This goes beyond corruption. Its a matter of national security if three star generals are buying up expensive properties in London. I hope for once we get some closure on this--not like that Papa Johns episode where everything was brushed under the carpet of propaganda against CPEC.
Prime Minister Imran Khan promised ‘new Pakistan’ but members of his inner circle secretly moved millions offshore: ICIJ
- Thread starter Norwegian
- Start date
This goes beyond corruption. Its a matter of national security if three star generals are buying up expensive properties in London. I hope for once we get some closure on this--not like that Papa Johns episode where everything was brushed under the carpet of propaganda against CPEC.
Riz
ELITE MEMBER
- Joined
- Jan 20, 2010
- Messages
- 9,162
- Reaction score
- -6
- Country
- Location
Oey shahzada saadaa cha gia ay fir
Cookie Monster
SENIOR MEMBER
- Joined
- Oct 31, 2016
- Messages
- 3,975
- Reaction score
- 6
- Country
- Location
That was one of his worst decisions to let in lota politicians from other parties. It's basically those same corrupt assholes from PMLN, PMLQ, PPPP etc. wearing a different hat.
In any case...the article is too long peppered with political angle. So it's a case of TLDR...could someone kindly make a table...listing names, qty of money laundered, and current and past political party affiliations of these ppl?
I feel that information will be far more direct and impactful in terms of ppl making a decision when going to vote.
Norwegian
BANNED
- Joined
- Aug 19, 2014
- Messages
- 19,001
- Reaction score
- 11
- Country
- Location
Too much load
Turingsage
BANNED
- Joined
- Sep 28, 2014
- Messages
- 2,304
- Reaction score
- -23
- Country
- Location
The papers mention 1 instance only
Leak reveals firms linked to Aliyev family – repeatedly accused of corruption – have traded nearly £400m of UK property
A network of offshore companies linked to the family and associates of Ilham Aliyev has traded close to £400m of UK property over the past 15 years. Illustration: Guardian Design
Simon Goodley, Harry Davies and Margot Gibbs
Sun 3 Oct 2021 17.30 BST
The Queen’s crown estate has launched an internal review over a £67m London property it appears to have bought from Azerbaijan’s multimillionaire ruling family – which has repeatedly been accused of corruption.
Details of the purchase are contained in the Pandora papers, which reveal how a network of offshore companies linked to the family and associates of the Azerbaijani president, Ilham Aliyev, has traded close to £400m of UK property over the past 15 years.
The property purchases include one building acquired for £33.5m in 2009 by an offshore company beneficially owned by President Aliyev’s son, Heydar, who was then only 11 years old.
Guardian
TheSnakeEatingMarkhur
SENIOR MEMBER
- Joined
- Dec 26, 2018
- Messages
- 3,742
- Reaction score
- 10
- Country
- Location
On the website it mentions Moonis Elahi.Prime Minister Imran Khan promised ‘new Pakistan’ but members of his inner circle secretly moved millions offshore
Leak shows a key ally tried to bypass tax authorities and political and military elites bought luxury apartments and set up shell companies.
By Margot Gibbs and Malia Politzer
Image: Arif Ali/AFP via Getty Images
October 3, 2021
Imran Khan at an anti-government rally in Lahore in 2016, shortly after the Panama Papers caused uproar in Pakistan.
In 2018, Imran Khan, the Pakistani cricketing legend turned anti-corruption campaigner finally broke through.
After more than two decades in the political wilderness, the charismatic Oxford-educated media star seized on the publication of the Panama Papers, the 2016 journalistic exposé that revealed the offshore secrets of the global elite. Among the findings: The children of Pakistan’s sitting prime minister secretly owned a string of luxury London apartments.
Riding a wave of public outrage, Khan led protests around the country and a sit-in at the residence of Prime Minister Nawaz Sharif, demanding that he step down. With the support of the military establishment, Khan propelled his reformist party, Pakistan Tehreek-e-Insaf (PTI), or Pakistan Movement for Justice, past its rivals in the 2018 national elections and propelled himself into the prime minister’s office in Islamabad.
In a televised victory speech, Khan promised a new era.
“We will establish supremacy of the law,” he said. “Whoever violates the law, we will act against them. Our state institutions will be so strong that they will stop corruption. Accountability will start with me, then my ministers, and then it will go from there.”
Now leaked documents reveal that key members of Khan’s inner circle, including cabinet ministers, their families and major financial backers have secretly owned an array of companies and trusts holding millions of dollars of hidden wealth. Military leaders have been implicated as well. The documents contain no suggestion that Khan himself owns offshore companies.
Among those whose holdings have been exposed are Khan’s finance minister, Shaukat Fayaz Ahmed Tarin, and his family, and the son of Khan’s former adviser for finance and revenue, Waqar Masood Khan. The records also reveal the offshore dealings of a top PTI donor, Arif Naqvi, who is facing fraud charges in the United States.
Pakistan’s Finance Minister Shaukat Fayaz Ahmed Tarin gestures during a press conference. Image: Farooq Naeem/AFP via Getty Images
The files show how Chaudhry Moonis Elahi, a key political ally of Imran Khan’s, planned to put the proceeds from an allegedly corrupt business deal into a secret trust, concealing them from Pakistan’s tax authorities. Elahi did not respond to ICIJ’s repeated requests for comment. Today, a family spokesman told ICIJ’s media partners that, “due to political victimisation misleading interpretations and data have been circulated in files for nefarious reasons.” He added that the family’s assets “are declared as per applicable law”.
In one of several offshore holdings involving military leaders and their families, a luxury London apartment was transferred from the son of a famous Indian movie director to the wife of a three-star general. The general told ICIJ the property purchase was disclosed and proper; his wife didn’t reply.
The revelations are part of the Pandora Papers, a new global investigation into the shadowy offshore financial system that allows multinational corporations, the rich, famous and powerful to avoid taxes and otherwise shield their wealth. The probe is based on more than 11.9 million confidential files from 14 offshore services firms leaked to the International Consortium of Investigative Journalists and shared with 150 news organizations around the world.
The window into the personal finances of individual Pakistani generals is especially rare and provides a glimpse at how top military officers – known in Pakistan as “The Establishment” – use offshore to quietly enrich themselves while maintaining, until now, the military’s image as a bulwark against civilian corruption.
