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ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) General Secretary Jahangir Khan Tareen is the discretionary beneficiary of his offshore company as against his assertion, BBC found out while going through the trust deed submitted to the Supreme Court of Pakistan.
Pakistan Muslim League-Nawaz (PML-N) lawmaker Hanif Abbasi filed a petition in 2016 seeking Tareen’s disqualification.
Abbasi alleged that Tareen did not mention his offshore companies in nomination papers filed for the 2013 general elections; hence, he requested the court to disqualify him.
In a statement submitted before the apex court in November 2016, Tareen submitted his independent children were the beneficiaries of the offshore company as per the conditions laid out in a trust.
According to his statement, he has no beneficial interest in this company, and that he was just a ‘settlor’ of this trust; accordingly, it was not legally binding on him to show the record of this company in nomination papers.
Reading the deed’s Schedule 3, which was signed on May 5, 2011, the BBC says it found out that Tareen and his wife were the only lifetime ‘discretionary beneficiaries’ of this trust when this deed was signed.
According to the trust deed, Tareen was entitled to include or remove anyone as lifetime beneficiary of the trust; however, he will have to intimate HSBC Guyerzeller Trust Company in writing for the purpose.
BBC says if Tareen’s independent children are the beneficiaries as he submitted before the apex court bench, he should possess the written record to this effect.
BBC says it tried to contact Tareen’s lawyer Sikandar Momand however to no avail. Several questions framed on this discrepancy were dispatched through WhatsApp, the BBC report added.
When contacted, PTI leader Fawad Chaudhry confirmed Tareen’s assertion saying his independent children are the beneficiaries of the trust; however, he cited Schedule-4 of the trust to prove his point, according to the BBC.
However, the BBC report says the Schedule-4 will come into effect in the event of Tareen’s death. –Samaa
https://www.samaa.tv/pakistan/2017/...ahangir-tareen-discretionary-beneficiary-bbc/
Pakistan Muslim League-Nawaz (PML-N) lawmaker Hanif Abbasi filed a petition in 2016 seeking Tareen’s disqualification.
Abbasi alleged that Tareen did not mention his offshore companies in nomination papers filed for the 2013 general elections; hence, he requested the court to disqualify him.
In a statement submitted before the apex court in November 2016, Tareen submitted his independent children were the beneficiaries of the offshore company as per the conditions laid out in a trust.
According to his statement, he has no beneficial interest in this company, and that he was just a ‘settlor’ of this trust; accordingly, it was not legally binding on him to show the record of this company in nomination papers.
Reading the deed’s Schedule 3, which was signed on May 5, 2011, the BBC says it found out that Tareen and his wife were the only lifetime ‘discretionary beneficiaries’ of this trust when this deed was signed.
According to the trust deed, Tareen was entitled to include or remove anyone as lifetime beneficiary of the trust; however, he will have to intimate HSBC Guyerzeller Trust Company in writing for the purpose.
BBC says if Tareen’s independent children are the beneficiaries as he submitted before the apex court bench, he should possess the written record to this effect.
BBC says it tried to contact Tareen’s lawyer Sikandar Momand however to no avail. Several questions framed on this discrepancy were dispatched through WhatsApp, the BBC report added.
When contacted, PTI leader Fawad Chaudhry confirmed Tareen’s assertion saying his independent children are the beneficiaries of the trust; however, he cited Schedule-4 of the trust to prove his point, according to the BBC.
However, the BBC report says the Schedule-4 will come into effect in the event of Tareen’s death. –Samaa
https://www.samaa.tv/pakistan/2017/...ahangir-tareen-discretionary-beneficiary-bbc/
