Media moguls, families of army personnel, businessmen

More Pakistani individuals ranging from media group owners to family members of army personnel to businessmen and executives were identified in the International Consortium of Investigative Journalists' (ICIJ) "Pandora Papers" - a major international research into the financial holdings of high-profile individuals around the world.

The exposé was unveiled on Sunday and some of the names already reported include prominent figures from the PTI-led government including Finance Minister Shaukat Tarin and Senator Faisal Vawda.

The papers included the names of as many as 700 individuals from Pakistan, according to investigative journalists Umar

Cheema and Fakhar Durrani of The News International who were part of the research. A report said Jang group editor-in-chief Mir Shakilur Rehman, Dawn CEO Hameed Haroon and Express Media Group CEO Sultan Ali Lakhani also owned offshore companies.

According to the report, Rehman owns an offshore company named Brookwood Ventures Limited in the British Virgin Islands (BVI) - he was transferred the shares on April 17, 2008. When contacted by The News, he was hesitant to answer, claiming that his company was already declared so there was no point in answering the question.

However, he agreed to answer upon being urged by the investigation cell to respond otherwise questions of its transparency would arise, the report said. "No, it's not true, I don't own any company. However, I had this till 2018," he told The News when the investigation cell sent him a questionnaire. When asked about why he chose to establish a company in BVI when it was a "tax and secrecy haven", he said it offered attractive conditions for investment.

Questioned by the cell on whether he had declared his company with the relevant tax authorities, The News quotes him as answering: "Yes, it was part of my wealth for the tax year 2018 and subject to taxes where applicable." Meanwhile, Dawn's CEO owned an offshore company called Bardney Limited that was registered in Seychelles, the report said. According to his official response to The News, the company was "duly declared" and being reported to the relevant

Pakistani authorities with the law.

Similarly, Lakhani owned an offshore company Century Media Network Inc that was incorporated in February 2005 - Lakhani owned shares in the company with Muhammad Anwer Abdullah. A spokesperson for the Lakhani family told The News that "all companies are legal" and in accordance with applicable laws.

The report added that the Gourmet group, which owns TV channel GNN, also owned an offshore company, Gourmet Holdings Limited in the BVI jurisdiction, and had appointed an employee, Amna Butt, as its director. "It is, however, not confirmed whether the company is declared with the Pakistani tax authorities or not," the report said, adding that no response had

in accordance been received from Butt over a questionnaire sent to her.

Renowned journalist and editor of Pakistan Today, the late Arif Nizami was also among those who had their names in the report. He owned New Mile Production Limited in BVI that was incorporated in July 2000 with him and his wife declared as its beneficial owners.

"Both Mr and Mrs Nizami through this company held investment portfolios with Standard Chartered Bank Singapore, which included cash accounts, bonds, equities and mutual funds.

"The documents reveal that the estimated value of these assets at that time was $1.6 million. It is, however, not clear whether the company is declared with the tax authorities in Pakistan or not," the report said.