Islamabad(July 11, 2017): The Panamagate Joint Investigation Team (JIT), formed by the Supreme Court to investigate the Sharif family’s business dealings, has confirmed that Prime Minister Muhammad Nawaz Sharif was the chairman of an offshore company, FZE Capital, located in Jebel Ali, Dubai.
According to the report, PM Nawaz Sharif was playing active role in his family business secretly and he was taking salary as Board of Chairman FZE Capital but he never declared it before Election Commission of Pakistan or as source of income. It is pertinent to mention here that PM Nawaz Sharif donated Rs100 millions to PML-N and took back Rs45 millions secretly.
The JIT has found glaring disparities in the family’s known sources of income and their actual wealth which it says the Sharif family was unable to substantiate. The JIT recommends filing of the reference under Section 9 of NAB Ordinance 1999 against Prime Minister Nawaz Sharif, daughter Maryam Nawaz and sons Hasan and Hussain Nawaz.
“Significant gap/disparity among the known and declared sources of income and the wealth accumulated by the Respondent No. 1, 6, 7 and 8 have been observed,” said the investigation team in its closing remarks.
In the report, Respondent 1 refers to Prime Minister Nawaz Sharif, Respondent 6 refers to Maryam Nawaz, Respondent 7 refers to Hussain Nawaz and Respondent 8 to Hasan Nawaz.
“The financial structure and health of the companies in Pakistan having linkages to the Respondents also do not substantiate the wealth of Respondents,” added the document.
“Moreover, irregular movement of huge amounts in shape of loans and gifts from Kingdom of Saudi Arabia-based company (Hill Metals Establishment), United Kingdom based companies (Flagship Investments Limited and others) and United Arab Emirates based Company (Capital FZE) to Respondent No. 1, Respondent No. 7 and Pakistan based companies of Respondent No. 1 and family have been highlighted.”
“The role of off-shore companies is critically important as several offshore companies [companies mentioned by name] have been identified to be linked with their businesses in UK while conducting this investigation. These companies were mainly used for inflow of funds into UK based companies; which not only acquired expensive properties in UK from such funds but also revolve these funds amongst their companies of UK, KSA, UAE and Pakistan.”
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