In the 48 hours leading up to the publication of the Pandora Papers, a Pakistani television station, ARY-News, reported that, “the owner of two offshore companies registered at a similar address as of Prime Minister Imran Khan has revealed that they were registered by him on a different address and denied any role of the premier in this regard.” The story also attributed the information to “a database of the offshore companies.”
ARY-News is not an ICIJ partner and doesn’t have access to ICIJ data.
In its reporting prior to publication, ICIJ had asked Khan about the same companies. A Khan spokesman told ICIJ that the prime minister had no link to either, adding that two houses in the same neighborhood share an address, providing a map as evidence.
The spokesman also told ARY-News that Khan denied any connection to the companies, adding that their owner “never met Imran Khan face to face and it may however be possible that they had attended an extended family function.”
The Pandora Papers investigation exposes civilian government and military leaders who have been hiding vast amounts of wealth in a country plagued by widespread poverty and tax avoidance.
The newly leaked records reveal the use of offshore services by Pakistan’s elites that rivals the findings of the Panama Papers, which led to Sharif’s downfall and helped propel Imran Khan to power three years ago.
Today, a few hours before the Pandora Papers’ publication, Khan’s spokesperson told a press conference that the prime minister, “has no offshore company but if any of his ministers [or] advisers have it will be their individual acts and they will have to be held accountable.”
An unaccountable military elite
Khan’s anti-corruption rhetoric resonated in Pakistan, where the military has pointed to what it calls the corruption and ineptitude of civilian politicians to justify overthrowing democratically elected governments three times since the country’s founding in 1947.
Military autocracies have ruled Pakistan for almost half the country’s history. They have been bolstered by support from the U.S and NATO countries, which have relied on Pakistan’s support as a bulwark against the Soviet invasion of Afghanistan and, later, the Taliban.
The military also claims legitimacy as the nation’s protector against longtime adversary and nuclear rival India.
Over the decades, the military and its secretive spy agency, Inter-Services Intelligence, have repeatedly stoked anti-India animus, even at the cost of angering Pakistan’s Western allies.
Support independent journalism
Do you believe journalism can make a difference? For just $15/month you can help expose the truth and hold the powerful to account.
Donate
Foreign policy analysts have accused the military of playing a double game, receiving billions of dollars in U.S military support while continuing to work with members of the Afghan Taliban.
One legacy of colonial rule is the military’s wealth. The military’s combined business holdings amount to Pakistan’s largest conglomerate, and it controls 12% of the country’s land. Many of the landholdings are owned by current or former senior leaders.
The Pandora Papers reveal that in 2007, the wife of Gen. Shafaat Ullah Shah, then one of Pakistan’s leading generals and a former aide to President Pervez Musharraf, acquired a $1.2 million apartment in London through a discreet offshore transaction.
The property was transferred to Gen. Shah’s wife by an offshore company owned by Akbar Asif, a wealthy businessman who has opened restaurants in London and Dubai. Asif is the son of the Indian film director K Asif. The younger Asif once met with Musharraf at London’s Dorchester Hotel to ask for an exception to Pakistan’s 40-year ban on Indian films to allow the release there of one of his father’s most acclaimed movies. Musharraf granted the exception and later lifted the ban.
The leaked documents show that Asif has owned a multimillion-dollar property portfolio through a web of offshore companies.
One of those companies, called Talah Ltd. and registered in the British Virgin Islands (BVI), was used to transfer the London apartment to Shafaat Shah’s wife. Talah bought an apartment near the Canary Wharf financial district in 2006. The next year, Asif transferred ownership of the company to Fariha Shah.
Asif’s sister, Heena Kausar, is the widow of Iqbal Mirchi, a senior figure in a leading organised crime group, D-company. Mirchi was at the time under sanction as a drug trafficker by the U.S. Before his death in 2013, Mirchi was one of India’s most wanted men.
Gen. Shah told ICIJ that the purchase of the London apartment had been made through a former army colleague then acting as a consultant to London real estate firms, not through any personal connection to Asif. Gen. Shah said the flat “was named” to his wife because “I already had properties in my name while she did not have any and to balance tax deductions.”
Shah said that his wife has never met Asif and that he met him just once, while an aide to Musharaff, when Asif briefly lobbied the president for his father’s film “in the corridors of Dorchester Hotel when he had accompanied the hairstylist, who had come to cut Mrs Musharraf’s hair.”
Insights into the private wealth of top military officers and their families are exceedingly rare; journalists who have written about the military within Pakistan have been jailed, tortured and killed.
The Pandora Papers also reveal that Raja Nadir Pervez, a retired army lieutenant colonel and former government minister, owned International Finance & Equipment Ltd, a BVI-registered company. In the leaked files, the firm is involved in machinery and related businesses in India, Thailand, Russia and China. Records show that in 2003, Pervez transferred his shares in the company to a trust that controls several offshore companies.
One of the trust’s beneficiaries is a British arms dealer. According to U.K. court documents, one of the trust’s other companies has helped broker arms sales from Belgian manufacturer FN Herstal SA to Hindustan Aeronautics Ltd., a state-owned Indian defense company.
While he owned International Finance & Equipment, Pervez also held several high-level positions in Pakistan’s government. He was elected to the National Assembly in 1985 and later joined Khan’s party. Pervez did not respond to reporters’ questions.
Another influential former military leader who shows up in the leaked documents is Maj. Gen. Nusrat Naeem, the ISI’s onetime director general of counterintelligence. He owned a BVI company, Afghan Oil & Gas Ltd, that was registered in 2009, shortly after his retirement. He said that the company had been set up by a friend and that he didn’t use it for any financial transactions.
Islamabad police later charged Naeem with fraud related to the attempted purchase of a steel mill for $1.7 million. The case was dropped.
The Pandora Papers also bring to light the notable offshore holdings of close relatives of three senior military figures.
Umar and Ahad Khattak, sons of the former head of Pakistan’s air force, Abbas Khattak, in 2010 registered a BVI company to invest what documents call “family business earnings” in stocks, bonds, mutual funds and real estate.
The Khattaks did not respond to reporters’ questions.
In an example involving intergenerational wealth transfer, Shahnaz Sajjad Ahmad inherited a fortune from her father, a retired lieutenant general, through an offshore trust that owns two London apartments, purchased in 1997 and 2011 in Knightsbridge, a short walk from Harrods. She, in turn, set up a trust for her daughters in 2003 in Guernsey, a tax haven in the English Channel. Her father was a favorite of Field Marshal Mohammad Ayub Khan, the country’s first military dictator (1958-1969). After her father retired from the army, he founded one of Pakistan’s biggest business conglomerates. Ayub Khan’s son later married into the family and sits on the boards of several of the group’s businesses.
