Minister for Finance Shaukat Tarin on Sunday clarified his role in the opening of certain offshore companies. He said the offshore companies were opened when Tariq Fawad Malik, who worked for the UAE’s Tariq bin Laden company, had obtained formal permission to invest in Silk Bank, of which he was a major stakeholder. He clarified that no bank account of the companies was opened and no transaction took place. Later, when minds were changed regarding investment, the companies were closed, between 2014 and 2015, he said. He added that Tariq bin Laden is a major Saudi investor, while Tariq Fawad Malik worked for Tariq bin Laden’s company in the UAE. In this regard, Malik – a key figure in the Broadsheet case – said that in 2014, he was associated with a Middle Eastern company that wanted to invest in Tarin’s bank. He said that his company, wishing to invest in the bank, also held negotiations with the State Bank of Pakistan. Malik’s remarks come in the backdrop of reports that he manages four offshore companies – Hamra Inc, Moonhen Inc, Seafax Inc, and Triperna Inc., – which are allegedly owned by Tarin along with three of his family members. These companies are said to have been registered in 2014 in Seychelles, Isle of Man.