Daily Times

ISLAMABAD: Observing that Sharif family’s assets do not match their known sources of income, the joint investigation team (JIT) probing ruling family’s offshore business dealings has recommended filing of a reference against Prime Minister Nawaz Sharif and his sons Hassan Nawaz and Hussain Nawaz with the National Accountability Bureau (NAB).

“Failure on the part of all respondents (including Sharif family) to produce the requisite information confirming known sources of income is prima facie tantamount to not being able to justify assets and the means of income,” the JIT’s final report submitted in the Supreme Court on Monday concluded, while recommending that the matter be referred to anti-corruption watchdog for further proceedings under the National Accountability Ordinance 1999.

The six-member JIT submitted its findings before the top court comprising 10 volumes, including a 254-page summary of the investigation.

The JIT observed serious gaps and significant disparities amongst the known and declared sources of income and wealth accumulated by PM Nawaz Sharif and his children Maryam Safdar, Hassan Nawaz and Hussain Nawaz.

“The financial structure and health of companies in Pakistan having linkage to the respondents also do not substantiate the wealth of the respondents,” the report said.

The JIT found irregularities in movement of loans and gifts from Hussain Nawaz to his father Nawaz Sharif. It said that five offshore companies including Nielson, Nescoll, Allanna, Lamkin SA Coomber Group Inc and Hiltern International Limited had been used for inflow of funds, which not only acquired expensive properties in UK from such funds but also revolved these funds amongst their companies of UK, Saudi Arabia, United Arab Emirates and Pakistan.

“Needless to say, these UK companies were loss-making entities with heavily engaged in revolving of funds vis-à-vis creating a smoke screen that the expensive properties of UK were due to the business operation of these UK companies,” report added.

The findings said that 32 companies and mills, wherein the PM and his children were acting as shareholders/dictators/beneficial owners, are primarily family owned businesses and the companies were mainly incorporated in 1980s and 1990s when PM was holding public office.

“Accumulation of assets of Hussain Nawaz shows a drastic hike in early 90s with no declared source of income. This is the period Sharif family was part of ruling elite,” the JIT stated, believing that this buildup of assets was through irregular means and the PM’s son was used as a proxy to increase the assets.

The JIT submitted that PM Nawaz Sharif concealed Rs 45 million in wealth statement for tax year 2013 in a way. “An amount of Rs 100 million was shown as donation given to the PML-N by Nawaz Sharif. However, during analysis of the account statement, it was observed that an amount of Rs 45 million was transferred back by the PMLN on June 10, 2013 to respondent 1 (PM),” the report said.

The JIT found that Hussain’s financial details of assets and record of Federal Board of Revenue (FBR) reflected irreconcilable differences on mis-declaration of assets which is tantamount to hiding of assets and tax evasion.

Financial details of Hassan’s UK companies reveals a gap between claimed parent funds from Qatar and his funding to UK companies, the report stated, adding that despite the companies remained in losses, purchase of properties and extending wealth empire continued and Hassan was seen loaning to Sharif family’s companies in Pakistan.

Like Hassan and Hussain Nawaz, the JIT concluded, PM’s daughter Maryam Safdar’s assets also shown drastic hike in 90s with no declared source of income.

In another conclusion, the JIT stated that Maryam Safdar declared ownership of BMW car claimed to be gift from royal family of UAE. “Rs 3.5 million was paid by her as customs duty without any visible source of income. The same car was shown to be sold at Rs 28 million in her wealth statement and assets increased. However, the same is reflected in her wealth statement of subsequent years as well,” the report said. “More so , dichotomies are found in declaration/value of this car in wealth statements of Maryam Safdar and Muhammad Safdar who declares the value of the car as Rs 6.0 million and ownership of car till 2016 seemingly tantamount to hiding of assets and tax evasion,” the report observed.

The report mentioned the chairmanship of Nawaz Sharif of offshore company namely FZE Capital in UAE. It confirmed fictitious sale and purchase agreements submitted to the Supreme Court by the Sharif family. It also confirmed the forged and tampered documents submitted as declaration of trust by the Sharif family.

The report also confirmed the beneficial ownership of Maryam Safdar of Nielson Enterprises Limited and Nescoll Limited in British Virgin Islands.

* Irregularities found in loans and gifts from Hussain Nawaz to his father

* Five offshore companies Nielson, Nescoll, Allanna, Lamkin SA Coomber Group Inc

 and Hiltern International Limited used for inflow of funds

* 32 companies and mills are primarily family-owned businesses of Sharifs

* Hussain Nawaz used as proxy to increase Sharif family’s assets

* PM concealed Rs 45 million in wealth statement for tax year 2013

* Maryam’s assets grew in 90s with no declared source of income

* Nawaz Sharif chaired offshore company namely FZE Capital in UAE

* Maryam beneficial owner of Nielson Enterprises, Nescoll Limited

* Fictitious sale, purchase agreements submitted to SC by Sharif family

Published in Daily Times, July 11^th , 2017.