Panama Papers:NAB team directed to expedite inquiry into 435 offshore companies

January 19, 2018 at 6:18 pm

ISLAMABAD: The Chairman of the National Accountability Bureau (NAB), Justice (retd) Javed Iqbal, while reviewing the preliminary inquiry report of 435 offshore companies owned by 435 Pakistanis in Panama and British Virgin Islands, directed to expedite the process of getting information and record from the State Bank of Pakistan (SBP), Security and Exchange Commission of Pakistan (SECP) and Federal Board of Revenue (FBR) sans sustaining any duress.

The NAB chairman on Thursday chaired a meeting to review the preliminary inquiry report of 435 offshore companies owned by Pakistanis in Panama and British Virgin Islands at the NAB headquarters. He directed that the inquiry should be concluded in accordance with merit and in the light of law and evidence.

The offshore companies of former chairman FBR Abdullah Yousaf were also included in the list of offshore companies owned by 435 Pakistanis whose names were leaked in the Panama Papers. The FBR’s ex-chairman owns Green Deal Management, Greenwood Investor while his sons Shahid Abdullah and Shayan Abdullah own Greenwood Investor and Usman Yousaf owns Malboro and six companies of Ameer Abdullah are also included.

The NAB chairman directed officials of the Bureau to get information and record of the offshore companies of other Pakistanis at the earliest and to find reasons for establishing offshore companies, their sources of income including money trail and money transferred abroad through banking channels or money laundering. The NAB chairman further directed the NAB investigation team to find whether the national exchequer had been looted or inflicted heavy damage through corruption.

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