Panama Papers: Nawaz Sharif stepped down from the post of the Prime Minister of Pakistan on July 28 after the verdict of Supreme Court of Pakistan in the Panama Papers verdict.
Panama Papers: Nawaz Sharif stepped down from the post of the Prime Minister of Pakistan on July 28 after the verdict of Supreme Court of Pakistan in the Panama Papers verdict. The apex court disqualified the 67-year-old leader Sharif for dishonesty and also ruled that corruption cases be filed against him and his children over the Panama Papers scandal, forcing the embattled leader out of office.
During the investigation of the Panama Papers it was found that over 15 months ago, three out of four offshore companies that were set by his children in the British Virgin Islands owned at least six upscale properties that overlook the London’s Hyde Park, according to an Indian Express report. While the documents that were maintained by Mossack Fonseca did not name Nawaz Sharif, the name of his children- daughter Maryam Safdar, and sons Hussain and Hassan Nawaz Sharif were found in the records. It was revealed that they mortgaged four of the properties in London to Deutsche Bank (Suisse) SA in exchange of a loan of GBP 7 million, while the Bank of Scotland part-financed the purchase of two other apartments.
The documents also linked two of the offshore firms to he Sharifs – Nescol Ltd and Nielson Holdings Ltd that were incorporated in the BVI in 1993 and 1994, respectively, according to the report. The documents showed that, in February 2006, Maryam signed a resolution of Nescol Ltd as the “sole (bearer) shareholder”.
On April 4, 2016, the Panama Papers scandal was brought to light during an investigation by the International Consortium of Investigative Journalists (ICIJ) along with The Indian Express. It was revealed that thousands of documents were maintained by a Panamanian law firm known by the name Mossack Fonseca (MF) that linked political leaders, businessmen and celebrities to offshore firms that operated under the tax radar.