PTI leader Aleem Khan understated Rs430m offshore company as Rs2.9m


Pakistan Tehreek-e-Insaf leader Aleem Khan has understated assets owned by his offshore company named in the Panama Papers by declaring property worth Rs 430 million as only Rs 2.9 million.

Khan had earlier accepted that he owns four apartments in a posh London locality.

A third-party report declares that the total worth of his offshore company is over Rs 430 million.

According to UK’s famous property website, Aleem Khan’s Hexam Investment owns Flat No 1102 Balmoral Apartments, 2 Praed Street, London W2 1JN which was bought on 27th November 2006 for Rs 153 million.

The company also owns 562 Park West, Edgware Road, London W2 2RA which was bought for Rs45.3 million on 11 October 2007 and is currently valued at Rs73.1 million. Another property owned by the company is flat No142 Marble Arch Apartments, 11 Harrowby Street, London W1H 5PQ which was bought by Aleem Khan on 11 September 2007 for Rs 44.1 million and the current price is Rs 106.5 million.

The fourth property owned by Aleem Khan’s offshore company is Flat 305 West End Quay, London W2 1JB which was bought on 19th October 2007 for Rs61.1 million and currently valued at Rs98.8 million.

Talking to a media outfit, Aleem Khan admitted that the worth of his four flats is way above Rs 2.9 million mentioned in his FBR papers but he justified understatement in his assets claiming that he only declared the initial capital of the company in his papers.