Shahnaz did not respond to ICIJ’s requests for comment.
Taken together, the findings offer a portrait of an unaccountable military elite with extensive personal and family offshore holdings.
‘A defining moment’
As Pakistan’s ultimate political arbiter, the military would eventually test Imran Khan’s reformist ideals.
Born in 1952, Khan was the son of a Lahore civil engineer, and he enjoyed the privileges of Pakistan’s insular, and insulated, upper class. When the electricity failed, elites could turn on generators. If hospitals were substandard, they flew abroad for care.
“I was from that privileged class that was not affected by the general deterioration in the country,” Khan wrote in his 2011 autobiography, “Pakistan: A Personal History”.
Khan’s elite boarding school, Aitchison College, was named for the colonial administrator who founded it. Lessons were in English; boys caught speaking Urdu during school hours were fined.
The education system replicated colonial values, Khan wrote, teaching elites that they should “look upon the masses with contempt” and that “the natives were not to be trusted.”
As a young man, he befriended future leaders of Pakistan, meeting Nawaz Sharif at a cricket club, stopping by for Sunday cheese and canape parties at the Oxford University lodgings of another future Pakistani prime minister, Benazir Bhutto. He also developed a reputation as a playboy and a denizen of London’s nightclubs.
Khan played his first cricket match for Pakistan’s national team in 1971, when he was just 18, became captain at the age of 29 and, 10 years later, led the team to victory in the 1992 World Cup.
In a country passionate about cricket, Khan’s athletic feats made him a national hero – and drew the attention of politicians hoping to capitalize on his popularity. Two of the Pakistan’s military leaders – Generals Musharraf and Muhammad Zia-ul-Haq – and Sharif, the three-time civilian prime minister, invited him to join their governments. He refused them all, later declaring in his autobiography that each administration was either incompetent or corrupt.
A Pakistani driver looks on as a poster of cricketer-turned-politician, Imran Khan, is seen on his rickshaw in Rawalpindi, ahead of the 2018 general elections. Image: Farooq Naeem/AFP via Getty Images
He wrote that he entered politics after the experience of building a cancer hospital in his mother’s memory in 1994 left him stunned both by the generosity of ordinary Pakistanis and the failings of their government: “I discovered how hard it was to achieve anything in Pakistan while also battling bureaucracy and corruption.”
In 1996, Khan founded the PTI party, vowing to root out corruption, address wealth inequality and break the hold of the country’s two political dynasties – those of the Bhutto and Sharif families – which he claimed ruled Pakistan like a “fiefdom.”
Among the early targets of Khan’s anti-corruption campaign was another powerful family, the Elahis, known in Pakistan as the Chaudhrys of Gujrat.
After Musharraf forcibly ousted Prime Minister Sharif in 1999, during his second term, Chaudhry Pervaiz Elahi, a prominent political figure, organized the Pakistan Muslim League-Q to support the coup. The PML-Q, known for backing Pakistan’s military governments, remains closely aligned with the military.
Over the years Pakistan’s anti-corruption agencies have launched and dropped several investigations into his business dealings. Around 2002, Khan petitioned the national bank to investigate loans to Elahi’s company which had allegedly been written off. At one point he called him “the biggest dacoit in Punjab,” using an Urdu word for “bandit.”
Despite being a national hero and benefiting from well-funded campaigns powered by the enthusiastic support of Pakistanis abroad, Khan remained a political outsider, in part because he refused to make alliances with forces he called corrupt.
Middle-class and other reform-minded voters flocked to his 2013 campaign, waving cricket bats. And Khan gained a powerful ally: the military, then in a power struggle with both mainstream civilian factions. But the PTI gained just 35 of the 342 seats in the National Assembly that year.
Then came the Panama Papers.
The revelations about then-Prime Minister Sharif and his family’s London real estate holdings, followed by the discovery that his oldest daughter forged documents in an attempt to cover up her ownership, played perfectly to Khan’s anti-corruption message and turbocharged his political fortunes.
“’The leaks are God-sent,” Khan said at the time. Taking stock of the impact on the country’s ruling elite a year later, he declared, “This is a defining moment in the history of Pakistan.”
Pakistan’s Supreme Court soon disqualified Sharif from office for falling short of constitutional requirements to be “truthful and trustworthy.” The ISI was involved in the investigation of Sharif. He was later sentenced to 10 years in prison on related corruption charges.
In the 2018 elections, Khan’s PTI secured a fourfold increase in National Assembly seats, bringing the party to the brink of power. Throngs of his supporters danced outside the party’s headquarters in Islamabad.
But Khan hadn’t won the outright majority and needed to form a government. Sharif and Bhutto’s parties, the target of years of his attacks, were not an option.
That left a coalition of smaller parties, led by the Pakistan Muslim League-Q, the Elahis’ party. Khan made the deal.
A fateful political alliance
Since taking office, Khan has continued to deploy anti-corruption rhetoric and rail against elites who, he has said on Twitter, “come to power and plunder the country.”
But analysts say Khan has disappointed his reform-minded supporters and has become widely viewed as a figurehead. “He doesn’t have a problem with the military ruling the country while they pretend that he’s in charge,” Aqil Shah, a visiting academic at the Carnegie Endowment for International Peace,told ICIJ.
Khan’s spokesperson, Shabhaz Gill, told ICIJ that the “PTI believed in the separation of powers,” and the military came under the power of the executive branch of the state.
The Pandora Papers reveal that Khan has surrounded himself with people – cabinet ministers and their families, donors and other political allies – who have holdings hidden offshore.
Shaukat Tarin, Khan’s finance minister, and members of Tarin’s family, own four offshore companies. According to Tariq Fawad Malik, a financial consultant who handled the paperwork on the companies, they were set up as part of the Tarin family’s intended investment in a bank with a Saudi business. He said that, “as a mandatory prerequisite by [the] regulator, we engaged with the Central Bank of Pakistan to obtain their ’in-principle’ approval for the said strategic investment.” The deal didn’t proceed.
Tarin didn’t respond to ICIJ’s questions. In a statement issued the day of the Pandora Papers’ publication, Tarin said: “The off-shore companies mentioned were incorporated as part of the fund raising process for my Bank.”
