ISLAMABAD
After it failed to prove wrong the allegations of money laundering in Panama Leaks scandal before JIT, the Sharif family can face another investigation in near future pertaining to Rs 739 million money laundering from London through the accounts of Chaudry Sugar Mills (Pvt) Limited, it was learnt.
The available copy of an inquiry report of the federal investigation agency (FIA) coupled with written statements from SECP officials disclosed to Pakistan Today that Rs 739 million transactions from the accounts of CSML was made in 2010, although the mill was faced with losses.
Moreover, SECP, on finding this transaction from the accounts of CSML, initiated an inquiry into the matter under section 263 of Companies Ordinance, 1984 against the CSML and issued notice to CSML. It was initially transpired to SECP that CSML had not exported sugar from any company of London but million rupees transactions was made from there.
On the contrary, CSML has advocated during the SECP inquiry that sugar was exported to the companies of China, Turkey, Malaysia, and Korea and these companies had cleared their payments from London.
This stance of CSML could not satisfy the officials of SECP probing the matter. Later, a letter was written to UK corporate authority (UKCA) to get the details of said transactions. However, letter was withdrawn later on and inquiry was closed.
According to sources, ruling elite had assigned a task to PM’s Principal Secretary Fawad Hassan Fawad in order to prove the Sharif family’s innocence against the allegations of money laundering in 2013. Fawad Hassan Fawad assigned this task to Commissioner and ex-chairman SECP Tahir Mehmood who earlier played role in the closure of inquiry against CSML.
Similarly, according to written statement of an official of SECP, closing the inquiry of money laundering case was done by Tahir Mehmood in 2013. She said that Tahir Mehmood and Head of Department Ikram had given approval to withdraw the letter written to UK corporate authority to get the details of alleged transactions. Practically, Tahir Mehmood got the case of money laundering closed in 2013, she added.
It is vital to note here that formal approval of the commission was mandatory to closing investigation while a file containing all evidence including reasons and documentary proves of innocence was necessary to be prepared by SECP prior to the closure of inquiry under section 269 of the Companies Ordinance. However, it could not happen as no file could be prepared and no commission was formed.
The sources further informed that a meeting was held in Prime Minister’s House in April 2016 after the disclosure of Panamagate case, to get the pending case of CSML with SECP closed immediately as it could prove dangerous for Sharif family.
In this regard, a plan was implemented in May 2016 where Zafar Hijazi was given front role while Commissioner and former chairman SECP Tahir Mehmood played his role behind the curtain. They also said that ruling elite had tried their level best to save Tahir Mehmood who is a regular officer of SECP and can extend generous services for Sharif family in next two years.
The house of Sharif is in hot waters over the final report of the Joint Investigation Team (JIT), formed by the Supreme Court to investigate the off-shore wealth of the Sharif family. The JIT has found disparities in the family’s known sources of income and their actual wealth. The JIT’s report on the probe suggests that Prime Minister Nawaz Sharif, his sons Hassan Nawaz and Hussain Nawaz, as well as daughter Maryam Nawaz have been found in violation of Section 9 of the NAB Ordinance 1999. JIT also recommended filing of reference against Nawaz Sharif and his sons with the National Accountability Bureau (NAB).
However, this new investigation is also expected to prove a hard nut for Sharif’s to crack, as FIA has investigated Chairman and officials of SECP and proved closure of an investigation in SECP pertaining to the money laundering from the accounts of Chaudhary Sugar Mills (Pvt) Limited (CSML), which was allegedly done by Commissioner and former SECP chairman Tahir Mehmood while present chairman of SECP Zafar Ul Haq Hijazi had closed the case in 2016. After Zafar Hijazi , Tahir Mehmo of SECP can face trial over the said allegations.
