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British Forensic Audit: Nawaz Sharif Family Owns Assets Worth $820.8 Million

RiazHaq

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Forensic audit of Nawaz Sharif family's assets has put its value at $820.8 Million, according to Broadsheet Award ordered by arbitrator Sir Anthony Evans. It was revealed in documents revealed by Broadsheet LLC and Pakistan government. The forensic audit was conducted by Stroz Friedberg audit firm based in the United Kingdom. It was hired by Facebook to conduct forensic audit of Cambridge Analytica, the analytics firm used by US President Donald Trump during the 2016 election.




Broadsheet LLC, incorporated in the Isle of Mann, was hired by Pakistan National Accountability Bureau (Bureau) in Year 2000 to uncover overseas assets hidden by over 200 Pakistanis including former Prime Minister Nawaz Sharif and his family. Pakistan was forced to go into arbitration for breach of contract with the firm. Here are the key excerpts of the final award dated December 17, 2018:



"Stroz Friedberg was instructed to carry out a ‘forensic audit’ (or ‘inventory’) of the (Pakistan) JIT Report. This consisted of identifying potentially recoverable assets of the Sharif Family that were referred to in it and ascribing a valuation to each. This resulted in a list of 76 items of property in three overseas jurisdictions, namely, Saudi Arabia, the UAE and the United Kingdom, as well as in Pakistan, with total values that were corrected in the Revised SF Report to take account of Mr. Bezant’s comments on it. The revised total was US$820.8 million. The third instruction was “to apply the 20% rate due Broadsheet as outlined in the ARA” – a mechanical application of the 20% rate provided four in the ARA clause 4 – which resulted in a total ‘Loss of Revenue’ for Broadsheet of US$164.2 million. The fourth was to establish a ‘borrowing rate of interest’ for each of the 76 items of loss and to apply it from what they considered was the appropriate date. The interest calculation increased the total of ‘Broadsheet’s Entitlement’ to US$304.6 million".


"The 2017/8 proceedings, however, in the Supreme Court of Pakistan, including the JIT Investigation and Report, have produced a very different situation where (subject to pending appeals) there is an authoritative listing of personal and family assets totalling (as corrected) US$820 million, both in Pakistan and abroad, and where certain real property in the United Kingdom valued at US$13 million (“the Avenfield flats”) has been forfeited to the Pakistan State as having been acquired with corrupt assets. These call for separate consideration in this Award".


"As stated above, the total value of assets both in Pakistan and overseas listed by the JIT is agreed by the expert witnesses as US$820 million. Whilst accepting that this figure must be discounted to take account of many factors, not least the costs of recovery etc., Claimant’s representatives have put it forward as what might be called the gross amount of possible recoveries by NAB for the purpose of calculating Broadsheet’s potential entitlement to 20 per cent, under the ARA Clause 4".


The forensic-audited $820.8 million estimate of the Sharif family is probably conservative. It only encompasses what the investigators have been able to uncover. There could be more assets still hidden.

Related Links:

Haq's Musings

South Asia Investor Review
Bhuttos Used Money For Personal and Political Gain
Political Patronage in Pakistan
Zardari Corruption
Panama Papers
US Aid to Pakistan

1971 Debacle in East Pakistan

Is it 1971 Moment in Pakistan's History?

Mission RAW by RK Yadav: India in East Pakistan

Benazir Bhutto Gave Birth to Taliban

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VPOS Youtube Channel


 
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Forensic audit of Nawaz Sharif family's assets has put its value at $820.8 Million, according to Broadsheet Award ordered by arbitrator Sir Anthony Evans. It was revealed in documents revealed by Broadsheet LLC and Pakistan government. The forensic audit was conducted by Stroz Friedberg audit firm based in the United Kingdom. It was hired by Facebook to conduct forensic audit of Cambridge Analytica, the analytics firm used by US President Donald Trump during the 2016 election.





