salaam!
News Update:
Benazir could claim interest on frozen assets
National exchequer to pay heavy price for NRO; SPB faces unique situation
Thursday, October 11, 2007
By Nadeem Shah
Ref:Benazir could claim interest on frozen assets
MULTAN: The national exchequer would have to pay the price for national reconciliation in the shape of de-freezing assets worth $1.5 billion to Benazir Bhutto and her spouse Asif Ali Zardari in the coming days besides de-sealing sugar mills, textile mills, chemical industries and valuable agriculture, commercial properties worth rupees hundreds of millions.
A senior official of the State Bank of Pakistan (SBP) told The News that the bank was facing a situation absolutely different from the procedure of loan write-off or dealing in debt servicing.
He said PPP chairperson Benazir Bhutto could claim interest on frozen assets, which was estimated to be billions of rupees. He observed that if Benazir Bhutto claims the mark-up against her frozen assets it would reach $9.6 million at the interest rate of 0.6 per cent. The situation needs formulation of a new policy to release the frozen account of the couple, he added.
Sources said France, Poland, Spain and Switzerland had lodged complaints and provided documentary evidences to Pakistani government on corruption of the couple, while cases were registered against them in Spain and Switzerland.
A senior PPP leader, on condition of anonymity, disclosed that unfortunately Benazir Bhutto had always struck deal in politics against the basic philosophy of Bhutto Shaheed who believed in resistance and struggle. Benazir struck a deal with Gen Ziaul Haq when she left the country in 1984, which was negotiated by her friend and important dignitaries of the US administration. Similarly, her return in 1986 and subsequent assumption of power in 1988 were result of deals with the military establishment struck under the auspices of US imperialism, he said, adding that Benazir had distanced the PPP from its founding socialist principles with every deal and tried to present herself as a stateswoman more capable of diverting the mass movements and protecting the interest of imperialism than others.
He observed that Mian Nawaz Sharif was deported to ensure a smooth homecoming for Benazir. He was of the view that she had earned discredit and she would probably further delay her return.
Reports reveal that a Rawalpindi accountability court had ordered to freeze worldwide assets and bank accounts of Benazir Bhutto and Asif Ali Zardari last year and all the assets and accounts would be restored or released swiftly for joining hands with President Pervez Musharraf.
The value of assets and accounts is estimated to the tune of $1.6 billion dollars. Zardaris assets and bank accounts that were frozen included his share in 25 offshore companies Bomer Finance, Mariston Securities, Nasam Alexander located in the British Virgin Island, Florida Isle of Man and Isle of Jersey.
Zardaris frozen foreign assets also include 355 acres of Rockwood Estate (Surrey Palace), apartments in the posh Queens Gate Terrace and Hammer Smith of London, four shops in Brussels and two apartments. The Surrey Palace has been sold to a billionaire based in Qatar at six times higher rates than its original price. Zardaris assets in the US include Texas Stud Farm and properties in Wellington Club East, West Palm Beach.
The 25 bank accounts of Zardari, which were ordered to be frozen, included Union Bank Switzerland, Citibank Private Limited and Citibank, Dubai.
The NAB court had also ordered all district coordination officers (DCOs) to confiscate properties of Zardari and Benazir Bhutto which included 150 acres of land in Sanghar, Nawabshah and Hyderabad besides Sikandar Sugar Mills, Ansari Sugar Mills, Mirza Sugar Mills, Panjero Sugar Mills, Bachani Sugar Mills, 80 acres of land at Hawksbay and one acre plots each in Clifton and Sadar, Karachi.
In 1999, the court ordered seizure of inland assets and properties after the military coup, which included six sugar mills, two textile units, one cement factory, two chemical industries, one ice factory, agriculture property, commercial/ residential property, etc. Oxford graduated Benazir Bhutto first came to power in 1988 at 35 and her husband Asif Ali Zardari was titled Mr 10pc for allegedly receiving kickbacks. Her first government was dismissed on corruption charges in 1990 and she again came to power in 1993 and Zardari was nicknamed as Mr 30pc. Later, her government was against dismissed on corruption charges in September 1996.
