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ISLAMABAD:PML-N MNA Capt (r) Muhammad Safdar and AML President Sheikh Rashid yesterday filed in the Supreme Court the terms of reference for proposed commission on Panama leaks controversy.
Whereas the Awami Muslim League chief’s ToRs targeted the Sharifs, Safdar wanted the commission to initiate such an extensive probe as probably would have no ending.
The son-in-law of Prime Minister Nawaz Sharif also submitted his reply to the five-member bench hearing petitions on Panama Papers in which he denied having any offshore account.
Safdar also said his wife Maryam Nawaz Sharif ‘does not own’ any offshore company. He asked the court to reject the applications against her, claiming she did not own the alleged properties.
The data from the Panama Papers released in April this year allegedly described Maryam as the owner of two British Virgin Islands-based firms “incorporated in 1994 and 1993”.
The MNA stated that Maryam’s father, Nawaz Sharif, had gifted her piece(s) of land and she has been paying her taxes regularly, around Rs2.4 to 2.5 million yearly.
Safder also asked for reject PTI’s application seeking his disqualification saying Imran Khan did not file any reference against him with the NA speaker, and seeking disqualification directly through SC was un-constitutional.
Safdar in his ToRs urged that the proposed commission on Panama leaks should examine information relating to involvement of Pakistani citizens and persons of Pakistan origin as well as legal entitles in offshore companies in Panama or any other country.
He said the commission “shall determine whether the provisions of laws relating to income tax, wealth tax, foreign exchange, companies and elections in force at the relevant time have been infringed”, and if so, it should also fix responsibility.
He proposed investigating: (a) details of properties held by offshore companies; and (b) sources of income used for it; (c) Income tax details of the owner; and (d) details of sellers.
He also sought investigating the bank loans that were got written-off by former or present holders of elective public office, and determine if any wrongdoing was involved.
Safdar further said the commission should examine transfer of any black money from Pakistan, identify the culprits, and recommend action.
According to Sheikh Rashid’s ToRs, prime minister’s family - including his parents, spouse, sons, daughters, grandchildren, brothers and sisters- should be probed. He wanted the probe of Sharifs’ properties, income tax paid from 1985 to 2016 and sources of funds involved in buying or selling of properties – held in their own name or others name.
His ToRs further sought getting the date and banks’ names which were used in the sale/purchase of properties abroad, and see if the accretion or acquisition of assets commensurate with the income tax paid by each corresponding year by the respondent and his family since 1985.
“What was the money trail of transfer or funds into their offshore accounts and money trail/transfer of funds of such account for purchasing of properties or other investments in foreign countries?” the ToRs raised the question.
The ToRs stated that before the proposed commission enters upon any inquiry, PM and his family shall place all and complete information of all their worldwide moveable and immoveable assets and interests in properties, held at any time since 1985 along with full details of the income tax paid year-wise since that year.
“The commission will appoint a committee of experts in international forensic audit to carry out an exhaustive investigation and audit into the offshore companies and their accounts owned by PM and his family - including all transactions, sales and purchases of all assets, or benami interests and opening and operation of all bank accounts including offshore bank accounts and companies,” it stated.
“The commission shall direct the respondent to give a mandatory authorisation by an irrevocable general power of attorney empowering the committee and/or its designated members to access all offshore companies and accounts,” Sheikh Rashid’s ToRs further stated.
It stated that every respondent and his/her family shall present themselves before the commission for examination and cross-examination by any person(s) permitted by the commission. The case of any respondent who volunteers publically for accountability shall be taken up first to enable him to clear his name in the first instance, it said.
http://nation.com.pk/national/05-Nov-2016/safdar-denies-maryam-held-any-offshore-entity
Whereas the Awami Muslim League chief’s ToRs targeted the Sharifs, Safdar wanted the commission to initiate such an extensive probe as probably would have no ending.
The son-in-law of Prime Minister Nawaz Sharif also submitted his reply to the five-member bench hearing petitions on Panama Papers in which he denied having any offshore account.
Safdar also said his wife Maryam Nawaz Sharif ‘does not own’ any offshore company. He asked the court to reject the applications against her, claiming she did not own the alleged properties.
The data from the Panama Papers released in April this year allegedly described Maryam as the owner of two British Virgin Islands-based firms “incorporated in 1994 and 1993”.
The MNA stated that Maryam’s father, Nawaz Sharif, had gifted her piece(s) of land and she has been paying her taxes regularly, around Rs2.4 to 2.5 million yearly.
Safder also asked for reject PTI’s application seeking his disqualification saying Imran Khan did not file any reference against him with the NA speaker, and seeking disqualification directly through SC was un-constitutional.
Safdar in his ToRs urged that the proposed commission on Panama leaks should examine information relating to involvement of Pakistani citizens and persons of Pakistan origin as well as legal entitles in offshore companies in Panama or any other country.
He said the commission “shall determine whether the provisions of laws relating to income tax, wealth tax, foreign exchange, companies and elections in force at the relevant time have been infringed”, and if so, it should also fix responsibility.
He proposed investigating: (a) details of properties held by offshore companies; and (b) sources of income used for it; (c) Income tax details of the owner; and (d) details of sellers.
He also sought investigating the bank loans that were got written-off by former or present holders of elective public office, and determine if any wrongdoing was involved.
Safdar further said the commission should examine transfer of any black money from Pakistan, identify the culprits, and recommend action.
According to Sheikh Rashid’s ToRs, prime minister’s family - including his parents, spouse, sons, daughters, grandchildren, brothers and sisters- should be probed. He wanted the probe of Sharifs’ properties, income tax paid from 1985 to 2016 and sources of funds involved in buying or selling of properties – held in their own name or others name.
His ToRs further sought getting the date and banks’ names which were used in the sale/purchase of properties abroad, and see if the accretion or acquisition of assets commensurate with the income tax paid by each corresponding year by the respondent and his family since 1985.
“What was the money trail of transfer or funds into their offshore accounts and money trail/transfer of funds of such account for purchasing of properties or other investments in foreign countries?” the ToRs raised the question.
The ToRs stated that before the proposed commission enters upon any inquiry, PM and his family shall place all and complete information of all their worldwide moveable and immoveable assets and interests in properties, held at any time since 1985 along with full details of the income tax paid year-wise since that year.
“The commission will appoint a committee of experts in international forensic audit to carry out an exhaustive investigation and audit into the offshore companies and their accounts owned by PM and his family - including all transactions, sales and purchases of all assets, or benami interests and opening and operation of all bank accounts including offshore bank accounts and companies,” it stated.
“The commission shall direct the respondent to give a mandatory authorisation by an irrevocable general power of attorney empowering the committee and/or its designated members to access all offshore companies and accounts,” Sheikh Rashid’s ToRs further stated.
It stated that every respondent and his/her family shall present themselves before the commission for examination and cross-examination by any person(s) permitted by the commission. The case of any respondent who volunteers publically for accountability shall be taken up first to enable him to clear his name in the first instance, it said.
http://nation.com.pk/national/05-Nov-2016/safdar-denies-maryam-held-any-offshore-entity
