ISLAMABAD: In the wake of revelations regarding offshore investments by more than 500 Pakistani nationals in the Panama Papers leaks, the Pakistan Tehreek-i-Insaf (PTI) has sought a detailed report from the relevant authorities regarding real estate investments by Pakistanis in Dubai.

The party has also asked for an explanation on why advertisements for offshore investment continue to be published in newspapers despite a ban.

PTI’s Asad Umar, who is the chairman of the National Assembly Standing Committee on Industries and Production, wrote to MNA Qaisar Ahmed Sheikh, chairman of the NA Standing Committee on Finance and Revenue, asking him whether the State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), the National Accountability Bureau (NAB) or any other agency had investigated and produced a report on large sums invested by Pakistanis in Dubai.

The letter said: “Even as the country continues to take more and more foreign debt at a record pace, there are regular reports in the media about Dubai land records revealing billions of dollars being invested by Pakistanis in the Dubai property market needless to say such investments serve no national purpose.”

Why are ads for offshore investment still being published, asks Asad Umar

The PTI leader said that the standing committee had to play a role and discharge responsibility in the next meeting, as had been agreed. He said the standing committee had discussed the issue briefly in the last meeting and decided that it was a cause for concern.

Mr Umar said the issue of advertisements in Pakistani newspapers inviting people to invest in property in Dubai was also highlighted and the committee was informed that action had been taken and that such ads were not published anymore. “However, in the recent past we have seen a reappearance of such ads. It is time the committee took cognizance of this issue and looked at it comprehensively,” he said.

The PTI leader raised some questions concerning the issue and wondered if the law allowed individuals to invest abroad for the purpose of making a profit? “If they do, what approval requirements are in place?” he asked.

He also asked if the relevant authorities had acquired the list of Pakistanis who had invested in property in Dubai, and whether the investments had been made in compliance with the laws of Pakistan.

“Have the authorities verified whether the acquisition of such properties can be justified from the declared means of income and wealth of these individuals?” he asked.

Published in Dawn December 14th, 2016