The NAB reports revealed that Benazir Bhutto had allegedly transferred biggest money worth 50,000 pounds sterling in October 1994 which was sent directly from the numbered account at Union Bank of Switzerland (UBS) into Zardaris own personal account at Barclays Bank, Knightsbridge. However, BB always rejected corruption charges levelled on the basis of fake documents.
The Auditor-General of Pakistan (AGP) report revealed that former president Ghulam Ishaq Khan had given Rs 28 million to legal advisers for filing 19 corruption cases against the couple in 1990-92.
French authorities indicated in 1998 that Zadari offered exclusive rights to Dassault, a French aircraft manufacturer, to replace the air forces fighter jets in exchange for a five per cent commission to be paid to a corporation in Switzerland controlled by Zardari.
The Swiss government handed over documents on money laundering to the Pakistan government, which related to corruption allegations against Benazir Bhutto and her husband in 1998.
The Polish government has given Pakistan a 500-page document relating to corruption allegations against Benazir Bhutto and her husband in the purchase of 8,000 tractors in 1997. The Polish government had complained about receiving heavy kickbacks by the ruling couple during power. Benazir Bhutto launched Awami Tractor Scheme for the welfare of poor farmers and allegedly received 7.15 per cent commission on the purchase of tractors through their front men - Jens Schlegelmilch and Didier Plantin of Dargal SA - who received about $1.969 million for supplying 5,900 Ursus tractors, the reports revealed.
In the first quarter of the last year, the National Accountability Bureau (NAB) claimed that the bureau had found two Sharjah-based offshore companies owned by Benazir Bhutto and her family indicating that the former premier had stashed corruption money in Spain.
The Spanish authorities initiated criminal proceedings against BB and her associates under the money laundering laws and froze the companies assets, four bank accounts and a villa in Valencia, revealed the reports. On the other hand, the PPP has rejected the NAB report terming it a part of victimisation of the couple.
Stolen riches from the Pakistani nation?.....I can't understand why she will be in power in the third time.....MORE LOOTING of the nations wealth I'd say!
News Update:
Benazir could claim interest on frozen assets
National exchequer to pay heavy price for NRO; SPB faces unique situation
Thursday, October 11, 2007
By Nadeem Shah
Ref:Benazir could claim interest on frozen assets
MULTAN: The national exchequer would have to pay the price for national reconciliation in the shape of de-freezing assets worth $1.5 billion to Benazir Bhutto and her spouse Asif Ali Zardari in the coming days besides de-sealing sugar mills, textile mills, chemical industries and valuable agriculture, commercial properties worth rupees hundreds of millions.
A senior official of the State Bank of Pakistan (SBP) told The News that the bank was facing a situation absolutely different from the procedure of loan write-off or dealing in debt servicing.
He said PPP chairperson Benazir Bhutto could claim interest on frozen assets, which was estimated to be billions of rupees. He observed that if Benazir Bhutto claims the mark-up against her frozen assets it would reach $9.6 million at the interest rate of 0.6 per cent. The situation needs formulation of a new policy to release the frozen account of the couple, he added.
Sources said France, Poland, Spain and Switzerland had lodged complaints and provided documentary evidences to Pakistani government on corruption of the couple, while cases were registered against them in Spain and Switzerland.
A senior PPP leader, on condition of anonymity, disclosed that unfortunately Benazir Bhutto had always struck deal in politics against the basic philosophy of Bhutto Shaheed who believed in resistance and struggle. Benazir struck a deal with Gen Ziaul Haq when she left the country in 1984, which was negotiated by her friend and important dignitaries of the US administration. Similarly, her return in 1986 and subsequent assumption of power in 1988 were result of deals with the military establishment struck under the auspices of US imperialism, he said, adding that Benazir had distanced the PPP from its founding socialist principles with every deal and tried to present herself as a stateswoman more capable of diverting the mass movements and protecting the interest of imperialism than others.
He observed that Mian Nawaz Sharif was deported to ensure a smooth homecoming for Benazir. He was of the view that she had earned discredit and she would probably further delay her return.
