FBR initiates investigations against Pakistanis named in Paradise Leaks

November 11, 2017

ISLAMABAD: Federal Board of Revenue (FBR) has on Saturday initiated investigations against Pakistanis named in Paradise Papers after making a list of all the 19 people.

According to sources, details of the 19 people named in Paradise Leaks have been demanded from Regional Tax Officers (RTO) while letters have also been written to State Bank of Pakistan, NADRA, SECP and other related departments to seek cooperation.

The details regarding financial transactions and bank accounts of all the 19 people have been requested by FBR. The investigations will be held under tax evasion and money-laundering laws.

Former Pakistan Prime Minister (PM) Shaukat Aziz has also been named in the Paradise Papers as second installment made public by International Consortium of Investigative Journalists (ICIJ). Shaukat Aziz’s company was being run from Barmuda.

Shaukat Aziz established the company named Antarctic Trust and his siblings, as well as wife, became the beneficiaries of the company and this company was never disclosed before Election Commission of Pakistan (ECP).

Former chairman of NICL has also been named among those holding offshore companies. The Panama Papers second installment disclosed that Ayaz Khan Niazi, the former NICL chairman, was also having offshore assets in British Virgin Islands.

United States Secretary of State Rex Tillerson has also been named among those having offshore companies while British Queen Elizabeth also owned a company.

The Paradise Papers have largest number of politicians, companies and other influentials from the US.

The two most politically exposed Pakistanis in these leaks are Ayaz Khan and Shaukat Aziz only but there are many other Pakistani businessmen also named among them.

Facebook, Apple, Microsoft, EBay and Nike are also among the companies owning offshore companies according to Paradise Papers leaked by ICIJ.

It is pertinent to mention here that Qatari Prince Hammad bin Jasem al-Thani, who was also a business partner of Sharif family and had sent several letters to Pakistan s Supreme Court confirming that he had business relations with Nawaz Sharif s father and the son as well, is also among those named in Paradise Leaks.

Some of the major names in the Trump administration have been found owning offshore companies according to Paradise Leaks. Secretary os State Rex Tillerson was the former CEO of ExxonMobil, Secretary of Commerce Wilbur Ross is the owner of WL Ross & Co, and Vice Chairman for Supervision, Federal Reserve Randal Quarles was partner in a company named Carlyle Group.

Among Trump s advisers, Gary Cohn is the former president and CEO of Goldman Sachs, Thomas J Barrack Jr is the executive chairman of Colony NorthStar, Stephen Schwarzman is the co-founder and CEO of Blackstone Group and Carl Ichan is the owner of Icahn enterprises. DNA