NAB to launch inquiry into 435 offshore companies owned by Pakistanis

ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice Javed Iqbal chaired a meeting on Thursday where he reviewed the preliminary inquiry report of 435 offshore companies owned by Pakistanis in Panama and the British Virgin Islands.

In a meeting held at the NAB headquarters in Islamabad, Iqbal directed the bureau to expedite seeking of information and record from the State Bank of Pakistan (SBP), Federal Bureau of Revenue (FBR) and Securities and Exchange Commission of Pakistan (SECP) “sans sustaining any duress,” a NAB press release said. It added that the inquiry will be “concluded in accordance with merit and in light of law and evidence”.

The person who owns offshore companies in Panama and the British Virgin Islands included former FBR chairman Abdullah Yousaf.

Yousaf owns Green Deal Management, Greenwood Investor. Shahid Abdullah and Shayan Abdullah own Greenwood Investor. Usman Yousaf owns Malboro and six companies of Ameer Abdullah are also included.

The chairman directed to get information about the offshore companies of other Pakistanis at the earliest and ask the reasons of establishing offshore companies and their sources of income, including money trail from the owners of the offshore companies.

The NAB chairman has also directed officers to inquire whether the offshore companies were established with money transferred abroad through banking channels or money laundering. “Whether national exchequer had not been looted or caused losses through corruption,” it read.

The statement also named former chairman FBR Abdullah Yousaf as one of the persons with offshore companies.

It is pertinent to mention here that in April 2016, the International Consortium of Investigative Journalists revealed names of influential people throughout the world, including those of Pakistan, who had secreted assets in tax havens. Over 400 Pakistanis, including politicians, businessmen, bankers, as well as judges were identified in the leaks called the Panama Papers.