Dear reader, online ads enable us to deliver the journalism you value. Please support us by taking a moment to
ISLAMABAD: After the Sharif family was named in the Panama Papers ─ one of the biggest leaks in history ─ Prime Minister Nawaz Sharif's son, Hussain Nawaz Sharif, told Geo that his family had done "nothing wrong" as they defended their ownership of offshore companies.
The Panama Papers leak, comprising 11.5 million documents from Panama-based law firm Mossack Fonseca, shows how some of the world's most powerful people have secreted away their money in offshore jurisdictions.
Among those named are three of Nawaz's four children ─ Maryam, who has been tipped to be his political successor; Hasan and Hussain, with the records showing they owned London real estate through offshore companies administrated by the firm.
"Those apartments are ours and those offshore companies are also ours," Hussain said in comments aired by the channel Monday.
"There is nothing wrong with it and I have never concealed them, nor do I need to do that."
"It is according to British law and laws of other countries that it is a legal way to avoid unnecessary tax via offshore companies."
He left Pakistan in 1992 and is therefore not resident, he said, adding that Pakistani tax law "says that if you are not staying in Pakistan for more than 138 days, then you are not required to declare your assets".
'Voluntarily present ourselves before NAB'
Pakistan Tehreek-i-Insaf (PTI) chief Imran Khan on Monday claimed that the revelations in the Panama Papers vindicated his party's stance and reiterated his call for fresh elections and probes by the National Accountability Bureau (NAB), Federal Board of Revenue, and the Election Commission of Pakistan.
Regarding Imran's call for NAB to investigate the matter, Hussain Nawaz said "We voluntarily present ourselves before it or any other judicial and investigative institution in Pakistan."
And he issued one final dig at Khan, calling on him to provide "proof that the prime minister has not declared his assets".
"If he is successful in that then we are ready to accept our fault and undergo punishment," he said.
Imran Khan is set to hold a press conference in Bani Gala at 5pm.
Sharif family's offshore holdings are legal, says Pervaiz Rashid
Speaking to the press on Monday, Information Minister Pervaiz Rashid strongly rejected revelations of the Panama Papers.
"Two children of [Nawaz] Sharif used to live abroad. They did not do any illegal work, all their assets are white money, there is nothing wrong in it."
"Can Imran Khan or other politicians claim none of their kith or kin reside abroad or do business offshore?"
Rashid continued: "In 1970, Sharifs’ companies were nationalised without due compensation, their homes were snatched, was that not injustice?"
"They decided their father is in politics and so they’ll stay away from politics. They were forced to take these decisions by authoritarian rulers of the past."
Comments (130) Closed
we know that already,nawaz is innocent and Imran khan is responsible for all the problems Pakistan have.
Something is really odd about this leak. All the US and UK based newspapers are focusing on Putin and Bashar Al-Assad, while they weren't even mentioned in the document.
As for the house of Saud, isn't Saudi Arabia a tax free zone, and its a monarchy, they do as they please. Now David Cameron's father was listed in the documents, yet no one is questioning him.
Till yesterday, they did'nt have any off shore businesses. Now they are legal. Were they showing the same in their tax returns. Its just a lame twist to cover corruption and tax evasion.
Khan is right in his statement.
this is what IK was saying in his dharna for 126 days has proven now .... PPP and PML(N) are the real enemy of the Pakistan Not only RAW.........
The question is not about the legality of how the money was stashed, its about how it was earned in the first place?
Our Enemy is not INDIA or any other country or any agency .. Our Politicians are our Worst enemies get rid of them ASAP.
The question Mr. Sharif is not about the legal standing of having assets , the question here is from where did your family amassed such large amounts of wealth?
hold on, they kept this money offshore so they don't pay any tax on it, THIS is the reason, legal it may be, but it exposes their dishonesty towards the system that enabled them to amass this amount of money. they are not paying tax but they want common citizen to pay? so this is not democracy.
and mr sharif pays only Rs. 5000 annual tax
Absolutely shameful; those that are downplaying the significance of these leaks are either doing it deliberately or do not understand to the full extent the meaning of these leaks. IK was/is correct in saying we need to get rid of status quo
yeah right, i remember a friend of mine who cousin was a minister in previous provincial government helped him getting a contract (Theka) a big one in which he worked upto the mark and delivered, he made something like 3 corer profit in it. later on when he recived the money..he gave half of it back to his cousin for helping him.this exmaple i justed stated is also corruption no matter excellent work was delivered by contractor but its nepotisim .thats how no just you people most of the politicians make money. getting toll plaza contracts etc, even when new roads are built they give contracts of cutting trees to their relatives. well the supreme entity is watching no matter what you do he is watching, what goes around come around.hope you get to enjoy what you people have made, which i dont think so.