Broadsheet LLC, incorporated in the Isle of Mann, was hired by Pakistan National Accountability Bureau (Bureau) in Year 2000 to uncover overseas assets hidden by over 200 Pakistanis including former Prime Minister Nawaz Sharif and his family. Pakistan was forced to go into arbitration for breach of contract with the firm. Here are the key excerpts of the final award dated December 17, 2018:



"Stroz Friedberg was instructed to carry out a ‘forensic audit’ (or ‘inventory’) of the (Pakistan) JIT Report. This consisted of identifying potentially recoverable assets of the Sharif Family that were referred to in it and ascribing a valuation to each. This resulted in a list of 76 items of property in three overseas jurisdictions, namely, Saudi Arabia, the UAE and the United Kingdom, as well as in Pakistan, with total values that were corrected in the Revised SF Report to take account of Mr. Bezant’s comments on it. The revised total was US$820.8 million. The third instruction was “to apply the 20% rate due Broadsheet as outlined in the ARA” – a mechanical application of the 20% rate provided four in the ARA clause 4 – which resulted in a total ‘Loss of Revenue’ for Broadsheet of US$164.2 million. The fourth was to establish a ‘borrowing rate of interest’ for each of the 76 items of loss and to apply it from what they considered was the appropriate date. The interest calculation increased the total of ‘Broadsheet’s Entitlement’ to US$304.6 million".


"The 2017/8 proceedings, however, in the Supreme Court of Pakistan, including the JIT Investigation and Report, have produced a very different situation where (subject to pending appeals) there is an authoritative listing of personal and family assets totalling (as corrected) US$820 million, both in Pakistan and abroad, and where certain real property in the United Kingdom valued at US$13 million (“the Avenfield flats”) has been forfeited to the Pakistan State as having been acquired with corrupt assets. These call for separate consideration in this Award".


"As stated above, the total value of assets both in Pakistan and overseas listed by the JIT is agreed by the expert witnesses as US$820 million. Whilst accepting that this figure must be discounted to take account of many factors, not least the costs of recovery etc., Claimant’s representatives have put it forward as what might be called the gross amount of possible recoveries by NAB for the purpose of calculating Broadsheet’s potential entitlement to 20 per cent, under the ARA Clause 4".


The forensic-audited $820.8 million estimate of the Sharif family is probably conservative. It only encompasses what the investigators have been able to uncover. There could be more assets still hidden.

Related Links:

Haq's Musings

South Asia Investor Review
Bhuttos Used Money For Personal and Political Gain
Political Patronage in Pakistan
Zardari Corruption
Panama Papers
US Aid to Pakistan

1971 Debacle in East Pakistan

Is it 1971 Moment in Pakistan's History?

Mission RAW by RK Yadav: India in East Pakistan

Benazir Bhutto Gave Birth to Taliban

What if Musharraf Had Said No to US After 911?

Riaz Haq Youtube Channel

VPOS Youtube Channel


do you have copy of the complete judgement?
 

Type59

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All stored in tax havens and other facilitators of corruption. If theres a concerted effort to close safe havens for corruption then things will improve for all the people in the world. I am not exaggerating when i say that.
 

RiazHaq

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I too think $820.8 million is a conservative estimate based on what Stroz Friedberg auditors could confirm. There's probably more hidden that has yet to be uncovered. Firms like Mossack Fonseca specialize in hiding assets for major money launderers.

British government knows about it but refuses to act against the likes of Nawaz Sharif. British Crime Agency has listed Pakistan among the top three biggest sources of money laundered in the UK.

 

syedtalhamaududi

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Forensic audit of Nawaz Sharif family's assets has put its value at $820.8 Million, according to Broadsheet Award ordered by arbitrator Sir Anthony Evans. It was revealed in documents revealed by Broadsheet LLC and Pakistan government. The forensic audit was conducted by Stroz Friedberg audit firm based in the United Kingdom. It was hired by Facebook to conduct forensic audit of Cambridge Analytica, the analytics firm used by US President Donald Trump during the 2016 election.





Broadsheet LLC, incorporated in the Isle of Mann, was hired by Pakistan National Accountability Bureau (Bureau) in Year 2000 to uncover overseas assets hidden by over 200 Pakistanis including former Prime Minister Nawaz Sharif and his family. Pakistan was forced to go into arbitration for breach of contract with the firm. Here are the key excerpts of the final award dated December 17, 2018:



"Stroz Friedberg was instructed to carry out a ‘forensic audit’ (or ‘inventory’) of the (Pakistan) JIT Report. This consisted of identifying potentially recoverable assets of the Sharif Family that were referred to in it and ascribing a valuation to each. This resulted in a list of 76 items of property in three overseas jurisdictions, namely, Saudi Arabia, the UAE and the United Kingdom, as well as in Pakistan, with total values that were corrected in the Revised SF Report to take account of Mr. Bezant’s comments on it. The revised total was US$820.8 million. The third instruction was “to apply the 20% rate due Broadsheet as outlined in the ARA” – a mechanical application of the 20% rate provided four in the ARA clause 4 – which resulted in a total ‘Loss of Revenue’ for Broadsheet of US$164.2 million. The fourth was to establish a ‘borrowing rate of interest’ for each of the 76 items of loss and to apply it from what they considered was the appropriate date. The interest calculation increased the total of ‘Broadsheet’s Entitlement’ to US$304.6 million".