Omer Bakhtyar, the brother of Khan’s minister for industries, Makhdum Khusro Bakhtyar, transferred a $1 million apartment in the Chelsea area of London to his elderly mother through an offshore company in 2018. The state anti-corruption agency has been investigating allegations that his family’s wealth inexplicably “ballooned” since Bhaktyar first became a minister in Pervez Musharaff’s government in 2004.
In a written statement to ICIJ, Makhdum Bakhtyar said that the anti-corruption agency’s investigation was founded on baseless allegations which had underestimated his family’s past wealth, and that it has so far not resulted in a formal complaint.
The son of Waqar Masood Khan, Khan’s chief adviser for finance and revenue between 2019 and 2020, co-owned a company based in the British Virgin Islands. Masood resigned in August amid a policy dispute. Khan told ICIJ that he did not know what his son’s company did. He said his son lived a modest life, and was not his financial dependent.
And Khan’s former minister for water resources, Faisal Vawda, set up an offshore company in 2012 to invest in U.K. properties, the Pandora Papers show. He resigned in March amid a controversy over his status as a dual U.S.-Pakistan national. Vawda told ICIJ that he has declared all worldwide assets held in his name to Pakistani tax authorities.
Gill, Khan’s spokesperson, said that Khan had passed an executive order requiring unelected members of his cabinet to declare their assets, in addition to the asset disclosures already required of members of the National Assembly under Pakistani law.
Khan’s financial backers are also prominent in the files.
Do you have a story about corruption, fraud, or abuse of power?
- LEAK TO US
- CONTACT REPORTER
LEAK TO ICIJ!
ICIJ accepts information about wrongdoing by corporate, government or public services around the world. We do our utmost to guarantee the confidentiality of our sources.
Naqvi, the financier and major donor to Khan’s 2013 campaign, owned several offshore companies. The files show that in 2017, Naqvi transferred ownership of U.K. holdings – three luxury apartments, his country estate and a property in London’s suburbs – into an offshore trust operated by Deutsche Bank. Deutsche Bank declined to respond to ICIJ’s concerning the beneficiaries of the trust.
The next year, he presided over the spectacular collapse of his Dubai-based private equity firm, Abraaj Group.
U.S prosecutors charged Naqvi with engineering a $400 million fraud against Abraaj investors and this year persuaded a court to allow his extradition from the U.K. Naqvi has denied wrongdoing.
Tariq Shafi, a leading businessman and another PTI donor, held $215 million through offshore companies, the records show.
Neither Shafi nor Naqvi responded to ICIJ’s questions.
The documents offer an unusually detailed look at how a top political figure attempted to hide proceeds from an alleged misuse of public funds with the help of an elite offshore service provider.
The politician is Moonis Elahi, whose father founded the Pakistan Muslim League-Q, the party holding Khan’s fragile coalition together.
‘Several corrupt land development projects’
Scandals linked to the Elahi family have become a regular feature of Pakistani politics over the years, but have rarely resulted in legal consequences.
In 2007, for instance, authorities found that the Bank of Punjab, owned by the Elahi-led provincial government, had made a reported $608 million in unsecured loans, many to companies owned by the bank’s directors or people with political connections. When the loans went bad, the provincial government ultimately paid to bail out the bank.
In January 2016, Moonis Elahi, then a member of Punjab’s provincial legislature, met with officials at Asiaciti Trust, a financial services provider that specializes in offshore wealth management. Records show that Elahi told Asiaciti staff that he wanted to invest money from the 2007 sale of land owned by Phalia Sugar Mills, an Elahi family business.
The records show that Asiaciti officials asked Elahi about his past legal problems. He provided them with a court document clearing him of fraud charges unrelated to the Bank of Punjab scandal.
After the meeting, documents show, Asiaciti designated Elahi as a “politically exposed person” or PEP — a legal term denoting a corruption risk related to a client’s status as a public official.
Singapore’s anti-money-laundering laws require that management at professional firms like Asiaciti approve any business done with PEPs. The firms also have to establish the source of a PEP’s wealth and of the specific funds to be invested, and they have to take other steps to guard against money laundering.
Asiaciti commissioned Thomson Reuters Risk Management Solutions,a unit of the financial information giant, to conduct an “enhanced due diligence” check.
Thomson Reuters produced a 19-page report detailing allegations of Elahi’s involvement in “several corrupt land development projects,” including that he set up a fake company, fraudulently obtained loans and sold land at inflated prices to government agencies.
The report noted that the Bank of Punjab had filed a complaint with Pakistan’s anti-corruption agency against the Elahi family, alleging that under the “influence” of Moonis Elahi’s father, the bank had made an illegal loan to the buyer of the family’s Phalia Sugar Mills property.
On Feb. 15, 2016, records show, Asiaciti accepted Moonis Elahi as a client, despite the report’s findings.
Elahi provided Asiaciti with the contract from the $33.7 million Phalia Sugar Mills sale as the source of the funds he wanted to invest, records show. In other words, Elahi asked Asiaciti to invest the proceeds of an allegedly corrupt loan obtained from a state-owned bank.
The records don’t say whether Asiaciti asked about the Bank of Punjab’s allegations. The bank did not respond to questions from ICIJ’s partner, The Guardian, about the loan, including what became of its complaint the anti corruption agency, citing client confidentiality.
A spokesperson for Asiaciti said that the firm maintained a strong compliance program, and that their offices have all passed audits for anti-money laundering and counter terrorism financing practices.
“However, no compliance program is infallible – and when an issue is identified, we take necessary steps with regard to the client engagement and make the appropriate notifications to regulatory agencies,” the spokesperson said.
They said that ICIJ’s reporting was based on incomplete information but declined to elaborate.
Asiaciti registered a trust in low-tax Singapore and proposed to use part of the proceeds of the Phalia Sugar deal to invest in another Punjab sugar company, RYK Mills, in which Elahi already held a stake.
The plan called for a trust to hold an investment vehicle, funded by the “sale of a sugar mill,” that would own two properties in the U.K.
But, records show, when Asiaciti advised Elahi of its legal obligation to share his “financial information with the relevant tax authorities” – in this case, Pakistan’s Federal Board of Revenue – he balked.
Records show that Asiaciti received a phone call from Elahi. He wanted to scrap the trust.
