Chaudhry Sugar Mills: Nawaz accused of receiving kickbacks, laundering dirty money

Special Assistant to the Prime Minister on Accountability, Shahzad Akbar on Thursday alleged that former prime minister Nawaz Sharif has used Chaudhry Sugar Mills for receiving kickbacks and committing money laundering.

Addressing a press conference, the PM's aide said that Chaudhry Sugar Mills is a major "corporate fraud" of the Sharif family for money laundering and money had been transferred from the bank account of New Islamabad Airport to Chaudhry Sugar Mills. He further said the contract for the construction of new Islamabad airport had been awarded to a relative of Nawaz Sharif.

"Fake" telegraphic transfers (TTs) worth $1.5 million had been generated for Chaudhry Sugar Mills on the names of a Saudi citizen and one Siddiqua Syed. The 45% shares of Chaudhry Sugar Mills were transferred to Nawaz Sharif and later to Maryam Nawaz.

He said accounts were opened abroad with funds worth $15.37 million by the Sharif family. "This case is an example of worst corruption," he said.

Giving further details, Akbar said that before 1990s, a loan was acquired to establish the mills. Instead of going to a bank, these people incorporated a company called Chadron Jersey Limited. A joint venture was done to seek the loan in the name of Chadron Jersey and the terms of the loan were set in such a manner that the bank, instead of providing Rs15 million directly to the mill, sent the amount to the company to procure machinery for the mills and send it to Pakistan. Neither the money nor the machinery came to Pakistan, Akbar said.

Nawaz Sharif had become the prime minister by that time and machinery was locally sourced, he said. However, a blank cheque was given to pay back the loan along with interest to Chadron Jersey Limited in the next four years, Akbar said.

He further said Chadron Jersey Limited and eight other companies, all of which, he claimed, were offshore companies, were registered with the same address, adding that the same could be verified on the World Bank's website.

He said most of the accused in the said case have fled abroad and according to the country's law, a case cannot be initiated in their absence which is an irony.

Shahzad Akbar said, "There are several unanswered questions in the Chaudhry Sugar Mill case like the Sharif family's relations with the Qazi family."

Akbar said funds worth $560 million were received by the Sharif family from the contract of New Islamabad Airport.

After sharing details of all the loans allegedly taken for the Chaudhry Sugar Mills in the name of various individuals and corporations, Akbar said: "The point of doing these press briefings is to inform the people about how they have been looted because the people should also demand an answer from them."

While criticizing the former premier, Akbar said that Nawaz Sharif is now residing in London whose platelet count varies every day. It is impossible for the government to await further after watching him picnicking in London, said the PM's aide.

Akbar said that the government will move the Parliament for making amendments to the laws. Pointing towards the opposition, he added that the opponents have always created hurdles after a law is brought to the Parliament.