Reports reveal that a Rawalpindi accountability court had ordered to freeze worldwide assets and bank accounts of Benazir Bhutto and Asif Ali Zardari last year and all the assets and accounts would be restored or released swiftly for joining hands with President Pervez Musharraf.
The value of assets and accounts is estimated to the tune of $1.6 billion dollars. Zardaris assets and bank accounts that were frozen included his share in 25 offshore companies Bomer Finance, Mariston Securities, Nasam Alexander located in the British Virgin Island, Florida Isle of Man and Isle of Jersey.
Zardaris frozen foreign assets also include 355 acres of Rockwood Estate (Surrey Palace), apartments in the posh Queens Gate Terrace and Hammer Smith of London, four shops in Brussels and two apartments. The Surrey Palace has been sold to a billionaire based in Qatar at six times higher rates than its original price. Zardaris assets in the US include Texas Stud Farm and properties in Wellington Club East, West Palm Beach.
The 25 bank accounts of Zardari, which were ordered to be frozen, included Union Bank Switzerland, Citibank Private Limited and Citibank, Dubai.
The NAB court had also ordered all district coordination officers (DCOs) to confiscate properties of Zardari and Benazir Bhutto which included 150 acres of land in Sanghar, Nawabshah and Hyderabad besides Sikandar Sugar Mills, Ansari Sugar Mills, Mirza Sugar Mills, Panjero Sugar Mills, Bachani Sugar Mills, 80 acres of land at Hawksbay and one acre plots each in Clifton and Sadar, Karachi.
In 1999, the court ordered seizure of inland assets and properties after the military coup, which included six sugar mills, two textile units, one cement factory, two chemical industries, one ice factory, agriculture property, commercial/ residential property, etc. Oxford graduated Benazir Bhutto first came to power in 1988 at 35 and her husband Asif Ali Zardari was titled Mr 10pc for allegedly receiving kickbacks. Her first government was dismissed on corruption charges in 1990 and she again came to power in 1993 and Zardari was nicknamed as Mr 30pc. Later, her government was against dismissed on corruption charges in September 1996.
The NAB reports revealed that Benazir Bhutto had allegedly transferred biggest money worth 50,000 pounds sterling in October 1994 which was sent directly from the numbered account at Union Bank of Switzerland (UBS) into Zardaris own personal account at Barclays Bank, Knightsbridge. However, BB always rejected corruption charges levelled on the basis of fake documents.
The Auditor-General of Pakistan (AGP) report revealed that former president Ghulam Ishaq Khan had given Rs 28 million to legal advisers for filing 19 corruption cases against the couple in 1990-92.
French authorities indicated in 1998 that Zadari offered exclusive rights to Dassault, a French aircraft manufacturer, to replace the air forces fighter jets in exchange for a five per cent commission to be paid to a corporation in Switzerland controlled by Zardari.
The Swiss government handed over documents on money laundering to the Pakistan government, which related to corruption allegations against Benazir Bhutto and her husband in 1998.
The Polish government has given Pakistan a 500-page document relating to corruption allegations against Benazir Bhutto and her husband in the purchase of 8,000 tractors in 1997. The Polish government had complained about receiving heavy kickbacks by the ruling couple during power. Benazir Bhutto launched Awami Tractor Scheme for the welfare of poor farmers and allegedly received 7.15 per cent commission on the purchase of tractors through their front men - Jens Schlegelmilch and Didier Plantin of Dargal SA - who received about $1.969 million for supplying 5,900 Ursus tractors, the reports revealed.
In the first quarter of the last year, the National Accountability Bureau (NAB) claimed that the bureau had found two Sharjah-based offshore companies owned by Benazir Bhutto and her family indicating that the former premier had stashed corruption money in Spain.
The Spanish authorities initiated criminal proceedings against BB and her associates under the money laundering laws and froze the companies assets, four bank accounts and a villa in Valencia, revealed the reports. On the other hand, the PPP has rejected the NAB report terming it a part of victimisation of the couple.
Stolen riches from the Pakistani nation?.....I can't understand why she will be in power in the third time.....MORE LOOTING of the nations wealth I'd say!