“Moonis,” an Asiaciti manager wrote in a memo, “has concerns about the … reporting requirements.”
According to the memo, Elahi preferred to hold the investments in a U.K.-registered trust in his wife’s name; as a U.K. tax resident, she would not be subject to the same disclosure requirements.
“It appears that Moonis has no connection” to that trust, the memo says.
Less than a month after the phone call, Asiaciti prepared the paperwork to terminate Elahi’s trust. The following year, public records show, Elahi’s wife used a U.K. shell company to transfer an $8.2 million London apartment overlooking the River Thames to a woman named Mahrukh Jahangir, who then filed a U.K. Land Registry document generally used by joint owners and trustees. The transfer was not for “money or anything of monetary value,” according to public records.
A woman with the same name as Jahangir appears as a 9.4% shareholder in the RYK Mills – the business targeted as an investment in Elahi’s talks with Asiaciti. ICIJ tried to contact Jahangir for comment but did not receive a response.
Neither Elahi nor his wife disclosed ownership of the apartment or RYK assets in their official declaration of interests from 2017 as part of his candidacy to become a member of the National Assembly.
The Elahi family have ignored multiple attempts to seek comment concerning the allegations concerning the Phalia Mills sale, Moonis Elahi’s dealings with Asiaciti, or the U.K. based trust he intended to set up.
A new minister
In April, Pakistan’s Federal Investigations Agency announced a criminal probe into price fixing in the powerful sugar industry, naming RYK Sugar Mills among the companies allegedly involved.
The industry dominates the valuable agricultural land of Punjab and is one of the biggest water users in one of the most water-stressed countries in the world. It is also among the world’s largest producers of sugarcane and uses enough water each year to fill Australia’s Sydney Harbour more than 45 times.
On Twitter, Elahi acknowledged that he “indirectly” held shares in RYK Mills, though he wasn’t involved in the company’s management.
Responding to news of the criminal probe, Khan, in a speech, called out the “sugar mafia,” which he characterized as a “powerful elite” that set itself above the rule of law and frequently sought to “blackmail the government.”
In June, Khan announced a new appointment to his cabinet: He named Moonis Elahi minister for water resources.
Additional reporting: David Conn, Shah Meer Baloch
Prime Minister Imran Khan promised ‘new Pakistan’ but members of his inner circle secretly moved millions offshore - ICIJ
Leak shows a key ally tried to bypass tax authorities and political and military elites bought luxury apartments and set up shell companies.www.icij.org
Norwegian
BANNED
- Joined
- Aug 19, 2014
- Messages
- 19,001
- Reaction score
- 11
- Country
- Location
Bhagora Nawaz Sharif's sons purchased London flats in 1990s when they were students
Dil_Pakistan
FULL MEMBER
- Joined
- Sep 26, 2019
- Messages
- 582
- Reaction score
- 4
- Country
- Location
Both Nawaz Sharif & Maryam Safdar's son-in-law also named. Ek vari phi sher
Dil_Pakistan
FULL MEMBER
- Joined
- Sep 26, 2019
- Messages
- 582
- Reaction score
- 4
- Country
- Location
Latest coming in:
Calibiri Queen's son aka scion of Sharif family Junaid Safdar owns 5 offshore...ek vari phir sher...
Calibiri Queen's son aka scion of Sharif family Junaid Safdar owns 5 offshore...ek vari phir sher...
FOOLS_NIGHTMARE
ELITE MEMBER
- Joined
- Sep 26, 2018
- Messages
- 18,063
- Reaction score
- 12
- Country
- Location
The Pandora Papers, an investigation uncovering financial secrets held by high-profile individuals across the world, includes the names of more than 700 Pakistanis, it emerged on Sunday.
Most prominently these include Finance Minister Shaukat Tarin, Minister for Water Resources Moonis Elahi, Senator Faisal Vawda, Ishaq Dar’s son, PPP’s Sharjeel Memon, the family of Minister for Industries and Production Khusro Bakhtiar, PTI leader Abdul Aleem Khan, among others, with alleged links to offshore companies.
Some retired army officials, businessmen — including Axact’s CEO Shoaib Sheikh — and media company owners, have also been named in the leaks.
It must be noted that establishing and declaring an offshore company, which is not involved in any illegal practices, is permissible by law.
The News' investigative reporter Umar Cheema, who was part of the probe, along with Fakhar Durrani, spoke to Geo News regarding the findings.
He said that it was overall a very time-consuming process which tested everyone's patience. In this time, they pored over every word contained in the documents, checked the background of the people listed, their dealings in Pakistan and abroad. "We tried our best for there to be no injustice [...] no case of mistaken identity."
Detailing the difficulties encountered in contacting the people named in the investigation Cheema said that written questions were first sent. Some were contacted by phone, who would hang up when told what the probe is about, some refused to give their email addresses, others were also contacted through WhatsApp.
Speaking of Prime Minister Imran Khan's Lahore residence, 2 Zaman Park, he said that International Consortium of Investigative Journalists (ICIJ), the non-profit newsroom and journalist network based in Washington DC which organised the investigation, sent questions to the PM's spokesperson.
"And our thought was that it must not be so that it is his address. There must be two or three addresses. But the way they wanted to preempt the news, and then run statements of clarification, I do not understand what the need for this was. Such behaviour arouses suspicion," Cheema said.
The investigative journalist, for the ease of viewers, also spoke of the matter of declaring offshore companies. He said that whether it is a public office holder, or an ordinary citizen, offshore companies do need to be declared while filing tax returns and must also be declared to the Securities and Exchange Commission of Pakistan.
"An added responsibility on politicians is that they have to declare their assets to the Election Commission of Pakistan, so they must declare it there as well."
Cheema said it is not enough for politicians to declare offshore company holdings. The Federal Board of Revenue or the SECP may ask for details if they find something amiss. "But that process can only take place when they have this information. So those who do not, are doing something very unlawful."
Which countries have the most offshore companies?
Cheema said that the most number of such companies can be found in the British Virgin Islands.
He added that something new that emerged in the Pandora Papers investigation was that the US is also a major offshore jurisdiction.
The journalist said that laws differ across states, but generally, if someone wishes to incorporate an offshore company in the US and transfer money to it, "it is not that difficult".
How many Pakistanis will face legal action?
