A significant number of prominent Pakistanis possess upscale properties in Dubai, leaks from a report part of the OCCRP’s ‘Dubai Unlocked’ initiative has revealed. The report exposes details of individuals from various sectors including politics, the military, banking and bureaucracy.
The leaked data, comprising over 23,000 properties registered to Pakistani nationals, came to light through the “Dubai Unlocked” investigation carried out by global media outlets.
The investigation, spearheaded by the Centre for Advanced Defence Studies (C4ADS) and disseminated to global media channels, delves into the ownership specifics of hundreds of thousands of properties in Dubai.
Prominent Pakistani figures named in property leaks
Among the noteworthy Pakistanis identified in the Property Leaks are the offsprings of President Asif Ali Zardari, Hussain Nawaz Sharif, the spouse of Interior Minister Mohsin Naqvi, Sharjeel Memon, Senator Faisal Vawda, and numerous legislators from the Sindh and Balochistan assemblies.
The roster also encompasses late Gen Pervez Musharraf, former Prime Minister Shaukat Aziz, retired generals, a police chief, an ambassador and a scientist, all of whom have direct or indirect ownership of properties in Dubai through themselves or their family members.
Property portfolio: Studio apartments to luxurious villas
The leaks shed light on disparities in property disclosures, such as the undisclosed villa in Dubai owned by Interior Minister Mohsin Naqvi’s wife, which was absent from his Senate election nomination papers. The investigation additionally exposes the involvement of individuals like the Altaf Khanani network, sanctioned for money laundering, and Hamid Mukhtar Shah, a physician engaged in criminal activities, as property owners in Dubai.
The data reveals a spectrum of properties, from compact studio apartments to opulent six-bedroom villas, owned by Pakistan’s elite across premier locations like Dubai Marina, Emirates Hills, and Palm Jumeirah.
The leaked data offers insights into the offshore real estate wealth of Pakistanis, with over 23,000 properties attributed to Pakistani nationals up to the spring of 2022. Acquired by C4ADS and shared with global media outlets, the data does not inherently imply financial misconduct but presents a comprehensive overview of Pakistani investments in Dubai properties during a specific timeframe.
FBR views leak as key to tax evasion fight
The Federal Board of Revenue (FBR) of Pakistan perceives this revelation as a pivotal stride towards combating tax evasion. Malik Amjed Zubair Tiwana, chairman of the FBR, informed Dawn, “If we possess the data you mentioned, along with information on residency status, we will ensure that those liable to pay tax in Pakistan on rental income or capital value do so.”
Despite endeavours to regulate and recuperate undisclosed assets, responses from Dubai have been scant, owing to a lack of geopolitical leverage and political obstructions.
The investigation underscores the hurdles faced by Pakistan in bringing undisclosed assets into the tax fold, with Dubai authorities hesitant to share information regarding Pakistani citizens owning assets in the emirate. The leaked data, a product of multiple disclosures and extensive validation by journalists, unravels a intricate network of property ownership involving Pakistan’s political, media, military, and business echelons.
Pakistan politicians respond
All the domestic and international assets of Chairman PPP Bilawal Bhutto-Zardari and Bibi Aseefa Bhutto-Zardari have been officially disclosed to the Election Commission of Pakistan and the Federal Board of Revenue, Zulfikar Ali Bader, spokesperson of Bilawal Bhutto-Zardari, said. Meanwhile, Interior Minister Naqvi affirmed that the Dubai property under his wife’s name has been fully declared and included in their tax returns.
PTI leader Sher Afzal Marwat admitted to owning a Dubai apartment, noting its declaration with regulatory bodies such as the FBR and ECP for the past six years. He emphasised that verification could be obtained from both the FBR and ECP.