Hussain says ' if you are not staying in Pakistan for more than 138 days, then you are not required to declare your assets'. Agreed. But how will you defend Maryam Nawaz? She is not only residing in Pakistan but also a politician..
The issue is not of legality, it is the source of the funds and their concealment.
Question is, how did she earn the money from to owe such wealth. She and her siblings are not known to work in Pakistan. If the wealth belong to her father, why did he not revealed this during last election when submitting his nomination papers? Was there any tax paid in Pakistan? British law is worth the paper it is written on when it comes to Pakistan own law. We're Pakistani laws followed?
Making secret properties, what else evidence our majority illiterate voters want to stop being loyal to these corrupt names. Also remember ARY news was stopped by PEMRA on last Saturday for breaking this news..
NS will call an inquiry commission to fast evade from this predicament. He will live happily ever after.
As always people are following the hard despite of the fact that most do not even know the first thing about Wealth Management. Individuals as well as Corporates 'stash' their earnings in tax havens to pay lower taxes. This is smart money management and there is nothing illegal with that. Please read how Apple has save 8B$ in taxes by choosing to retain its earning in Ireland. For those saying that this money was acquired illegally - please visit the court with proof. From Jinnah Pur to Swiss Banks we have been hearing accusations without proof for decades.
Where are all PMLN supporters now. I wonder if they still support Nawaz family after these revelations ??
@Zubeida Aapa Get your facts right, Apple is a corporate concern that has off shore offices, they have complied with International Standards to retain money offshore or kept in a different country. Here we are talking about business and cash of people that have been denying these for decades and today they say its all legal. The PM should tell the Nation from where they became Billionaires (not in Rs but in dollars) starting from Scratch.
No one catches the big fishes, while a petty tax payer is asked by FBR to show how he earned money and how the tax was calculated.
What right does a person to rule a country to ask others to invest in it when he himself is hiding money to avoid taxes etc. in other countries and lying to the Nation about it.
Off shore accounts is legal but dishonestly intended way to save taxes. This is a way that tax experts use to avoid paying taxes. The bigger question is how the Shariff accumulated that wealth in the first place before all these account story come unto place.
Imagine if all this wealth was invested in Pakistan.
How many jobs it could create? How many kids could get quality education? How many millions could be lifted out of poverty?
Sheer greed, selfishness and contempt for a poor country - the one they all want to rule.
Boss nothing wrong just we want to know the source of money and we would like to know how your family built this empire in such a short time !!!!
@Zubeida Aapa . The issue is not what was the money doing there, the issue is how it was aquired. A poor family in Pakistan (from the tax paid in Pakistan) has so much money abroad, isn't one entitled to ask the question . Also could some of this be invested in Pakistan to prove to foreign investors that Pakistan is safe. IF this scandal does not wake Pakistani public then we are dead nation and deserve everything happening at the moment.
@Zubeida Aapa
There is a difference between Tax-Evasion and Tax-Avoidance. One is illegal, the other is morally wrong. But thats not all, such offshore companies are also used for illegal activities. Most intelligence agencies use a similar setup to pay their assets/agents. Like wise, throughout the 70s, 80s and 90s, Pakistan, UAE and Saudi-Arabia used a similar network to purchase nuclear material without detection.
The laws and our judicial system is so devised by these same people....that they can with confidence say that they have done nothing wrong.....but does that make them right or innocent ?
Don't they report wealth and income and tax to election commissioner. If they concealed they disqualified running or holding elected office.
@Zubeida Aapa - Apple openly declares its business in Ireland and Ireland is not a tax haven shrouded in secrecy for ill-gotten money. If Panama leak hadn't occurred no one would have known whereas in Ireland business is conducted in the open and it’s in public record, so there is a clear difference!
