Pakistan PM’s family hits back at the leaks
islamabad — The family of Pakistani Prime Minister Nawaz Sharif on Monday defended their ownership of offshore companies after they were named in the Panama Papers, one of the biggest media leaks in history.
Revenue generation is particularly sensitive for Pakistan’s government, which is receiving a $6.6 billion bailout package from the IMF and has a tax-toGDP ratio of 11 per cent, among the lowest in the world.
The leak shows how some of the world’s most powerful people have secreted their money offshore.
Among those named are three of Sharif ’s four children — Maryam, who has been tipped to be his political successor; Hassan and Hussain, with the records showing they owned London real estate through offshore companies administered by the firm.
“Nawaz Sharif does not own any company but having companies in the name of his children also raises questions,” Umar Cheema of the Center for Investigative Reporting in Pakistan, said.
The centre is partnered with the Investigative Consortium of Independent Journalists, which spent months poring over the documents before Sunday’s online release.
“There are more than 200 Pakistanis which our report has identified, and they include lawyers, lawmakers and some people from the judiciary,” Cheema said. Opposition leader Imran Khan called for action against Sharif. “Our stance vindicated again as Sharif ’s wealth stashed abroad exposed,” he tweeted, adding the country’s accountability watchdog, tax authorities and election commission must take action.
But Sharif’s son Hussain told the country’s largest private broadcaster Geo his family had done “nothing wrong”.
“Those apartments are ours and those offshore companies are also ours,” he said.
“There is nothing wrong with it and I have never concealed them, nor do I need to do that.
“It is according to British law and laws of other countries that it is a legal way to avoid unnecessary tax via offshore companies.” Hussain said he left Pakistan in 1992 and therefore is not resident, adding Pakistani tax law “says that if you are not staying in Pakistan for more than 138 days, then you are not required to declare your assets”.—
It is the height of cynicism to open offshore companies at a time when hundreds of our soldiers are dying.”
Oleh Lyashko Ukraine’s radical leader
This is a crime, a felony. This is an attack on Panama because certain countries don’t like it that we are so competitive in attracting companies.”
Ramon Fonseca, one of the founders of
Mossack Fonseca
To our knowledge this is the biggest leak that journalists have ever worked on.”
Bastian Obermayer
I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents.”
Gerard Ryle