NAB chairman orders inquiry against 435 offshore companies’ holders

ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (retd) Javed Iqbal on Tuesday ordered an inquiry against 435 Pakistanis who registered companies in tax havens like Panama and British Virgin Islands (BVI).

A communiqué issued by bureau mentioned that the chairman ordered the inquiry after taking notice of 435 offshore companies held by Pakistanis in Panama and the British Virgin Islands. The inquiry into offshore holdings of Pakistanis will proceed without “any fear or favour”, the communique added.

Present or ex-government officials, as well as some politicians, registered offshore companies in Panama and BVI. Former Federal Board of Revenue (FBR) Chairman Abdullah Yousaf registered two companies named Green Deal Management and Green-Wood Investment. Shahid Abdullah and Shayan Abdullah have three companies called Green Wood Investors, Sheree Investment and Green Deal Management whereas Usman Yousaf’s company’s name is Marlborough.

Handout further stated that Aleem Khan registered HEXAM offshore company in BVI in 2004, while Ameer Abdullah established six companies.

The bureau has asked the Federal Investigation Agency, Securities and Exchange Commission of Pakistan, State Bank of Pakistan and FBR to provide information regarding offshore companies owned by Pakistanis.

Earlier, The Supreme Court, on the petition of Jamaat-e-Islami chief last month, sent notices to NAB and the federal government seeking reports on action taken against Pakistanis named in the Panama Papers.

The Panama Papers, a massive investigation into secretive offshore companies owned by the world’s political and business elite, had sparked controversy in several countries in April 2016. It was revealed that former prime minister Nawaz Sharif’s sons and daughter hold offshore companies in tax heavens.

The apex Court conducted an inquiry in this case which led to the disqualification of Nawaz Sharif in July 2017.

It should be mentioned here that the setting up off-shore companies is not a criminal act. The tax department cannot take action against those individuals who register their companies in tax havens prior to five years ago.