Nawaz Sharif family under scanner: This is what the Panama Papers brought to light

Four things from the Panama Papers about the Sharif family’s UK assets that you need to know.

Written by Express Web Desk | New Delhi | Updated: April 20, 2017 4:04 pm
panama, panama papers, panama leak, nawaz sharif, nawz sharif panama, panamagate, supreme court, nawaz sharif corruption, maryam nawaz sharif, nawaz sharif verdict, nawaz sharif family, indian express news, corruption allegations nawaz sharif, pakistan news, world news Pakistan Prime Minister Nawaz Sharif. Pakistan’s Supreme Court ordered a JIT probe of Prime Minister Nawaz Sharif’s family in relation to corruption allegations. Reuters Photo

Islamabad had been abuzz with nervous excitement as the Pakistani Supreme Court ordered a JIT probe of Prime Minister Nawaz Sharif’s family in relation to corruption allegations that came to fore from the Panama Papers which implicated three out of four children of Sharif, including his daughter and presumptive political heir Maryam Safdar.

The focus of this particular SC probe had been the Sharif family properties based in London, purchased through these offshore firms. Sharif and family have denied any wrongdoing and have dismissed the claims as being politically motivated, even as controversy has long surrounded this industrial family — known to be one of Pakistan’s richest. Their businesses have included steel, sugar and paper mills, along with extensive holdings outside Pakistan and they have been accused over time of corruption, ownership of illegal properties, tax avoidance and money laundering. Here are four things from the Panama Papers about the Sharif family’s UK assets that you need to know: 

*Three children of Nawaz Sharif — Maryam, Hasan and Hussain — were revealed to be owners or had the right to issue transactions for several offshore companies.

*Maryam Safdar was found to be the beneficial owner of British Virgin Islands-based firms Nielsen Enterprises Limited and Nescoll Limited, incorporated in 1994 and 1993. Sharif’s first term as the Pakistani Prime Minister had ended in 1993. The ICIJ page states that the companies owned “a UK property each for use by the family” of the companies’ owners.

*Maryam and Hussain had signed a document dated June 2007 that was part of a series of transactions in which Deutsche Bank Geneva lent up to $13.8 million to Nescoll, Nielsen and another company, with their London properties as collateral. These two companies were then transferred to another agent in July 2014.

*In February 2007, Hasan Nawaz Sharif had been the sole director of Hangon Property Holdings Limited incorporated in the British Virgin Islands, with the Liberia-based firm Cascon Holdings Establishment Limited as a shareholder. Later that year, Cascon Holdings transferred its shares in Hangon Property Holdings back to Hasan Nawaz Sharif for about $11.2 million.

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  1. S
    salam kahn
    Apr 20, 2017 at 7:04 pm
    A silly statement from an uneducated person.
    Reply
  2. A
    ARUN HEBBARE
    Apr 20, 2017 at 5:48 pm
    Another Islamic thug. stan is not a country but a safe haven for perpetration of jihad in the name of the violent prophet muhammad. All these thugs are making money out of the help of the blind belief of the followers of islam and in the name of country. muslims cannot belong to any country. they belong to islam and muhammad, not even their own fellow brothers are safe from each other such is their religion. stan is only cheating as a nation to ensure its survival to perpetrate religious dominance on the world. That is the hidden agenda behind the country... They have no conscience towards this world or to others living here. The sooner the world clearly realizes this imminent threat and subdues it the better.
    Reply