When asked whether things will unfold in a fashion similar to the Panama Papers, which in the beginning sent shockwaves across the country, but the matter later fizzling out, Cheema said: "It is unfortunate that in Pakistan accountability is very selective, and people are targeted. The aim is not to hold people accountable, but to remove opponents from one's path."
He said that at the time the investigation came to the fore, it was learnt that it includes the names of the children of the then prime minister, and it was argued that all action must begin with them.
Cheema regretted that later the buzz died down and it was "business as usual", with the Supreme Court also noting that the FBR is "asleep".
He said that they "only woke up for a brief period when the SC gave some remarks, and sent some notices to some people".
"The FBR, the SECP or even NAB have remained silent," he added.
Cheema noted that NAB began looking into the assets of family members of Khusro Bakhtiar but not much has come of it, with only low-level arrests being made.
Faisal Vawda 'knows full well no action will be taken against him'
On Faisal Vawda owning an offshore company, he said whatever details of his past came to the fore, especially the matter of dual nationality, saw little in the way of any legal action.
He said the prime minister's "focus is on the Opposition", while people in his inner circle "continue to act with impunity".
Cheema said that his colleague Fakhar Durrani sent questions to Vawda regarding the company his owns abroad, and the disparaging manner in which he responded, "cannot be repeated here".
"So he knows full well, that no action will be taken against him."
What was learnt about Moonis Elahi?
Speaking of findings pertaining to Moonis Elahi, he said that the minister established a trust abroad and a fund, and the source of funding mentioned was the proceeds from the sale of land in Pakistan.
Who else was under the radar?
Cheema said that the people who put a client in touch with the offshore company jurisdiction is a service provider. "They too were under the radar over whether they facilitated the opening of offshore companies without a proper background check of the party interested."
He said that in some cases, some people were found to be drug smugglers.
Speaking of Shoaib Sheikh, he said that his company "issued fake degrees" and had opened a bank account abroad. "The company continued to operate after revelations came to the fore against it in 2015. So there is no due diligence. There is no concern as to the source of funds, so long as they get business."
Tariq Fawad Malik's involvement
Cheema said that UAE businessman Tariq Fawad Malik's involvement stems from the fact that the offshore companies created by Shaukat Tarin during the time Malik sought to invest in Silk Bank, had Malik's Dubai address for either his work or residence cited instead of Tarin's office address in Karachi.
The journalist said that responding to the questions sent to him, Malik said that he and Tarin's family were acquaintances owing to their fathers having served in the military, and so he had wished to invest in his bank.
Malik described the companies as having gone "dormant" after the investment deal did not go through.
Cheema said that neither Tarin, nor his media person, responded to questions sent by email.
Sharjeel Memon
Speaking of Sharjeel Memon, Cheema said that the PPP leader has three offshore companies registered in the British Virgin Islands. He said the purpose for creating these was to investment in real estate abroad.
The probe
ICIJ received more than 11.9 million documents containing 2.94 terabytes worth of confidential information from service providers who helped set up and manage offshore companies and trusts in tax havens around the world.
The ICIJ shared the data with 150 media organisations and has led the broadest collaboration in journalism history. It took the ICIJ almost two years to organise the investigation that involved more than 600 journalists in 117 countries, making it the biggest-ever journalism partnership.
By comparison, for the Panama Papers, almost 400 journalists from 80 countries participated in the investigation.
The News was the only ICIJ partner from Pakistan on both occasions. In addition, The News also partnered with the ICIJ in the Bahamas leak and the Paradise Papers.
The Pandora Papers leak uncovers financial secrets of more leaders and public officials than the Panama Papers did and provide more than twice as much information about the ownership of offshore companies.
The Panama Papers were based on the data of a Panama-based law firm called Mossack Fonseca that revealed offshore holdings of 140 politicians, public offshore and sports stars. Those documents were obtained by the German newspaper, Süddeutsche Zeitung, which contained records dating back 40 years.
By comparison, the Pandora Papers investigation is bigger in size and revelations about politicians and public officials are also far more than what previously came to public attention.
From Pakistan, there were more than 400 individuals who surfaced in the Panama Papers.
www.geo.tv
Most prominently these include Finance Minister Shaukat Tarin, Minister for Water Resources Moonis Elahi, Senator Faisal Vawda, Ishaq Dar’s son, PPP’s Sharjeel Memon, the family of Minister for Industries and Production Khusro Bakhtiar, PTI leader Abdul Aleem Khan, among others, with alleged links to offshore companies.
Some retired army officials, businessmen — including Axact’s CEO Shoaib Sheikh — and media company owners, have also been named in the leaks.
It must be noted that establishing and declaring an offshore company, which is not involved in any illegal practices, is permissible by law.
The News' investigative reporter Umar Cheema, who was part of the probe, along with Fakhar Durrani, spoke to Geo News regarding the findings.
He said that it was overall a very time-consuming process which tested everyone's patience. In this time, they pored over every word contained in the documents, checked the background of the people listed, their dealings in Pakistan and abroad. "We tried our best for there to be no injustice [...] no case of mistaken identity."
Detailing the difficulties encountered in contacting the people named in the investigation Cheema said that written questions were first sent. Some were contacted by phone, who would hang up when told what the probe is about, some refused to give their email addresses, others were also contacted through WhatsApp.
Speaking of Prime Minister Imran Khan's Lahore residence, 2 Zaman Park, he said that International Consortium of Investigative Journalists (ICIJ), the non-profit newsroom and journalist network based in Washington DC which organised the investigation, sent questions to the PM's spokesperson.
"And our thought was that it must not be so that it is his address. There must be two or three addresses. But the way they wanted to preempt the news, and then run statements of clarification, I do not understand what the need for this was. Such behaviour arouses suspicion," Cheema said.
The investigative journalist, for the ease of viewers, also spoke of the matter of declaring offshore companies. He said that whether it is a public office holder, or an ordinary citizen, offshore companies do need to be declared while filing tax returns and must also be declared to the Securities and Exchange Commission of Pakistan.
"An added responsibility on politicians is that they have to declare their assets to the Election Commission of Pakistan, so they must declare it there as well."
Cheema said it is not enough for politicians to declare offshore company holdings. The Federal Board of Revenue or the SECP may ask for details if they find something amiss. "But that process can only take place when they have this information. So those who do not, are doing something very unlawful."
Which countries have the most offshore companies?
Cheema said that the most number of such companies can be found in the British Virgin Islands.
