PTI papers: Money laundering through fake accounts

Updated November 25, 2016

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The following contains information documented in the case file submitted to the Supreme Court by the PTI counsel for the Panamagate hearing. The assertions made in these extracts are solely the view of the counsel for PTI. Dawn.com does not endorse or confirm the claims made in the case file.

Nawaz Sharif is accused of having siphoned off millions of ill-gotten wealth from Pakistan to foreign bank accounts.

It is alleged that Mr. Javed Kayani, a friend of Nawaz Sharif, on August 26, 1992, opened three fake accounts in the names of Sulman Zia, Muhammad Ramzan and Asghar Ali at Habib Bank AG Zurich branch in Lahore. The FIA found that these three individuals did not exist and fake identity cards were used to open the said accounts.

Bank records reveals that large sums of money were transferred from these accounts to Mr Sheikh Saeed Muhammad, a close friend of Nawaz Sharif, based in Washington DC. Javed Kayani, the individual behind the opening of fake accounts is said to be the nephew of Sheikh Saeed Muhammad.

Javed Kayani, additionally opened three more accounts at the Bank Of America, Lahore, in the name Kashif Masood Qazi, Sikander Masood Qazi and Nuzhat Masood Qazi.

Records show that a sum of $20,00,000 was transferred from the fake account of Sulman Zia to the account of Kashif Masood Qazi. This money was used as collateral by the Sharif family for sanctioning a loan for Hudabiya Engineering Ltd from the Bank of America. The directors of Hudaibiya Engineering Ltd at that time were Hussain Nawaz, Kulsoom Nawaz, Muhammad Nawaz Sharif and Shahbaz Sharif.

According to PTI's assertions Sulman Zia is said to have received a sum of $20,81,038 through traveller cheques between 1992 and 1993.

Nearly $350,000 from the fake account of Sulman Zia was then transferred in 1993 to Shamrock Consulting Corporation, a company registered in the British Virgin Islands.

The Sharif family is said to have utilized services of Mr. Urs Specker, the General Manager of Ansbacher Switzerland, a fiduciary company acting on behalf of the Sharif family, to purchase four luxury properties in London worth $5 Million.

According to the UK's land registry documents, it was established that Mr. Urs purchased four luxury flats for the Sharif family - 16, 16A, 17, 17A at Avenfield House, London. This transaction was arranged through a firm of solicitors namely Dibb Lupton Broomhead in 1993, 1995 and 1996.

When in London, Nawaz Sharif's son, Hussain Nawaz resides at suite number 17 Avenfield House and it is also his official address with his bank and college.

These flats are owned by two offshore companies called Nielson Enterprises Ltd and Nescoll Ltd, both of which are registered in the British Virgin Islands. These companies are controlled by Mr. Urs Specker.

According to one of the documents attached in the PTI's case file, Mariam Nawaz has signed on a certificate confirming that she is the sole shareholder of Nescoll Ltd. The document is dated 7th February 2006.

PTI alleges that Nawaz Sharif never declared his wealth and assets before the Income and Customs Authorities of Pakistan, and in doing so could be charged for perjury.

To view Dawn.com's compilation of extracts from Panamagate case files, click here