LAHORE: The Securities and Exchange Commission of Pakistan (SECP) handed over records of various companies owned by Finance Minister Ishaq Dar as well as the Chaudhry Sugar Mills, owned by former prime minister Nawaz Sharif’s family, to the National Accountability Bureau (NAB) on Wednesday.

According to sources, SECP Joint Director Ali Adnan handed over the records of seven companies owned by Mr Dar and his family members to a four-member Combined Investigation Team (CIT), led by Lahore NAB Director General Saleem Shahzad, at the Bureau’s Lahore office.

NAB’s current investigation is meant to lead to a reference ordered by the Supreme Court on July 28, in the Panama Papers case verdict, against Mr Dar for owning assets beyond his known sources of income.

The CIT had sought the personal appearance of members of the Sharif family but they did not turn up. The finance minister, through his counsel, had informed the CIT that he would not join its proceedings till the Supreme Court arrived at a decision on his review petition against the apex court’s July 28 verdict.

Anti-graft watchdog left with almost two weeks to file references

While Mr Sharif, his daughter Maryam Nawaz and son-in-law retired captain Muhammad Safdar categorically refused to appear before the CIT, their counsel filed written replies to the CIT questions about the proceedings being in violation of the NAB Ordinance 1999.

The Sharif family believes that their appearance before the interrogators would not amount to much since the court has already directed NAB to file the references.

The sources said that Mr Adnan’s role in the proceedings pertaining to the Chaudhry Sugar Mills was of key importance as he had been associated with the case from day one.

A NAB official privy to the investigation said Javed Kayani, a close friend of the Sharif family, had also appeared before the CIT.

Mr Kayani, a former chairperson of the Punjab chapter of the Pakistan Sugar Mills Association, had earlier presented his statement before the Joint Investigation Team (JIT) constituted by the SC while hearing the Panama Papers case.

The JIT had accused Mr Kayani of laundering money for the Sharif family through fictitious bank accounts. He was also named a suspect in the Hudaibya Paper Mills case.

The sources said the CIT had persuaded Mr Adnan and Mr Kayani to become approvers against the Sharif family. SECP Director Maheen Fatima is likely to appear before the CIT today (on Thursday).

NAB is now left with almost two weeks to file the references against Mr Sharif, his children and Mr Dar as the six-week deadline set by the Supreme Court will end on Sept 8.

Published in Dawn, August 24th, 2017