Al-Azizia Steel Mills, HME: Nawaz actual beneficial owner, NAB IO tells court

Former Prime Minister Nawaz Sharif was the actual beneficial owner of the Al-Azizia Steel Mills and subsequently Hill Metals Establishment (HME), said investigation officer of National Accountability Bureau (NAB) on Wednesday. NAB's investigation officer, Mehboob Alam while testifying before Accountability Court-II Judge Muhammad Arshad Malik in the Al-Azizia Steel Mills and HME references said that material and evidence collected during investigation established that accused Nawaz Sharif is the actual beneficial owner of Al-Azizia Steel Mills and HME.
Alam further said that investigation revealed that accused Hussain Nawaz and Hassan Nawaz, having no independent source of income except dependence on Benamidar and abettor, ostensibly hold the assets on behalf and for the benefit of the accused person to veil the actual source and assets which, in fact, belong to and indirectly owned by Nawaz Sharif.
Sharif was present in the courtroom during the proceedings where he was brought from Adiala Jail amid tight security arrangements. Sources said that Sharif was shifted from an armored vehicle to another vehicle on way to the court to dodge protesters waiting for their leader on the backside of Federal Judicial Complex.
Pakistan Muslim League (Nawaz) President and younger brother of Nawaz Sharif, Shahbaz Sharif, Senator Pervez Rashid, Khawaja Asif, Senator Chaudhry Tanveer, Pir Sabir Shah and other party leaders also arrived at the court to express solidarity with Sharif.
Alam said that the plea of Sharif that he has no knowledge or concern about the alleged assets has been found to be implausible, unfair, unnatural and untrue. "The plea of other accused with regard to money trail, source utilized for acquisition of assets, has been found to be a false and concocted story after receiving response of mutual legal assistance (MLA) request from Ministry of Justice, UAE, which was received by the Joint Investigation Team (JIT) that probed Panama Papers case," he added.
Alam further said that Hussain and Hassan, both sons of Sharif, were dependent on the accused and they remained students till 1995-96 and 1999 as well while both did not have any independent source of income even at the time of exile of the Sharif family from Pakistan to the Kingdom of Saudi Arabia (KSA).
He said that investigations revealed that accumulative net value of the asset held by the accused person in 2001-2002 was Rs 50.94 million and $64,984. "No transportation in the assets of the accused person has been observed from 1999 to 2002 as well as neither has the accused person declared any assets held abroad nor has it been claimed or declared that they have remitted any amount from Pakistan to abroad in any lawful manner for acquisition of alleged assets," he said.
The investigation officer further said that Hussain Nawaz admitted the ownership and acquisition of the assets, which are Al-Azizia Steel Company and subsequently HME or interests therein, as well as remitted to the accused Sharif, Hussain and his sister Maryam Safdar in his statement submitted before the Supreme Court.
He said that remittances to the extent of 1.2 million euros and $10.2 million converted and credited to Pakistani bank account of Sharif and these were separate from Rs 1.187 million available in the bank account of Sharif. "On the basis of audit report of the Al-Dar Audit Bureau, it is established that 88 percent of the claimed net profit of HME were remitted to the personal account of Nawaz Sharif directly from HME or through the account of Hussain Nawaz," he said.
He said that an amount to the extent of GBP 1.5 million was remitted to accused Hassan Nawaz through Hussain Nawaz. "Such assets are disproportionate to his known source of income and the accused person failed to reasonably account for acquisition of asset," he said.
The investigation officer said that he recommended filing of corruption reference against the accused persons including Sharif, Hussain and Hassan for committing the offence of corruption and corruption practices as defined under section 9 (a) and 12 of NAO 1999.
The court adjourned hearing of the case till August 20 and directed Alam to continue recording of his statement on the next hearing. During an informal chat with media persons after end of proceedings, Nawaz Sharif said that he does not meet his daughter Maryam Nawaz on a daily basis. "He meets her only on Thursday while meeting other visitors," he said.
Asked if he is in solitary confinement, he replied, "I am in the cell and you can term it whatever you like." To another question he said he offers his prayers in the cell. Some PML-N leaders and workers gathered outside Federal Judicial Complex to welcome their leader and chanted slogans in favor of Nawaz Sharif.