@Zeeshan Khan There is huge difference between Corporate Tax Planning and taking advantage of International Tax Treaties to minimize taxes, and Tax Evasion through shifty Wealth Management and Offshore accounts.
Tax avoidance is legal. Tax evasion is illegal.
No you haven't. But we have by voting for you guys
There is nothing wrong in keeping noes money and property anywhere in the world...and what about the small small Pakistanis even shopkeepers and retired people buying properties in Dubai... When I was growing up my grandmother used to tell don't keep all your money in one pocket distribute it in all the pockets...it is the same...
I can understand Sharifs trying to justify their wealth but how on earth Pervaiz Rashid, Information Minister of Pakistan, can come on record and defend them without being privy to the Sharifs businesses, accounts and personal estate.
Legal or not legal, what hurts is the fact that the PM of a country doesn't contemplate providing jobs to the citizens of his poor country in order to avoid tax evasion and instead continue stacking loads of money elsewhere. Do we deserve these insincere people as our leaders??
These people must really think that all of us Pakistanis are stupid. They don't realise that they can fool some of the people sometimes BUT not all the people all the time. Time has come for the nation to get these people out of their luxuries and sue them for every single rupee they have stolen for many decades.
Some of the large companies do have financial accounts in tax heaven countries. What is wrong with that? they are managing their wealth very well. Banni galla tax, how much? Pervez Khattak tax how much? Problem is big with those who have assets in Pakistan and still don''t pay tax or with those who sharply manage their taxes? Imran Khan's assets his 2 sons where are they? In Pakistan? Imran khan wants only power and that is it and for that he will don anything to malign the Govt. paying no focus on KPK. He should have been at KPK saving families and visiting the affectess of floods but no he is here to reach to power. Mr Imran Mind it even if Nawaz quit politics, you are now not an option for people of Pakistan largely due to your ever increasing hunger and anxious attitude coupled with 0 performance and fake documents.
Off Shores companies are basically meant for black business and tax evasion so there is no justication by telling people that we own them and we have got them through our blood and sweat...
The Sharifs are defending their 'legitimate' use of shell companies through which they own properties abroad. The question is whether PM's son in the 90's use his family cash to buy those assets or the kickbacks and corruption proceeds from the mega projects, find their way into the offshore companies accounts of Nielson & Nescol? Simply put they need to provide the proof of the source of their legitimate transactions.
People still vote for Nawaz League godd luck Pakistani people.
From where they got billions of dollars money, how they transferred and why they did not inform to the nation.
Ofcourse, Shariffs have not done anything wrong otherwise they would not loot the country and transfer money overseas.
Hang on a minute!
Offshore companies count to tax evasion, and we have punishments for that right?
They want people to pay tax but they don't themeselves want to pay tax.
Sir
Looting the country and amassing properties abroad may be fine with the corrupt leaders but it is considered a crime in free world.
This is why the people of Pakistan are being kept illiterate so that they do not read papers and can be fooled easily by these corrupt leaders and their families!!!
If Nawaz,Shabbaz or Maryam have illegally amass this wealth and could be proven, then they should be removed and tried. As for rest of the family they are businessman and should be investigated as such.
NZ will form a committee to wipe all the evidences and he will name it Investigation committee.
Human mind is so sophisticated and it can justify anything and everything. But basic and fundamental truth always stands clear. The question here is where did this money come from. Tax avoidance is more important for the rulers and their families OR improvement of lives of the people and country they rule? Are they justified to borrow more monies and leaving burden of payment to masses while major portions of borrowed monies are so compromised? All these are moral issues and higher office occupiers must have high morals per the requirements of their selection/election. But do they? People for their own sake and for the sake of their next generations to reject such rulers who are hell bound to extract economic soul of their land. But after knowing all this, will they?
@Zubeida Aapa You're confusing disclosure laws required of publicly listed companies, like Apple, and secretive and shell offshore companies devised to conceal the ownership of assets and thereby, source of the wealth, and thereby taxes due.
So, essentially, in this case, you are literally comparing Apple with Oranges!
@Zahid Zia More than 200 Pakistanis have been identified in the list so far. All big names from political background including your party.
