ISLAMABAD: Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Wednesday observed that Pakistan Tehreek-e-Insaf (PTI) Secretary-General Jahangir Tareen had so far been failed to produce the trust deed having details of 4. 7 million pounds which he remitted to Britain to purchase a 12-acres house in London. He was heading a three-member Supreme Court bench, comprising Justice Umar Ata Bandial and Justice Faisal Arab, which is hearing a petition filed by PML-N leader Hanif Abbasi for disqualification of PTI Chairman Imran Khan and Secretary General Jahangir Tareen over non-disclosure of their assets, ownership of offshore companies and PTI being a foreign-aided party. In his arguments, Sikandar Bashir Mohmand, counsel for Jahangir Tareen, argued that his client remitted 4.7 million pounds to Britain legally to purchase his 12-acre house in London in the name of his children. He contended that this amount was transferred to London in a legal way and it was not the asset of his client, thus he did not declare it in his nomination papers. The chief justice noted that the petitioner was claiming that it was a case having resemblance with the Panama Papers case, adding that the complete record of Tareen’s 18,566 acres leased land, which was ultimate source of his income, had also not been produced before the court so far. The counsel contended that following the settled procedure, his client formed a trust and the amount was remitted to it by establishing an offshore company, through which the house was purchased for the children, thus it was not an asset of his client, hence not declared in the nomination papers. “If the house is sold out, who would get the money?” Justice Faisal Arab asked. Mohmand said in such a situation, his client will get his due share, which would ultimately constitute his asset. He said no dishonesty was committed in the matter as the amount was converted into foreign currency through a legal way and then sent abroad through a proper banking channel. Giving details of the money trail, Mohmand said his client transferred 2.5 million pounds in 2011, 0.5 million pounds in 2012 and 1.1 million pounds in 2014, adding that all these transactions were made through banks and its record was available. He said a total amount of 4.7 million, was remitted to Britain during 2011 to 2014, adding that his client had also took a loan of two million pounds from a bank in London by mortgaging the property. To a court query, he said the currency was exchanged from a certified agent of the State Bank of Pakistan. He said ‘Hyde House’ property in London is not the asset of his client under the law, and the court may examine the accounts’ record of the offshore company. Justice Umar Ata Bandial noted that the decisions of the apex court exist, which hold that declaration of such thing is essential, which can constitute an asset. To a court query, the counsel stated that the nature of the trust of his client was different from that of Hussain Nawaz, son of ousted prime minister Nawaz Sharif, as his client is not a beneficial owner of the trust, while Sharif was the beneficial owner of the company of his son. He said parents often do such things for their children and it did not involve any malafide. He said the structure of a trust and offshore company was formed under the Britain laws. The chief justice again observed that the court has to see the element of honesty in this case, adding that it seemed as if the money was not laundered and remitted through proper channel. To queries by judges that how the case of his client was different from that of the Panama Papers case, in which Nawaz Sharif was disqualified as premier for holding an undisclosed work permit, Mohmand stated that Nawaz Sharif was liable to receive a salary and he had accepted it, whereas the case against his client was different as he did not hide anything. The court directed the counsel to furnish complete record of assets being held by the children of his client, as well as trust deed of Sunny View Limited (SVL). Meanwhile, the court adjourned further hearing till November 7. Published in Daily Times, October 26th 2017.