies owned at least six upmarket properties overlooking London’s Hyde Park.

Related - Panama Papers: Benazir Bhutto’s oil firm paid huge bribes to Iraqi President Saddam Hussain for contracts



Related - American corporations, politicians mysteriously missing from Panama Papers

According to media reports, 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.

Related - Panama Papers: Hussain Nawaz accepts offshore companies ownership, says businesses not illegal

The document leak, consisting of over 11 million files, also exposes the dealings of 72 other current or former heads of state including dictators accused of looting their own countries.

Gerard Ryle, director of the ICIJ, said the documents covered the day-to-day business at Mossack Fonseca for over the past 40 years.