He added that something new that emerged in the Pandora Papers investigation was that the US is also a major offshore jurisdiction.
The journalist said that laws differ across states, but generally, if someone wishes to incorporate an offshore company in the US and transfer money to it, "it is not that difficult".
How many Pakistanis will face legal action?
When asked whether things will unfold in a fashion similar to the Panama Papers, which in the beginning sent shockwaves across the country, but the matter later fizzling out, Cheema said: "It is unfortunate that in Pakistan accountability is very selective, and people are targeted. The aim is not to hold people accountable, but to remove opponents from one's path."
He said that at the time the investigation came to the fore, it was learnt that it includes the names of the children of the then prime minister, and it was argued that all action must begin with them.
Cheema regretted that later the buzz died down and it was "business as usual", with the Supreme Court also noting that the FBR is "asleep".
He said that they "only woke up for a brief period when the SC gave some remarks, and sent some notices to some people".
"The FBR, the SECP or even NAB have remained silent," he added.
Cheema noted that NAB began looking into the assets of family members of Khusro Bakhtiar but not much has come of it, with only low-level arrests being made.
Faisal Vawda 'knows full well no action will be taken against him'
On Faisal Vawda owning an offshore company, he said whatever details of his past came to the fore, especially the matter of dual nationality, saw little in the way of any legal action.
He said the prime minister's "focus is on the Opposition", while people in his inner circle "continue to act with impunity".
Cheema said that his colleague Fakhar Durrani sent questions to Vawda regarding the company his owns abroad, and the disparaging manner in which he responded, "cannot be repeated here".
"So he knows full well, that no action will be taken against him."
What was learnt about Moonis Elahi?
Speaking of findings pertaining to Moonis Elahi, he said that the minister established a trust abroad and a fund, and the source of funding mentioned was the proceeds from the sale of land in Pakistan.
Who else was under the radar?
Cheema said that the people who put a client in touch with the offshore company jurisdiction is a service provider. "They too were under the radar over whether they facilitated the opening of offshore companies without a proper background check of the party interested."
He said that in some cases, some people were found to be drug smugglers.
Speaking of Shoaib Sheikh, he said that his company "issued fake degrees" and had opened a bank account abroad. "The company continued to operate after revelations came to the fore against it in 2015. So there is no due diligence. There is no concern as to the source of funds, so long as they get business."
Tariq Fawad Malik's involvement
Cheema said that UAE businessman Tariq Fawad Malik's involvement stems from the fact that the offshore companies created by Shaukat Tarin during the time Malik sought to invest in Silk Bank, had Malik's Dubai address for either his work or residence cited instead of Tarin's office address in Karachi.
The journalist said that responding to the questions sent to him, Malik said that he and Tarin's family were acquaintances owing to their fathers having served in the military, and so he had wished to invest in his bank.
Malik described the companies as having gone "dormant" after the investment deal did not go through.
Cheema said that neither Tarin, nor his media person, responded to questions sent by email.
Sharjeel Memon
Speaking of Sharjeel Memon, Cheema said that the PPP leader has three offshore companies registered in the British Virgin Islands. He said the purpose for creating these was to investment in real estate abroad.
The probe
ICIJ received more than 11.9 million documents containing 2.94 terabytes worth of confidential information from service providers who helped set up and manage offshore companies and trusts in tax havens around the world.
The ICIJ shared the data with 150 media organisations and has led the broadest collaboration in journalism history. It took the ICIJ almost two years to organise the investigation that involved more than 600 journalists in 117 countries, making it the biggest-ever journalism partnership.
By comparison, for the Panama Papers, almost 400 journalists from 80 countries participated in the investigation.
The News was the only ICIJ partner from Pakistan on both occasions. In addition, The News also partnered with the ICIJ in the Bahamas leak and the Paradise Papers.
The Pandora Papers leak uncovers financial secrets of more leaders and public officials than the Panama Papers did and provide more than twice as much information about the ownership of offshore companies.
The Panama Papers were based on the data of a Panama-based law firm called Mossack Fonseca that revealed offshore holdings of 140 politicians, public offshore and sports stars. Those documents were obtained by the German newspaper, Süddeutsche Zeitung, which contained records dating back 40 years.
By comparison, the Pandora Papers investigation is bigger in size and revelations about politicians and public officials are also far more than what previously came to public attention.
From Pakistan, there were more than 400 individuals who surfaced in the Panama Papers.
Shaukat Tarin, Moonis Elahi among over 700 Pakistanis named in Pandora Papers leaks
Pandora Papers names more than 700 Pakistanis, including politicians from both government and Opposition.Investigation does not find Prime Minister Imran Khan has any links to any offshore company. Some...
www.geo.tv
FOOLS_NIGHTMARE
ELITE MEMBER
- Joined
- Sep 26, 2018
- Messages
- 18,063
- Reaction score
- 12
- Country
- Location
TheDarkKnight
SENIOR MEMBER
- Joined
- Jun 2, 2012
- Messages
- 2,163
- Reaction score
- 3
- Country
- Location
Geo for some reason didn’t include other names in the topic, but let me help:The Pandora Papers, an investigation uncovering financial secrets held by high-profile individuals across the world, includes the names of more than 700 Pakistanis, it emerged on Sunday.
Most prominently these include Finance Minister Shaukat Tarin, Minister for Water Resources Moonis Elahi, Senator Faisal Vawda, Ishaq Dar’s son, PPP’s Sharjeel Memon, the family of Minister for Industries and Production Khusro Bakhtiar, PTI leader Abdul Aleem Khan, among others, with alleged links to offshore companies.
Some retired army officials, businessmen — including Axact’s CEO Shoaib Sheikh — and media company owners, have also been named in the leaks.
It must be noted that establishing and declaring an offshore company, which is not involved in any illegal practices, is permissible by law.
The News' investigative reporter Umar Cheema, who was part of the probe, along with Fakhar Durrani, spoke to Geo News regarding the findings.
He said that it was overall a very time-consuming process which tested everyone's patience. In this time, they pored over every word contained in the documents, checked the background of the people listed, their dealings in Pakistan and abroad. "We tried our best for there to be no injustice [...] no case of mistaken identity."
Detailing the difficulties encountered in contacting the people named in the investigation Cheema said that written questions were first sent. Some were contacted by phone, who would hang up when told what the probe is about, some refused to give their email addresses, others were also contacted through WhatsApp.
