Daily Times

ISLAMABAD: Contrary to Prime Minister (PM) Nawaz Sharif’s statements pertaining to separating himself from business, the Joint Investigation Team (JIT) while narrating the facts stated that the premier had opened accounts in four different banks during 2009 till date showing himself on different ranks in Chaudhry Sugar Mills Limited (CSML).

According to the report, PM Nawaz Sharif not only remained involved in business activities but also transferred an amount of Rs 18.019 million to the CSML in September 2015.

“During evaluation of evidences and record collected from different banks by the JIT, it was noted that he (PM) opened 5 PKR bank accounts and 3 foreign currency accounts in four different banks during the period from 1-7-2009 till date. In the bank account opening forms submitted to the bank, he mentioned his occupation as ‘self-employed’ and name of the employer as ‘Chaudhry Sugar Mills Limited’ (CSML) in all the account opening forms,” stated JIT in Volume IX of its final report.

It is pertinent to mention here that PM Sharif, who started his political career in 1981, in his statements in general and in Supreme Court of Pakistan in particular, had stated that he had separated himself from business activities from the day he entered into politics.

However, the final report of JIT apparently declared PM’s statements false in this aspect and stated that in two of the accounts opened at Standard Chartered Bank Limited, the PM showed himself as CEO of Chaudhry Sugar Mills Limited, while in an account opened at ABL, the premier had showed his designation as a shareholder.

It added that the joint account of PM Sharif with Ms Shamim Akhtar Sharif also reflected such facts.

“Further, the Taxpayer Registration Certificate of respondent No 1 (PM) printed on 26-9-2009 reflected his business has been named as Chaudhry Sugar Mills Limited,” the final report stated.

“It may be noted that as on 31-12-2008, respondent No 1 held 1,600,000 shares of CSML, which increased to 2,012,538 shares on 31-1-13 and 12 million on 31-1-16,” the report said.

This increase in shares was witnessed during the ongoing tenure of PM Sharif.

Likewise, PM has been regularly receiving salary from CSML on a monthly basis, making aggregate of Rs 24.372 million.

“It was observed that during 2010-11, an amount of Rs 560,000 per month was received by respondent No 1 (PM Sharif) from CSML for nine months, while the amount was increased to Rs 800,000 per month during 2011-2012,” the report stated while narrating the facts.

Similarly Rs 820,417 per month was received during the first 11 months of 2012-13, stated the report about PM Sharif who had claimed before the court that he had devoted his entire life to politics.

The JIT report maintained that the drawing of salary from CSML was also disclosed in the income tax returns filed by the premier.

“In addition, a couple of financial transactions of respondent No 1 (premier) with CSML were also observed,” the Volume IX of the report stated, adding that on 28-06-2010, CSML transferred Rs 5.670 million in his account.”

“Similarly, on 23-09-2015 (in his tenure), Rs 18.019 million was transferred by respondent No 1 (PM) to CSML,” it stated.

The report further stated that Nawaz Sharif had been shareholder of Muhammad Buksh Textile Mills from 2011 to 2015, Ittefaq Brothers Private Limited from the years 1981 to 1985, 1987, 1989-90, 1992-94 and 1996.

Similarly, he also remained shareholder of Brothers Steel Mills Limited in 1984, 1986-88, 1990 and 1994, it added.

Likewise, he had also been the shareholder of Ittefaq Foundries Private Limited from 1980-93, Ramzan Sugar Mills Limited from 1992-95, Ittefaq Sugar Mills Limited 1983-2015 and Hudaibiya Paper Mills Limited from 2010-14.

Similarly, according to the JIT, the PM had also been shareholder in Hudaibiya Engineering Private Limited from 1993-2010, Ilyas Enterprises Private Limited 1993-2010 as well as shareholder of Ittefaq Textile Mills Limited till 1998.

The JIT also procured evidence from regulatory authority concerned – Jebel Ali Free Zone Authority (JAFZA) – in Dubai, showing that Mian Nawaz Sharif, the prime minister of Pakistan, was the chairman of the Board for Capital FZE from 2006 to 2014 at a salary of AED 10,000.

“Yet another area of obscurity are the SPVs (special purpose vehicles)/offshore companies identified by the JIT Capital FZE, Chadron Inc, Ansbacher Inc, Coomber Inc, Nielson Enterprises Limited and Nescoll Limited and other shelf companies procured in the UK, British Virgin Islands, Isle of Mann, Jersey, etc, which played the role of conduits for transferring money to destination around the world or back into Pakistan.”

Published in Daily Times, July 13^th , 2017.