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.