Daily Times

ISLAMABAD: The Sharifs on Thursday produced another letter of Qatari family in the Supreme Court.

“This investment was made by way of ‘provision of cash,’ which was common practice in the Gulf region at the time of the investment,” the Qatari letter categorically stated.

The letter also explained that such ‘customary’ way was adopted to do business due to longstanding relationship between the two families. The Sharifs have been arguing before the court that the London flats through Neilson and Nescoll companies were acquired from the proceeds of business settlement with Al-Thani family.

However, from the recent letter of the Qatari prince, it appears that there is no such official transaction of money to Qatar for investment in real estate business. It is yet to determine how counsel for the PM’s sons will assist the court keeping in view the letter, which apparently does not explain the money trail for the investment in Qatar.

Justice Asif Saeed Khosa, member of larger bench headed by the then chief justice Anwar Zaheer Jamali, had observed over the previous Qatari letter that it was a ‘hearsay’ and raised question whether the Qatari prince was ready to appear before the court to verify the letter. The letter dated December 22, 2016, signed by Hamad bin Jassim bin Jaber Al Thani and Ambassador of Pakistan to Doha-Qatar Shahzad Ahmad, stated that Mian Muhammad Sharif, father of Prime Minister (PM) Nawaz Sharif, made an investment of ‘approximately’ 12million AED in the real estate business of Al-Thani family. The new letter stated that at the end of 2005, after receiving all accruals and other distributions made over the term of the investment, it was agreed that an amount of ‘approximately’ $8,000,000 was due to Mian Sharif.

“The amount due to him (Muhammad Sharif) was settled in 2006 by way of the delivery to Hussain Nawaz Sharif’s representative of bearer shares of Nescoll Ltd and Nielsen Enterprises Ltd, which had been kept during that time in Qatar,” it stated. In addition of the second letter of Qatari prince, Salman Akram Raja, counsel for PM’s sons Hassan and Hussain, submitted a 133-page document showing the transaction details and auditor’s reports regarding the Gulf Steel Mills (GSM) in Dubai and the Azizia Steel Mills in Jeddah.