135 Pakistanis in leaked documents

ISLAMABAD: A total of 135 Pakistani individuals, including top politicians such as former premier Shaukat Aziz, with accounts in Swiss banks created in their own name or through offshore companies have been named in the Paradise Papers.

Aziz’s name was found linked with two trusts, one set up by Citibank in the Bahamas called Cititrust. Aziz was a senior executive of the bank at the time of the formation of this trust, The News daily, which had access to the leaked documents, reported on Monday.

The other entity, Antarctic Trust, was created by Aziz on his own and Rukhsana Aziz, his wife, and three children were its beneficiaries. Shortly before becoming finance minister, he set up this trust in Delaware but it was managed from Bermuda. This trust was not declared during his stints as finance minister and prime minister.

Aziz’s attorney told The News he didn’t have to declare his assets in Pakistan because he was the settlor of the trust. He added that his wife or children too didn’t have to make a declaration because they were beneficiaries and not beneficial owners.

“Mr Aziz created the Antarctic Trust shortly before becoming finance minister of Pakistan to insure that if he were to die, his assets would pass efficiently to his family. Since he was the target of more than one assassination attempt while he served in Pakistan, his concern was well founded,” his attorney said.

Another Pakistani, Ayaz Khan Niazi, was identified in the documents in connection with four offshore holdings in the British Virgin Islands, including the Andalusian Discretionary Trust. The remaining three were set up as companies.

Their formation dated back to 2010, when Ayaz was a government employee and served as chairman of the state-owned National Insurance Corporation Limited. His two brothers, Hussain Khan Niazi and Muhammad Ali Khan Niazi, acted as beneficial owners of these investments while Ayaz and his parents were directors.