Have you found Imran Khan's name or any other member of his PTI?
How did they move the money out of Pakistan to establish/acquire these companies? How did they make the money?
Jago Pakistan. Fight for your right Quaid-e- Azam have made this country for all of us, so we all have to take care of this country. If we all fight for corruption We can put this to an end.
Nobody says he has done any thing wrong
The question isn't of tax avoidance because it's legal. The issues are:
a) How money was earned b) How money reached to safe heaven from Pakistan
The issue is not whether you have done something wrong or not. That the Income Tax authorities and courts will decide as and when the case comes up. The issue right now before you is whether the information that has come out is true or not.
@Karachite You have a point. But there is a lot of information in public domain today. People will do selective questioning. But in the end, it will all catch up.
Is Maryam Nawaz also non resident?
Of course. They are very honest and hard working family, an example to us all. That if you are honest, decent, uncorrupt, you make it big. They do so much good. Sharif has become a PM for the third time because he is just SO good for the country and economy. Pakistan is developing fast, poverty is vanishing, there is a lot economic development because this very competent man has been in charge of the country. His other friends Zardaris/Bhuttos are also very respectable and honest family. They have built Sindh into a powerhouse and they are so democratic. They believe in democratic values. So much honesty, my eyes hurt.
Dear PM, Taxes are to be paid by the working classes only who are trying to make ends meet. You should go invest more in Panama, Saudia, UK , USA etc. since the returns are as per your satisfaction... Thanks for not paying taxes and don't you worry we will vote for you in 2018 because we love you so much for the "roads and stuff". Long Live the Shareef's (Pakistan ki kher hai) Yours obediently, Pakistanis...!
Technically what they are doing is not legal. However it raises questions. For one where did they get all this money from? 2) If this is what we DO know what about all the money what about what we DONT know? 3) What moral justification does PML have when he siphons off money to save money instead of paying to his nation, PK? How can you call yourself a patriotic, die-hard Pakistani when PKs interests aren't first but rather your bank account? Remember he is PM of . Irony is this money is stored offshore. Just that says a lot.
What did Nawaz children did do since 1992 to earn such large assets which resulted in hiding thru Panama firm? Being so patriot, why didn't these children of financial genius not invest in their motherland? As you may recall, even the nephew, and Faizalabad mayor hid his assets oversease!
if you check office income tax records in 1984 Mr N S only paid 180 rupees and for many years paid 0.00 declaring no income! so the question is how did he aquire so much wealth? and now he has all this wealth why doesn't he paid take on it? is this fair? i am a low paid clerk and i think i have paid more tax than the sheiffs
Off shores are considered notorious even in the west as tax evasion heavens. This is a big news in British press too and in particular they have mentioned Sharif family on the front page.
The constitution of Pakistan does not allow our elected representative to indulge in any profitable activities.
Simple, take the matter to the court
@Ansir.khan exactly right..... We want answers
Only chief Justice of Pakistan can appoint a commission to investigate ,
Sure, they have done nothing wrong. This is what we stupid people of this land deserve.
So altaf Bhai and mqm bad for 700k£ but all other politicians ok after billions of £ worth of corruption.
How biased are we?
The law is made by you for yourself intelligent enough to make scape door for you but every common man is paying taxes on petrol,milk bread mobile card soap and on this you are taking trillions of rupee loan which he and his next generations will pay.
If they had kept the money in Pakistan, we wouldn't have had to beg IMF and the World Bank for loans. Shameful!
Of course he/they have done nothing wrong. Who in their right mind would call corruption, money laundering, not paying taxes and other vices as wrong in Pakistan. No it is not wrong it is norm.
NO!!!! they have not done anything just looted the people and the country and made fortune out of the billions they have milked. No they are all good to go yes people are so dumb what can you say right!!!!!
Because all wrong is right in your book.
'Done nothing wrong' by not declaring your assets dear Sharifs?? Why is NAB still silent? Where did 150 scandals go that had these allegations?
As a Pakistani leader, Nawaz should show all his assets and there should be an investigation about how the made so much money in the short time???
On the election form, there is box to declare "World Asset"! Did Mr Nawaz Sharif declare at that fom? If he didn't, his election is void! And the ball could be in the court of election commission!
