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| 17 August 2004 | Tuesday | 30 Jamadi-us-Saani 1425 |
Asif owns Rock wood property: lawyer
ISLAMABAD, Aug 16: A lawyer representing Asif Ali Zardari in a court in Britain has said that Mr Zardari is the "beneficial owner" of the Rock wood properties, says a communication received from the Isle of Man in the UK.
The communication stated that Mr Zardari had instructed his lawyer to contest the petition filed by the official liquidator of the Rock wood Estate. His lawyer is also reported to have told the court that his client (Mr Zardari) had made an offer to the liquidator on Aug 13 to pay off the debts owed by three offshore companies based in the Isle of Man.
The court adjourned the hearing until Dec 20 to give interested parties, including Asif Ali Zardari and the government of Pakistan, an opportunity to prepare and file contesting documents.
In November 2003, the government of Pakistan had entered into a conditional agreement with the liquidator of the three Isle of Man companies, according to which the net proceeds of the liquidations, after paying off "certain legitimate creditors", would be handed over to Pakistan. The agreement was subject to the approval of the court. Subsequently, the liquidator had petitioned the court for its approval.
The Pakistani government had been contending that the Rock wood properties had been purchased by Benazir Bhutto and Asif Ali Zardari with proceeds of corruption, the identity of the true purchasers being deliberately concealed behind a network of trusts and companies. The government had also contended that Pakistan was entitled to recover the properties, or the proceeds of sale, for the benefit of the people of Pakistan.
Until July 2004, the Rock wood properties, commonly referred to in Pakistan as the 'Surrey Palace,' were registered in the names of three Isle of Man companies, all of which were in liquidation. Last month, the properties were sold. The Rock wood Estate was sold on July 16 for £4.35 million. The liquidator was acting with the authority of the NAB. -APP
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