The Ministry of Law and Justice is holding an important meeting in Islamabad today (Wednesday) to review different options regarding the formation of judicial commission announced by Prime Minister Nawaz Sharif to probe Panama Papers allegations, according to reports.
Law Minister Zahid Hamid and other legal experts are present in the meeting. The participants are reviewing names of retired judges and code of conduct for the judicial commission.
Name of a retired judge will be forwarded to the Prime Minister for final approval.
Earlier on Tuesday, Nawaz announced the formation of a commission to investigate allegations made in the so-called Panama Papers that linked his family to a series of offshore companies.
“I have decided to set up a high-level judicial commission headed by a retired judge of the Supreme Court. This commission will decide after its investigation that what is reality and how much weight these allegations should be given,” the Prime Minister said in a TV address broadcast nationwide.
The leaked papers, comprising 11.5 million documents from Panama-based law firm Mossack Fonseca, exposes how some of the world’s most powerful people have secreted their money offshore, and also implicated Sharif’s sons Hasan Nawaz and Hussain Nawaz.
Read more: Panama leaks: Maryam Nawaz challenges accusers to prove allegations or apologise
“Some of my friends advised me that because there are no allegations against me and that both of my sons are adults and responsible for their own affairs, I should remain separate from this issue,” Sharif said in the address.
“But my dear compatriots, I want the facts to be presented before the nation and every Pakistani should be aware of the reality of the allegations,” he continued.
Three of Sharif’s four children are named in the Panama Papers — daughter Maryam, who has been tipped to be his political successor and sons Hasan and Hussain — with the records showing they owned London real estate through offshore companies administered by Mossack Fonseca.
“I would ask those who repeat these stereotypical allegations and stage every day a circus, that they go in front of this commission and prove their allegations,” Sharif said while emphasising that his family’s wealth had been hard earned and they were being victimised.
When the Panama Papers were first released, Sharif’s son Hussain denied the allegations, saying his family had done “nothing wrong”.
“Those apartments are ours and those offshore companies are also ours,” he said.
“There is nothing wrong with it and I have never concealed them, nor do I need to do that. It is according to British law and laws of other countries that it is a legal way to avoid unnecessary tax via offshore companies,” he told local tv channels.
Nawaz Sharif said Hasan had lived in London since 1994 and Hussain in Saudi Arabia since 2000, where both run businesses — and emphasised that all their business dealings were in line with the laws and regulations of those countries.
“My father had established a steel factory near Makkah with the loans from Saudi Arabian banks when we were in exile. After some years, this factory was sold and these resources were used by my sons Hasan and Hussain for their new businesses,” Sharif said.
“This is a strange logic that if our children earn their legitimate money inside the country there is criticism, and if they work hard overseas and establish and run businesses, even then they are targeted by allegations,” he said.
Revenue generation is particularly sensitive for Pakistan’s government, which is receiving a $6.6 billion bailout package from the IMF and has a tax-to-GDP ratio of 11 percent, among the lowest in the world.
As prime minister, Sharif has invited investment in Pakistan. But the latest revelations could raise uncomfortable questions about why his family has kept their wealth abroad.
“Our stance vindicated again as Sharif’s wealth stashed abroad exposed,” he tweeted, adding the country’s accountability watchdog, tax authorities and election commission must take action.
Earlier today, Awami Muslim League (AML) chief Sheikh Rasheed submitted an adjournment motion in the National Assembly, seeking Prime Minister Nawaz Sharif’s resignation.
The motion states that the PM must tell the nation about the source of the investment.
Another motion was submitted in the Punjab Assembly by opposition party Pakistan Tehreek-e-Insaf (PTI), rejecting the move regarding the formation of the judicial commission.
The Panama Papers have whipped up a storm of controversy over offshore wealth, ensnaring political leaders, sports figures and underworld members across the globe in the scandal.
Read more: List of 10 countries with the most companies implicated in Panama Papers leak
Law minister to appoint retired judges to investigate the matter. A perfect drama to white wash and declare Nawaz Sharif and his family squeaky clean. When it comes to the rulers, they are human deities in the land of the pure, what applies to everyone else cannot be applied to them, they are beyond the reach and ambit of accountability, justice and law. Justice and law are commercial service commodities in Pakistan where it is the money makes the mayor go.
In a progressive nation like Iceland, people forced the prime minister to resign with their street power, where are the people in Pakistan? Instead of demanding justice, as usual, they will vote for PML-N and PPP in the next election with full zest and enthusiasm..
Comments are closed.