"The 2017/8 proceedings, however, in the Supreme Court of Pakistan, including the JIT Investigation and Report, have produced a very different situation where (subject to pending appeals) there is an authoritative listing of personal and family assets totalling (as corrected) US$820 million, both in Pakistan and abroad, and where certain real property in the United Kingdom valued at US$13 million (“the Avenfield flats”) has been forfeited to the Pakistan State as having been acquired with corrupt assets. These call for separate consideration in this Award".


"As stated above, the total value of assets both in Pakistan and overseas listed by the JIT is agreed by the expert witnesses as US$820 million. Whilst accepting that this figure must be discounted to take account of many factors, not least the costs of recovery etc., Claimant’s representatives have put it forward as what might be called the gross amount of possible recoveries by NAB for the purpose of calculating Broadsheet’s potential entitlement to 20 per cent, under the ARA Clause 4".


The forensic-audited $820.8 million estimate of the Sharif family is probably conservative. It only encompasses what the investigators have been able to uncover. There could be more assets still hidden.

Related Links:

Haq's Musings

South Asia Investor Review
Bhuttos Used Money For Personal and Political Gain
Political Patronage in Pakistan
Zardari Corruption
Panama Papers
US Aid to Pakistan

1971 Debacle in East Pakistan

Is it 1971 Moment in Pakistan's History?

Mission RAW by RK Yadav: India in East Pakistan

Benazir Bhutto Gave Birth to Taliban

What if Musharraf Had Said No to US After 911?

Riaz Haq Youtube Channel

VPOS Youtube Channel


The fantastic figures are solely based on the figures provided by the GIT in Pakistan. Broadsheet(BS)was in dispute with NAB as there flawed agreement stated that any assets IDENTIFIED by either party, BS would get a percentage.
As NAB had claimed that they had identified these assets belonging to NS through the GIT, BS then asked for their agreed cut. NAB refused, allowing BS to go the the Court of Arbitration in London where BS won.
Unfortunately this verdict does not implicate anyone except NAB,
1 signing a very faulty agreement with BS
2 the real reason behind the fact that for around 20 years BS has been unsuccessfully used to locate assets
BS was a company awarded a sovereign contract after being established for a week by General Musharraf. The company has since then been milking Pakistan for millions and millions under guise of accountability. BS is a shell company, who actually owns BS?
Is it really just a fraudulent iranian?
Why was £27 million pounds in the account of the Pakistani High Commission in London, waiting?
Do the Pizza Generals et al have anything to do with BS?
From watching politics in Pakistan for several years, Isn't it clear that all parties and political personalities are used by the Establishment. Some times x is good and y is bad.
 

Jinn Baba

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The forensic-audited $820.8 million estimate of the Sharif family is probably conservative. It only encompasses what the investigators have been able to uncover. There could be more assets still hidden.

Exactly what I was thinking. Actual assets are probably at least double that if not more.

And what about Zardari/Bhutto? I genuinely believe he is by far the most corrupt - and Zardari/Bhuttto/Sharif probably have a combined minimum $5 billion stashed abroad!

Then, there's our our other politicians and civil service personnel :hitwall: sab kay sab lootayray hain! :hitwall:
 

Enigma SIG

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These are assets which have been identified. If you chalk up a very conservative random 50% identification rate, it still leaves us with another 820 mil USD of un-identified assets lying around the globe.
 

Chakar The Great

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820 million dollars??? Thats all??? I don't believe that.


Are you kidding me?? Why was IK's government asking for 10billion USD from Sharief's to give NRO.
 

syedtalhamaududi

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820 million dollars??? Thats all??? I don't believe that.


Are you kidding me?? Why was IK's government asking for 10billion USD from Sharief's to give NRO.
All these figures are pulled from, you know where. It's a lunacy that the entire country is being destroyed whilst people speculate on this. With no substantive proofs. Just allegations made by the dirtiest person in politics
 

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