Despite availing three different forums, Sharif family has failed to justify the sources through which they set up Flagship Investments Limited and other companies abroad, said National Accountability Bureau (NAB) prosecutor on Tuesday.
NAB Prosecutor Asghar Awan during his final arguments before the accountability court Judge Muhammad Arshad Malik in Flagship reference said accused persons including former prime minister Nawaz Sharif, and his sons Hassan Nawaz and Hussain Nawaz have failed before the Supreme Court, Joint Investigation Team (JIT) that probed Panama Papers case and NAB, to justify the sources through which they set up different companies abroad.
Awan has completed his final arguments in the case and defence counsel Khawaja Haris will give his rebuttal today (Wednesday). The accused persons established Flagship Investments and other companies by injecting heavy amounts form unknown sources which they failed to justify.
He said the apex court had directed NAB to conduct investigation and file references on the basis of JIT documents, record with Federal Investigation Agency (FIA), response of mutual legal assistance (MLA) requests and its own investigation. The NAB has conducted investigation and also issued summonses to the accused persons to prove their stance but they did not appear before it.
Awan said that Sharif family presented Qatari Prince Sheikh Hamad Bin Jassim Bin Jaber Al-Thani's letter in the Supreme Court to establish their money trial but the JIT declared the letter as myth.
He said the JIT made efforts to record the statement of Qatari Prince but he used delaying tactics by first refusing to record the statement and then agreeing and asking for a date. Later, he raised legal issues about the jurisdiction of Pakistani court and finally asked for assurance from the JIT that he would not be required to appear before any court of law.
Awan said the documents related to Gulf Steel Mill (GSM) did not establish that Tariq Shafi was the 'benamidar' of Mian Muhammad Sharif. "Not a single document establishes the connection of Mian Muhammad Sharif with GSM," he said.
He further said, "If we accept that late Mian Muhammad Sharif had owned GSM then it shows that keeping benami property is a tradition of Sharif family. It might be possible that Sharif family might keep benami property also in 2001 due to fear of nationalisation."
Awan said as per the 1978 share sale agreement, 75 percent shares of Gulf Steel Mills (GSM) were sold at AED 21,375,000 and the sale of the remaining 25 percent shares of Ahli Steel Mills, erstwhile GSM, were sold for AED 12 million. There is no evidence that they invested AED 12 million with Qatari Royal family and acquired these properties, he said. The NAB prosecutor said as per response of MLA requests received from the United Arab Emirates (UAE) authorities, the sale agreement dated April 14, 1980 of 25 percent shares of Ahli Steel Mills does not exist.
Former premier Sharif was present in the courtroom during the hearing who was later allowed by the court to go.
Awan said the documents related to this case are with the accused persons and they should have produced them. They have special knowledge of theses transactions; therefore, burden of proof is on the accused persons, he said.
He said accused Sharif had received AED 780,000 as financial benefit from Flagship Investments Limited and it is an admitted fact. The speeches of accused Sharif at the floor of National Assembly and address to the nation show the motives of benamidar transactions, he said.
The prosecutor said as per the tax record during 2000 to 2001, the net worth of Sharif's assets was Rs 12.761 million and net worth of Hussain's assets was Rs 33.805 million and $64,987 while net worth of Hassan's assets was Rs 4.368 million. The accumulative value of assets held by the accused persons was Rs 50.94 million and $64,987, he said, adding that the accused persons did not use the assets for setting up Flagship and other companies abroad.
He said the accused persons neither declared any foreign assets nor any amount was remitted for acquisition and establishment of foreign assets.
He said Hussain and Hassan remained students from 1995 to 1996 and 1995 to 1999 respectively, and both had no independent sources of income at that time. At one stage, the judge got angry when he observed that former minister Dr Tariq Fazal Chaudhry and MNA Marriyum Aurangzeb were talking with each other inside the courtroom. The judge called Chaudhry on rostrum and said "I presumed if some illiterate persons are talking. But someone told me that you are an educated person. Do you have any respect for the court?" The NAB prosecutor has concluded his final arguments and defence counsel Khawaja Haris will give his rebuttal today (Wednesday).