In a 28-page section titled 'Assets beyond means (Mian Muhammad Nawaz Sharif)' the joint investigation team (JIT) looking into the Panamagate probe, questions the veracity of the documentation submitted by the Respondents to the Supreme Court of Pakistan.

The report notes that PM Nawaz Sharif has maintained that he had been actively involved in politics since 1981 and "has devoted his entire life to his occupation as a politician." The same position has been taken by him in various public speeches.

"His stance has also been reinforced by Respondents 6 [Maryam Nawaz], 7 [Hussain Nawaz] and 8 [Hassan Nawaz] in their concise statements filed before the Honourable Supreme Court, that their father (Respondent No. 1) has no concern/role in their business and properties," the report further states.

However, the JIT observes otherwise. Here are some highlights from the section.

1. Nawaz Sharif opened accounts as CEO of Chaudhary Sugar Mills

The report states that Mr Sharif "opened 5 PKR bank accounts and 3 Foreign Currency accounts in four different banks during the period from 1-7-2009 till date." In the bank account opening forms submitted to the bank, he mentioned his occupation as ‘self-employed’ and name of the employer/business as ‘Chaudhary Sugar Mills Limited’.

However, as per the JIT's findings, in two accounts opened at Standard Chartered Bank (Pakistan) Limited, he showed himself as CEO of the Chaudhary Sugar Mills Limited, while in an account opened at ABL, he had showed his designation as a shareholder.

2. PM concealed Rs45 million

The report further states that as per the Wealth Statement submitted by Mr Sharif for the tax year 2013, he donated Rs100 million to his party, the PML-N. This fact was corroborated by the JIT from the statement of wealth. However, during analysis of the the account statement, "it was also observed that an amount of Rs.45 million was transferred back by the PML(N) on 10-6-2013 to Respondent No.1. This inflow of Rs.45 million, although reflected in the account statement, was not disclosed in the Wealth Statement."

The report goes on to say, "it appears that the Respondent No.1 not only concealed his assets to the tune of Rs.45 million but also misreported in the Wealth Statement for the tax year 2013 submitted under Section 116 of the Income Tax Ordinance, 2001."

3. Claims of the PM's father owning assets worth millions may be overstated

"Respondent No. 1 in his address to the nation and speech on the floor of the National Assembly claimed that his father owned multimillion rupees assets in the 1970’s before the industry was nationalized; a claim that cannot be ascertained through his personal Tax returns as well as of the parents."

4. An 'exorbitant hike in buildup' of assets became apparent

"An exorbitant hike in buildup of his assets is observed during his first tenure of premiership, however, inflows mentioned in his tax returns is not commensurate with his growth which leads to the presumption that this empire was not based on legal monetary sources."

5. PM enjoying 'pecuniary benefits' from family businesses

As per the facts provided by the Sharif family, Mr Sharif "ostensibly has confined his role to that of an equity holder only in the family owned businesses, who does not hold any formal position or role in running the businesses and is not a Director on any Board." The report further notes that the objective of such a stance is to distance himself from a formal role in running of the businesses in "strictest regulatory and legal sense".

The report concludes however that, "it is evident that he is enjoying pecuniary benefits, other than dividends from these businesses in the shape of unexplained inflows in his personal bank accounts, on a fairly regular basis, from the business profits of his son and businesses run by him purportedly as gifts."

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