All You Need To Know about Pandora Papers and Pakistani's exposed in latest leaks All You Need To Know about Pandora Papers and Pakistani's exposed in latest leaks

All You Need To Know about Pandora Papers and Pakistani's exposed in latest leaks

Hundreds of Pakistanis, including some high-ranking members of the ruling party, have offshore assets, according to the Pandora papers.

More than 330 politicians from many countries in the world have been exposed by the recent leaks named as 'Pandora Papers'. These politicians heavily invested in the tax heavens by making hundreds of offshore companies. 

Like many developing countries, Pakistan is also suffering greatly from corruption and misuse of public funds. Hundreds of Pakistani's were exposed in the Pnama leaks' including ruling party members at that time. Many tax payers of Pakistan who also enjoys public sector corporate jobs have many off-shore accounts according to Pandora Papers.

What are Pandora Papers:

Pandora Paper leaks are named after Greek myth 'Pandora box' which is a popular phrase used mostly in our daily life's. Pandora Leaks is the biggest investigation till date by journalists from all over the world.

Pandora Papers investigation is based on the disclosure of confidential records from 14 offshore service providers who provide professional services to wealthy individuals and corporations looking to establish shell companies, trusts, foundations in low- or no-tax countries. The entities allow owners to hide their identities from the general public and, in some cases, regulators. The providers frequently assist them in opening bank accounts in countries with lax financial regulations.

Pandora Papers Pakistani name list:

As for Pakistan, many members of Prime Minister Imran Khan’s cabinet, retired civilian and military officials and their families as well as owners of some of the country’s top media outlets, secretly own or have owned an array of companies and trusts holding millions of dollars in offshore jurisdictions according to Pandora Papers.

The list of Pakistan's exposed in Pandora Papers is very big as there are almost 700 people who are involved in tax evasion but few of them are more prominent and you really need to know about their assets leaks. Below is the list of most prominent politicians and bureaucratese involved in this mega scandal.

1. Shaukat Tarin:

Shaukat Tarin is the current minister of finance of Pakistan after recently inducted into Imran Khan’s cabinet by the Prime minister himself. He has also worked in public office during PPP's tenure. Tarin and three of his family members have four offshore companies registered in the British Virgin Islands (BVI) jurisdiction. The Tarin family incorporated four offshore companies —Triperna Inc, Hamraa Inc, Seafex Inc, and Moonen Inc — all of them in 2014. 

2. Faisal Vawda:

Most vocal member of Pakistan Tehreek e Insaaf and former minister for water resources, Faisal Vawda, his wife, and his sister have an offshore company. The Vawda family incorporated Dazzling Worldwide Ltd in the BVI jurisdiction in 2012 to invest in UK properties, the Pandora Papers show. Although Vawda claims that he has already declared these assets in Election Commission of Pakistan.

3. Abdul Aleem Khan:

Abdul Aleem Khan is a senior leader in Imran Khan s allies and he is also a close aide of Prime Minister Imran Khan, Abdul Aleem Khan also owns an offshore company. The Pandora Papers show that the registered directors of Hexam Investment Overseas Limited (BVI) — Aleem Khan and his wife — approved a written resolution of the offshore company on March 1, 2017, and confirmed being directors of Hexam Investment.

4: Chaudhary Moonis Elaahi

Federal Minister of Water Resources, Chaudhry Moonis Elahi Moonis Elahi was the Green Hills Trust and Winthrop Fund's Settlor and Investment Director.

Moonis sought to put money into his firm from the sale of land owned by Phalia Sugar Mills, an Elahi family company, in 2007. Moonis Elahi was subjected to due diligence by Thomson Reuters Risk Management Solutions, which generated a 19-page report detailing his alleged involvement in corrupt land schemes. The bank was accused of making illegal loans and selling the land to a government agency, according to the article. Moonis was accepted as an Asiaciti client notwithstanding the due diligence report.

6. Sharjeel Inam Memon: 

Sharjeel Inam Memon, a former information minister in the Sindh government and senior member of Pakistan People Party, also owned three offshore companies in the British Virgin Islands. Ocean Wave Technologies Corp., Arctic Development Corp., and New Coast Executive Inc. are the three enterprises controlled by the Memon family.

Military officials and family included in Pandora Papers:

Apart from the politicians, media owners, and civilian bureaucrats, some top retired military officials have also been named in the new Pandora leaks.

1. Major General (retd) Nusrat Naeem:

Major General (retd) Nusrat Naeem owned a BVI company, Afghan Oil & Gas Ltd that was registered in 2009, shortly after his retirement. In his response to the ICIJ, he said that the company had been set up by a friend and that he did not use it for any financial transactions.

2. Ahsan Latif:

Ahsan Latif — son-in-law of former Governor Punjab Lt General (retd) Khalid Maqbool — owned an offshore company, Dylan Capital Limited, registered in the British Virgin Islands.

It is not clear whether Ahsan Latif has declared the above-mentioned assets before the tax authorities in Pakistan. The News sent a query to him but received no response from him

3. Muhammad Hasan Muzaffar:

Pandora Papers reveal that Muhammad Hasan Muzaffar, son of Lt General (retd) Muhammad Afzal Muzaffar, owned shares in a company registered in the British Virgin Islands, Creek Growth Capital Holding Ltd. The offshore company owned Southeast Healthcare Holding, which in turn controlled a Dubai-based medical centre that now appears to be closed.

Hasan told ICIJ that the simple fact is there is no relation of this investment to his father. He further commented that the investment was made solely from his own income earned in the UAE and came from his UAE bank account. No other family member, including his father, was involved.

4. Shafatullah Shah:

The former military secretary of Gen Pervez Musharraf, Lt Gen (retd) Shafatullah Shah owns an expensive apartment in London through an offshore company, which is in the names of his wife and son. 

5. Raja Nadir Pervez:

 Pandora Papers also reveal that Raja Nadir Pervez, a retired army lieutenant colonel and former minister in the Nawaz Sharif-led government, owned International Finance & Equipment Ltd, a BVI-registered company. In the leaked files, the firm is involved in machinery and related businesses in India, Thailand, Russia, and China. He is currently a member of the cabinet of Imran Khan’s Pakistan Tehreek-e-Insaf (PTI). Raja Nadir Pervez did not respond to ICIJ reporters’ questions.

These leaks now posed a great responsibility on Imran Khan's accountability campaign as many of his close allies are exposed by the Pandora Leaks. However Khan has announced that investigations will be carried out against any one who is involved in the Pandora leaks no matter their position in party.

What do you guys think about these Pandora leaks, tell us in the comment section.

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