AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)
Top News

Paradise Papers: Shaukat Aziz says no law was violated

Former Prime Minister Shaukat Aziz whose name had been listed in the Paradise Papers, through his attorney said that
Published November 6, 2017

Former Prime Minister Shaukat Aziz whose name had been listed in the Paradise Papers, through his attorney said that he did not need to declare the trust in Pakistan as he was a settler.  He said no law was violated. The purpose behind the offshore company was to ensure that if he were to die, his family would get the assets.

The International Consortium of Investigative Journalists (ICIJ), who had unearthed the Panama Papers last year, have now, released Paradise Papers revealing world’s biggest politicians and businesses financial dealings.  Whereas Panama Papers had exposed Nawaz Sharif which cost Sharif his premiership, and who is now facing corruption charges, another prominent personality has been exposed.

Aziz’s name has been linked to Antarctic Trust, with his wife, children, and granddaughter as beneficiaries. The trust had been set up in US state of Delaware, which is considered a domestic tax haven by US financial experts, when Aziz had been working for financial giant Citibank. The trust was not included in the financial disclosure statements which Aziz had submitted from 2003 to 2006, while he was finance minister and prime minister, local media reported.

Aziz had been accused by the opposition of false declaration of assets, corruption and misappropriation of funds in a 2012 internal memo, Appleby’s Bermuda firm’s compliance officer noted.  The Antarctic Trust had been closed down in September 2015 and held most of Aziz’s assets.

Copyright Business Recorder, 2017

Comments

Comments are closed.