The International Federation of Journalists (IFJ) has unveiled the biggest financial scandal in history, the “Pandora Papers”, in which several heads of state, politicians, industrialists, bureaucrats and retired officers from offshore companies from around the world have come out. Come on, these people include 700 Pakistanis.
According to Express News, the International Federation of Journalists has exposed an even bigger financial scandal after the Panama Papers, which has been named “Pandora Papers”. At 9:30 pm on Sunday, the ICIJ released papers on the subject, on which 600 journalists from 117 countries have worked for two years.
According to these papers, 700 Pakistanis are also involved in this financial scandal which has offshore companies. Prominent among them are Finance Minister Shaukat Tareen, Senator Faisal Wawda, Federal Minister Monis Elahi, PPP leader Sharjeel Memon, Ishaq Dar’s son Ali Dar, Khusro Bakhtiar’s brother Umar Bakhtiar, Raja Nadir Pervez, Senior Minister Abdul Aleem Khan. The name of the son of former Special Assistant to the Prime Minister Waqar Masood is also included.
According to the papers, Arif Naqvi, CEO of Abraaj Group, Shoaib Sheikh, owner of Exit Company, and several bankers and retired military officers, including Lt. Gen. (retd) Shafaatullah, Lt. Gen. (retd) Nusrat Naeem and Lt. Gen. (retd) Afzal Muzaffar’s son. Col (retd) Raja Nadir Pervez, General (retd) Khalid Maqbool’s son-in-law Ahsan Latif, Gen (retd) Ali Qali Khan’s sister also have offshore companies.
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ICI If the change slogan of Prime Minister Nawaz Sharif several members of his cabinet turned OFF owner noisy companies. Imran Khan himself is surrounded by people, cabinet ministers, political comrades who have offshore assets.
The most shocking
Pakistan’s Foreign Minister Shaukat Tareen and other members of his family have four offshore companies. According to Tariq Fawad Malik, the financial adviser who handles the paperwork for these companies, these companies are part of the investment coming from the Saudi business of the Tarin family.
Shaukat Tareen did not respond to a questionnaire sent by ICIJ. “The offshore companies mentioned are part of my fundraising process for my bank,” he said in a statement issued on the day the Pandora Papers were published.
Umar Bakhtiar, the brother of Imran Khan’s Industry Minister Makhdoom Khusro Bakhtiar, bought a مل 1 million apartment in Chelsea, London, in the name of his elderly mother in 2018 through an offshore company. The state anti-corruption agency is also investigating allegations that his family’s wealth skyrocketed when he became a minister for the first time under Musharraf.
Faisal Wawda, former Minister for Water Resources under Prime Minister Imran Khan, founded the offshore company in 2012 by investing in UK Investments. Wawda told ICIJ that he had declared his assets around the world to Pakistani tax authorities.
Waqar Masood Khan
Waqar Masood Khan’s son, who was Imran Khan’s chief adviser on finance and revenue from 2019 to 2020, has a company in the British Virginia Islands. Massoud resigned in mid-August over a policy dispute. Waqar Khan told ICIJ that he did not know what his son’s company did. “My son lives a moderate life and does not depend on me,” he said.
Pakistan Tehreek-e-Insaf’s top donor Arif Naqvi, who is facing fraud charges in the United States, also owns several offshore companies.
Documents show that in 2017, the CEO of Abraaj Group transferred the ownership rights of UK Holding to an offshore trust operated by Deutsche Bank. However, Deutsche Bank declined to comment on ICIJ’s questions about the trust’s benefits.
Prominent businessman and PTI donor Tariq Shafi also has 21 215 million in assets through offshore companies, according to records.
Monis Elahi, son of PML-Q founder Chaudhry Pervez Elahi, is currently a key ally of Imran and a federal minister. There have been many scandals against his family in the past, but hardly any of them have had any legal consequences.
According to documents, in January 2016, Monis Elahi, then a Punjab legislator, met with officials of Asia City Trust, an offshore asset manager and financial services provider. Records show that he told Asia City officials that he wanted to invest the proceeds from the sale of the land at his Phalia Sugar Mills in 2007.
Asia City initially barred him from investing, calling him a politically exposed person (PEP). However, on February 15, 2016, Asia City accepted Monis Elahi as a client, ignoring the Thomson Reuters Risk Management report. Monis Elahi then signed a 33 33.7 million deal with Asia City, claiming that the money came from the sale of Phalia Sugar Mills.
Related: PM announces probe against all Pakistanis in Pandora Papers
The scandal also involved global personalities
The Pandora Papers have published confidential financial documents of 35 current and former heads of state, 330 politicians and public representatives from 91 countries and regions around the world.
The secret documents include the kings of Yemen, the presidents of Ukraine, Kenya, Ecuador, the prime minister of the Czech Republic and former British prime minister Tony Blair.
The documents also detail Russian President Vladimir Putin’s non-governmental propaganda minister and the financial dealings of more than 130 billionaires from Russia, the United States, Turkey and other nations. According to the list, Indian cricketer Sachin Tendulkar, pop star Shakira, supermodel Claudia Schaefer and Indian industrialist Anil Ambani are also involved in keeping secret assets.
Offshore companies are also named after the ruler of Dubai, Mohammed bin Rashid Al Maktoum, the son of the Azerbaijani president and former Bahraini Prime Minister Sheikh Khalifa bin Salman, while the names of three former Panamanian presidents have also appeared in Pandora Papers. The name of Jacob Reese Mogg, the leader of the British House of Commons, is also included in the Pandora Papers