Speaking of Prime Minister Imran Khan's Lahore residence, 2 Zaman Park, he said that International Consortium of Investigative Journalists (ICIJ), the non-profit newsroom and journalist network based in Washington DC which organised the investigation, sent questions to the PM's spokesperson.
"And our thought was that it must not be so that it is his address. There must be two or three addresses. But the way they wanted to preempt the news, and then run statements of clarification, I do not understand what the need for this was. Such behaviour arouses suspicion," Cheema said.
The investigative journalist, for the ease of viewers, also spoke of the matter of declaring offshore companies. He said that whether it is a public office holder, or an ordinary citizen, offshore companies do need to be declared while filing tax returns and must also be declared to the Securities and Exchange Commission of Pakistan.
"An added responsibility on politicians is that they have to declare their assets to the Election Commission of Pakistan, so they must declare it there as well."
Cheema said it is not enough for politicians to declare offshore company holdings. The Federal Board of Revenue or the SECP may ask for details if they find something amiss. "But that process can only take place when they have this information. So those who do not, are doing something very unlawful."
Which countries have the most offshore companies?
Cheema said that the most number of such companies can be found in the British Virgin Islands.
He added that something new that emerged in the Pandora Papers investigation was that the US is also a major offshore jurisdiction.
The journalist said that laws differ across states, but generally, if someone wishes to incorporate an offshore company in the US and transfer money to it, "it is not that difficult".
How many Pakistanis will face legal action?
When asked whether things will unfold in a fashion similar to the Panama Papers, which in the beginning sent shockwaves across the country, but the matter later fizzling out, Cheema said: "It is unfortunate that in Pakistan accountability is very selective, and people are targeted. The aim is not to hold people accountable, but to remove opponents from one's path."
He said that at the time the investigation came to the fore, it was learnt that it includes the names of the children of the then prime minister, and it was argued that all action must begin with them.
Cheema regretted that later the buzz died down and it was "business as usual", with the Supreme Court also noting that the FBR is "asleep".
He said that they "only woke up for a brief period when the SC gave some remarks, and sent some notices to some people".
"The FBR, the SECP or even NAB have remained silent," he added.
Cheema noted that NAB began looking into the assets of family members of Khusro Bakhtiar but not much has come of it, with only low-level arrests being made.
Faisal Vawda 'knows full well no action will be taken against him'
On Faisal Vawda owning an offshore company, he said whatever details of his past came to the fore, especially the matter of dual nationality, saw little in the way of any legal action.
He said the prime minister's "focus is on the Opposition", while people in his inner circle "continue to act with impunity".
Cheema said that his colleague Fakhar Durrani sent questions to Vawda regarding the company his owns abroad, and the disparaging manner in which he responded, "cannot be repeated here".
"So he knows full well, that no action will be taken against him."
What was learnt about Moonis Elahi?
Speaking of findings pertaining to Moonis Elahi, he said that the minister established a trust abroad and a fund, and the source of funding mentioned was the proceeds from the sale of land in Pakistan.
Who else was under the radar?
Cheema said that the people who put a client in touch with the offshore company jurisdiction is a service provider. "They too were under the radar over whether they facilitated the opening of offshore companies without a proper background check of the party interested."
He said that in some cases, some people were found to be drug smugglers.
Speaking of Shoaib Sheikh, he said that his company "issued fake degrees" and had opened a bank account abroad. "The company continued to operate after revelations came to the fore against it in 2015. So there is no due diligence. There is no concern as to the source of funds, so long as they get business."
Tariq Fawad Malik's involvement
Cheema said that UAE businessman Tariq Fawad Malik's involvement stems from the fact that the offshore companies created by Shaukat Tarin during the time Malik sought to invest in Silk Bank, had Malik's Dubai address for either his work or residence cited instead of Tarin's office address in Karachi.
The journalist said that responding to the questions sent to him, Malik said that he and Tarin's family were acquaintances owing to their fathers having served in the military, and so he had wished to invest in his bank.
Malik described the companies as having gone "dormant" after the investment deal did not go through.
Cheema said that neither Tarin, nor his media person, responded to questions sent by email.
Sharjeel Memon
Speaking of Sharjeel Memon, Cheema said that the PPP leader has three offshore companies registered in the British Virgin Islands. He said the purpose for creating these was to investment in real estate abroad.
The probe
ICIJ received more than 11.9 million documents containing 2.94 terabytes worth of confidential information from service providers who helped set up and manage offshore companies and trusts in tax havens around the world.
The ICIJ shared the data with 150 media organisations and has led the broadest collaboration in journalism history. It took the ICIJ almost two years to organise the investigation that involved more than 600 journalists in 117 countries, making it the biggest-ever journalism partnership.
By comparison, for the Panama Papers, almost 400 journalists from 80 countries participated in the investigation.
The News was the only ICIJ partner from Pakistan on both occasions. In addition, The News also partnered with the ICIJ in the Bahamas leak and the Paradise Papers.
The Pandora Papers leak uncovers financial secrets of more leaders and public officials than the Panama Papers did and provide more than twice as much information about the ownership of offshore companies.
The Panama Papers were based on the data of a Panama-based law firm called Mossack Fonseca that revealed offshore holdings of 140 politicians, public offshore and sports stars. Those documents were obtained by the German newspaper, Süddeutsche Zeitung, which contained records dating back 40 years.
By comparison, the Pandora Papers investigation is bigger in size and revelations about politicians and public officials are also far more than what previously came to public attention.
From Pakistan, there were more than 400 individuals who surfaced in the Panama Papers.
Shaukat Tarin, Moonis Elahi among over 700 Pakistanis named in Pandora Papers leaks
Pandora Papers names more than 700 Pakistanis, including politicians from both government and Opposition.Investigation does not find Prime Minister Imran Khan has any links to any offshore company. Some...
“
Most prominently these include Finance Minister Shaukat Tarin, Minister for Water Resources Moonis Elahi, Senator Faisal Vawda, Ishaq Dar’s son, PPP’s Sharjeel Memon, the family of Minister for Industries and Production Khusro Bakhtiar, PTI leader Abdul Aleem Khan, among others, with alleged links to offshore companies.
On topic , I am happy this came out and I hope Pakistani and International institutions take appropriate action against all these names for the alleged corruption.
Whether it is Panama or Pandora leaks, a certain family never misses the chance to be included.
Similar threads