Having a business or assets is not illegal, but having no trail of the money behind it and no declaration of those assets is CRIMINAL!
"We have done nothing wrong', PM Nawaz Sharif’s family reacts to leak" Previous Government also say so, every one is clean & honest in the government, only the masses are wrong doers & sufferers.
poor Bhutto, Nawaz, Zardari, Chaudhry & Family: Wish they had done something 'WRONG' by abiding the law of the land!!!
In present law and system question is "why they own that much month". Question is how did they earn it. If they earn it through legal ways and paid all due taxes than no question but if they earn it through corruption, nepotism or bribing officials through cash or other incentives being in government then they are bunch of criminals.
Guys! interestingly, Senator Osman Saifullah is a member of the Tax Reform Commission set up by the government to check revenue leakage, broaden the revenue base and improve tax administration. This person is himself accused of offshore business empire in different countries.
Let them show us legal documents showing source of this money. Where did all this money come from when they have earned nothing as they all together payed less than a crore rupees in taxes since 1947 to 2010. And then they don't have a legal transaction of money from Pakistan. Hussain Nawaz lied that they had bought these companies after selling their steel mills in Saudi Arabia in 2005 but the papers clearly show that they bought these companies in 199s. On the other hand Mariyam lied that her brothers do not own anything abroad.
Prime Minister Nawaz Sharif's , his son Hussain Nawaz Sharif, Hussain Nawaz Sharif and daughter Maryam Safdar did nothing wrong. Wrong are the people of Pakistan who elected them to power. It is the people who will take the family to task.
What else to expect from?
If it's honestly earned money why hide it, bring it back to Pakistan and pay taxes on it. If it's illegal, then they should face the music.
stop to elect the corrept politicians
Sharif family thinks there future and money is more safe and secure in UK than in Pakistan. Pakistan give nothing to them. Why don't they get UK citizenship and settle there?
Model Ayan has to suffer a lot even she has to go to jail, when she tried to take dollars to Dubai. Where is law for Sharif family? they are hiding much larger amount in UK?
When anybody has heard a criminal will admit that he/she is criminal?
when prime minister himself is in corruption, who will save the nation?
Pakistani money stashed overseas to avoid paying taxes is a crime. Accountability is a must. Nawaz family is not above the Law.
YES, They have done NOTHING WRONG. What else Pakistanies can expect from these politicians
Forget about others my dear. Look within your country
Shariffs like Zardari made money using political influence...first they make money in corrupt ways then they run away to their off shore heavens! No accountability at all!
yeah nothing wrong, this awam deserves to be looted!
Friends, these politicians come in power to serve themselves. We need accountability one which is not influenced or control by these politicians. So much corruption where is the light? I hope and pray people can understand and vote in those who are sincere.
Yeah right. When has any politician accepted that s/he is guilty??
@Zahid Zia - Just for the record, its the sharif's family that owns offshore accounts not the Imran Khan family. What have elections and Imran khan's political standing got to do with it? I am sorry but your logic/ argument has no relevance here.
Of course nothing wrong. This is business as usual for these people.
The British government asked on Monday for a copy of leaked data on the clients of a Panama-based law firm so it can examine the information and act on any possible tax evasion.
Looting poor people money!
What is done is done, Nawaz Sharif and Maryam Sharif claim to be patriots, would it not be appropriate for them to invest at least 25% of their new found wealth in the country that they rule ?
Did Sharif family declare there offshore assets? No, I do not think so. Regardless legal or not; they lied. So not trustworthy to lead the nation.
@Karachite Check out BBC news, relevant department has started to investigate in the UK.
No wonder as to why poor people in Pakistan die of hunger or commit suicides.
Why Pakistani politician don't understand simple thing majority of people don't trust them . Even they don't do anything wrong they will get blame for everything. So don't be stupid and don't do anything which rise suspicion.
Having offshore companies or bank accounts is not a crime. This disclosure proves nothing against the Sharif family. Money laundering is of course unlawful which remains unproven as of this date.
As they say in the West: 'Fool me once. Shame on you. Fool me twice. Shame on me.'
After all these revelations and widespread suspicion of corruption by the current and past leaders of PML-N and PPP, if the same cabal is re-elected to ruin the country, than the people will not have anyone to blame than themselves. People in the end, get the leaders they deserve. That speaks more about the ignorance of the populace than the cunning leaders who seek their votes.
@Wali Very simple, Parvez Rasheed wants to remain Information Minister.
For any politician and bureaucrats holding public office and not making illegal money is very rare. The honest are far and few, the crooks widespread.
Let Nab investigate it
How about the daugter of Nawaz Shatif, Marrium? She is resident of Pakistan & has not declared any corporations or offshore assets. They should get her for tax evasion. Also, all Sharif must declare & justify where they got the initial investments into these sham corporations to begin with?
Nab must act now! Enough is enough. Everytime Zardari & Sharif come to power, they loot the people & get richer.
The consequences, Just a day after Indien prime minister Mody visiting Saudi Arabia?
It is time for the public with moral values to do dharna on this issue; problem is moral values are had to find and it not just Pakistan , morality is a commodity in short supply all over the world.
Now we will see how Ch Nisar reacts, or one would assume that his principles are just for others.
@AKB and yet peoples keep electing the corrupt leaders over and over again?
Yes Mam'm you are right, the wrong start with minimum 10 billion dollar.
who makes laws that defines this behavior as legal? Why not change these laws? I am sure PM and ziradari will be in forefront to change these laws. In most devloped countries, its a crime punishable by jail time and fines.
Legally correct - morally wrong
That's the loop hole all rich people have been using to evade taxes - but if you are a leader, you should lead by example and do what you expect masses to do - pay taxes If you as a leader don't believe in the system, why do you expect common people to pay taxes
@Ansir.khan .. ..... That is called capitalism.
Our country is one of the poorest in the world..and most of population doesn’t have access to basic amenities ..and these politicians are hiding their wealth ..Investing money abroad..Buying properties and starting business to provide employment in other countries ..While making trips on the expense of Pakistani tax payers and asking foreigners to invest in Pakistan..pure hypocrites ..no sincerity to the country. And if those was not enough ..the one topping the list from Pakistan is Senator Osman Saifullah ( member of the Tax Reform Commission set by PML-N..BRAVO ..India has already started a probe on this ..and in Pakistan ..The probe will most probably be led by the culprit... (Senator Osman Saifullah )...and yet again people blindly vote for these parties
It's legal, only in Pakistan. No wonder they never want to leave power.
An off shore account in which Mariam Nawaz is shown as owner was opened in mid 90s when she was probably 17-18y ,so money must not be earned by her and NS was paying aooRs.477 as tax for almost five years during this perioud.So , legally money in neither earned by MNS or NS ,then from where it came ??Answer Mr.Nawaz Sharif ,,,what was the need to open off shore account when both of youu were not earning ?.Sorry to say they delbrately kept 70% of population illitrate so that they cannot understand the game
OK thanks for letting us know.
@khan How can Imran Khan be responsible for anything when he is not the leader.
@Karachite Actually Putin was mentioned in the documents....But they wonder where all the money is going too... Considering what Russia is doing in Syria.
of course what is wrong with siphoning off millions of USD from Pakistan and money laundering... :)
Fine they got this money abroad legally. Have they declared and paid tax on it in Pakistan before they moved it abroad. If so can they show the tax returns.
If the Sharifs are honest in their dealings and they have nothing to hide, maybe they should let the authorities do a complete audit of how their billions were earned, having sugar mills, textile mills and properties worth million(dollars that is) yet they pay very little taxes, I find myself asking the same questions again and again, its nothing new, the questions have been raised several times, we the public just never gets the honest answers, the truth, it maybe all white money but so are the answer, they are all white lies to avoid paying taxes yet they expect the poor people to step up and pay more,whenever you(Sharifs) decide to pay more, we the public can start paying more too, as of right now, based on what you own and the percentage you pay according to your holdings, we the public should also pay according to our earnings.That would be fair, and let me tell you, the IMF will be all over the government for not collecting taxes or increase in their collections.
No , you have done no wrong. It is the people who have done wrong to elect you.
I am open for any celebration that is fun, has good food, good deals for shopping, brings people together and generates a feeling of togetherness and community.